Commodity Blog

Commodities Week in Review: November 23 to November 27

Agriculture 

The agriculture sector enjoyed another week of across-the-board gains, coinciding with a weaker US dollar. Since commodities are priced in dollars, a lower buck makes them cheaper for foreign investors to purchase. For most crops, demand has been strengthening in many major markets, putting pressure on supply.

Cocoa 

• Friday Settlement: -$20.00, or 0.72%, to $2,746 per metric ton
• Weekly Performance: +3.16%
• YTD Performance: +8.20%

Coffee 

• Friday Settlement: +$0.005, or 0.04%, to $1.2425 per pound
• Weekly Performance: +0.65%
• YTD Performance: -3.79%

Corn 

• Friday Settlement: +$0.0775, or 1.81%, to $4.3525 per pound
• Weekly Performance: +1.81%
• YTD Performance: +12.4%

Cotton 

• Friday Settlement: +0.99 cents, or 1.37%, to 73.35 cents per pound
• Weekly Performance: +2.34%
• YTD Performance: +6.38%

Orange Juice 

• Friday Settlement: +$0.0148, or 1.14%, to $1.288 per pound
• Weekly Performance: +0.63%
• YTD Performance: +29.19%

Rice 

• Friday Settlement: +$0.245, or 1.97%, to $12.69 per pound
• Weekly Performance: +1.93%
• YTD Performance: +5.62%

Soybeans 

• Friday Settlement: +$0.0925, or 0.78%, to $11.9325 per bushel
• Weekly Performance: +1.29%
• YTD Performance: +24.82%

Sugar 

• Friday Settlement: +0.05 cents, or 0.34%, to 14.82 cents per pound
• Weekly Performance: -2.88%
• YTD Performance: +10.27%

Wheat 

• Friday Settlement: +$0.105, or 1.76%, to $6.07 per bushel
• Weekly Performance: +2.36%
• YTD Performance: +8.49%

Bitcoin 

Is the peer-to-peer decentralized virtual currency bitcoin about to experience another correction, or was this week’s 10% decline a blip on the radar? Many analysts are seeing similarities from a few years ago when the cryptocurrency hit a record high, only to experience a monumental crash. But many investors still think bitcoin is going higher and that this week’s performance was more of a case of some profit-taking by institutional investors.

• Friday Settlement: -$2,290.00, or 12.11%, to $16,625.00 per coin
• Weekly Performance: -10.67%
• YTD Performance: +130.26%

Energy 

The energy sector had a great performance during the holiday-shortened trading week, thanks to optimism in the broader economy and financial markets due to three mostly effective coronavirus vaccines. Energy prices have also been given a shot in the arm on reports that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+, are likely to postpone tapering until sometime next year.

West Texas Intermediate (WTI) Crude Oil 

• Friday Settlement: -$0.19, or 0.42%, to $45.52 per barrel
• Weekly Performance: +7.18%
• YTD Performance: -25.63%

Brent Crude Oil 

• Friday Settlement: +$0.05, or 0.1%, to $48.30 a barrel
• Weekly Performance: +6.76%
• YTD Performance: -26.85%

Natural Gas 

• Friday Settlement: -$0.11, or 3.71%, to $2.851 per million British thermal units (btu)
• Weekly Performance: +2.48%
• YTD Performance: +30.6%

Gasoline 

• Friday Settlement: -$0.0083, or 0.65%, to $1.2627 per gallon
• Weekly Performance: +7.03%
• YTD Performance: -25.61%

Heating Oil 

• Friday Settlement: $-0.0066, or 0.48%, to $1.3826 per gallon
• Weekly Performance: +7.05%
• YTD Performance: -31.76%

Metals 

The leading precious metals — gold and silver — have been in a sell-off mode since Pfizer, Moderna, and AstraZeneca announced their COVID-19 inoculations. Despite concerns over long-term inflation, gold and silver prices have failed to meet market forecasts, mainly due to growing investor confidence. The industrial metals, like copper and palladium, are doing rather well, which are also being supported by a weaker US dollar.

Gold 

• Friday Settlement: -$20.50, or 1.13%, to $1,79.70 per ounce
• Weekly Performance: -4.22%
• YTD Performance: +17.81%

Silver 

• Friday Settlement: -$0.671, or 2.86%, to $22.775 per ounce
• Weekly Performance: -5.99%
• YTD Performance: +27.23%

Copper 

• Friday Settlement: +$0.0915, or 2.75%, to $3.422 per pound
• Weekly Performance: +3.92%
• YTD Performance: +22.28%

Palladium 

• Friday Settlement: +$76.00, or 3.21%, to $2,440.70 per ounce
• Weekly Performance: +4.98%
• YTD Performance: +27.62%

Platinum 

• Friday Settlement: +$1.00, or 0.1%, to $970.80 per ounce
• Weekly Performance: +1.92%
• YTD Performance: -0.1%

Steel 

• Friday Settlement: -$2.00, or 0.25%, to $798.00 per metric ton
• Weekly Performance: +3.64%
• YTD Performance:  +35.48%