Commodity Blog

Commodities Week in Review: January 4 to January 8

Agriculture 

Agricultural commodities were a mixed bag during the first trading week of 2021 as a strengthening US dollar weighed on many crops. But output levels and tighter inventories supported agricultural products, like corn and soybeans. After a roaring 2020, can the broader agriculture market continue the momentum in 2021?

Cocoa 

• Friday Settlement: -$12.00, or 0.48%, to $2,504 per metric ton
• Weekly Performance: -3.58%
• YTD Performance: -3.58%

Coffee 

• Friday Settlement: -$0.007, or 0.57%, to $1.23 per pound
• Weekly Performance: -3.38%
• YTD Performance: -3.38%

Corn 

• Friday Settlement: +$3.00, or 0.61%, to $4.97 per pound
• Weekly Performance: +2.32%
• YTD Performance: +2.32%

Cotton 

• Friday Settlement: +0.06 cents, or 0.08%, to 79.82 cents per pound
• Weekly Performance: +2.06%
• YTD Performance: +2.06%

Orange Juice 

• Friday Settlement: +$0.0025, or 0.2%, to $1.2505 per pound
• Weekly Performance: -0.64%
• YTD Performance: -0.64%

Rice 

• Friday Settlement: +$0.25, or 2.06%, to $12.415 per pound
• Weekly Performance: +1.43%
• YTD Performance: +1.43%

Soybeans 

• Friday Settlement: +$0.215, or 1.59%, to $13.7675 per bushel
• Weekly Performance: +5.08%
• YTD Performance: +5.08%

Sugar 

• Friday Settlement: -0.06 cent, or 0.38%, to 15.54 cents per pound
• Weekly Performance: +0.26%
• YTD Performance: +0.26%

Wheat 

• Friday Settlement: -$0.0425, or 0.66%, to $6.38 per bushel
• Weekly Performance: -0.58%
• YTD Performance: -0.58%

Bitcoin 

The peer-to-peer decentralized cryptocurrency bitcoin enjoyed fresh record highs this week, surpassing $41,000 before paring some of its gains. After some market analysts thought the digital currency would be facing a correction and start trimming its meteoric gains, bitcoin prices have continued to surge. But how high will it go?

• Friday Settlement: +$985.00, or 2.49%, to $40,610.00 per coin
• Weekly Performance: +38.98%
• YTD Performance: +38.98%

Energy 

It was a stellar first trading week of 2021 for the energy sector. Following last year’s rollercoaster ride, oil and natural gas were on a tear over the last five sessions, buoyed by Saudi Arabia cutting production levels and growing optimism over renewed global demand this year.

West Texas Intermediate (WTI) Crude Oil 

• Friday Settlement: $1.90, or 3.74%, to $52.73 per barrel
• Weekly Performance: +8.9%
• YTD Performance: +8.9%

Brent Crude Oil 

• Friday Settlement: +$0.37, or 0.66%, to $56.36 per barrel
• Weekly Performance: +8.97%
• YTD Performance: +8.97%

Natural Gas 

• Friday Settlement: -$0.036, or 1.34%, to $2.655 per million British thermal units
• Weekly Performance: +4.69%
• YTD Performance: +4.69%

Gasoline 

• Friday Settlement: +$0.0653, or 4.4%, to $1.5480 per gallon
• Weekly Performance: +9.70%
• YTD Performance: +9.70%

Heating Oil 

• Friday Settlement: +$0.0479, or 3.11%, to $1.5860 per gallon
• Weekly Performance: +6.82%
• YTD Performance: +6.82%

Metals 

It was a disappointing week for this asset class, despite kicking off 2021 with a bang. The precious metals ended the week with incredible losses, even though there were many factors to support metal commodities. Still, market observers think gold and silver have plenty of room for growth, especially now with the Democrats controlling the White House, the Senate, and the House of Representatives. Since President-Elect Joe Biden has full control of Washington, the Democrats are widely expected to increase stimulus and relief spending to support the recovery, triggering broader inflation fears.

Gold 

• Friday Settlement: -$63.90, or 3.34%, to $1,849.70 per ounce
• Weekly Performance: -2.73%
• YTD Performance: -2.73%

Silver 

• Friday Settlement: -$1.761, or 6.46%, to $25.50 per ounce
• Weekly Performance: -3.86%
• YTD Performance: -3.86%

Copper 

• Friday Settlement: -$0.0025, or 0.07%, to $3.6936 per pound
• Weekly Performance: +4.93%
• YTD Performance: +4.93%

Palladium 

• Friday Settlement: -$53.60, or 2.2%, to $2,378.00 per ounce
• Weekly Performance: -3.16%
• YTD Performance: -3.16%

Platinum 

• Friday Settlement: -$49.50, or 4.4%, to $1,075.10 per ounce
• Weekly Performance: -0.41%
• YTD Performance: -0.41%

Steel 

• Friday Settlement: +$20.00, or 1.92%, to $1,060 per metric ton
• Weekly Performance: +10.07%
• YTD Performance: +10.07%