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Commodities Week in Review: October 12 to October 16

October 17, 2020 at 3:02 by Andrew Moran

Commodities Week in Review: October 12 to October 16 

Agriculture 

Most agricultural commodities were successful in fending off a strengthening US dollar this week. The main driver of the commodities market was strong fundamentals, with rising foreign demand and easing inventories. As many major markets prepare for additional COVID-19 restrictions or get ready for the upcoming cold and flu season, more households will be stuck inside and consuming more food. Could output keep up with the demand? 

Cocoa 

  • Friday Settlement: -$2.00, or 0.08%, to $2,359 per metric ton 
  • Weekly Performance: -3.40% 
  • YTD Performance: -7.05% 

Coffee 

  • Friday Settlement: -$0.0035, or 0.33%, to $1.069 per pound 
  • Weekly Performance: -3.82% 
  • YTD Performance: -17.23% 

Corn 

  • Friday Settlement: -$0.0125, or 0.31%, to $4.025 per pound 
  • Weekly Performance: +2.03% 
  • YTD Performance: +3.94% 

Cotton 

  • Friday Settlement: +0.78 cents, or 1.13%, to 70.00 cents per pound 
  • Weekly Performance: +3.15% 
  • YTD Performance: +1.52% 

Lean Hogs 

  • Friday Settlement: -$0.006, or 0.55%, to $1.0895 per pound 
  • Weekly Performance: -3.50% 
  • YTD Performance: -13.55% 

Orange Juice 

  • Friday Settlement: -$0.0025, or 0.22%, to $1.1485 per pound 
  • Weekly Performance: -0.48% 
  • YTD Performance: +15.20% 

Rice 

  • Friday Settlement: -$0.155, or 1.24%, to $12.36 per pound 
  • Weekly Performance: -0.72% 
  • YTD Performance: +2.87% 

Soybeans 

  • Friday Settlement: -$0.115, or 1.08%, to $10.5075 per bushel 
  • Weekly Performance: -1.38% 
  • YTD Performance: +9.91% 

Sugar 

  • Friday Settlement: -0.27 cents, or 1.90%, to 14.45 cents per pound 
  • Weekly Performance: +1.62% 
  • YTD Performance: +7.51% 

Wheat 

  • Friday Settlement: +$0.0825, or 1.33%, to $6.265 per bushel 
  • Weekly Performance: +5.78% 
  • YTD Performance: +11.97% 

Bitcoin 

The US financial markets had a down week, sliding four of the five sessions. This turned out to be bullish for cryptocurrency as investors sought refuge from the storm by pouring into the peer-to-peer decentralized virtual currency bitcoin. It did slump on Friday as traders purchased equities, but bitcoin overall had a commendable week. 

  • Friday Settlement: -$225.00, or  1.94%, to $11,370.00 per coin 
  • Weekly Performance: +2.48% 
  • YTD Performance: +57.48% 

Energy 

It was a roller coaster ride for the energy markets this week. The volatility was created by several factors, including rising coronavirus cases, mixed feelings over the US fiscal stimulus and relief package, foreign demand, and production. The Organization of the Petroleum-Exporting Countries (OPEC) and its allies, OPEC+, seem committed to reining in output, but the latest Baker Hughes oil rig count is at a four-month high, suggesting that US oil and gas firms are renewing activity. 

West Texas Intermediate (WTI) Crude Oil 

  • Friday Settlement: -$0.21, or 0.51%, to $41.03 per barrel 
  • Weekly Performance: +1.26% 
  • YTD Performance: -32.97% 

Brent Crude Oil 

  • Friday Settlement: -$0.08, or 0.19%, to $42.85 per barrel 
  • Weekly Performance: +0.07% 
  • YTD Performance: -35.11% 

Natural Gas 

  • Friday Settlement: -$0.088, or 3.17% 
  • Weekly Performance: -2.75% 
  • YTD Performance: +23.09% 

Gasoline 

  • Friday Settlement: -$0.015, or 1.27%, to $1.165 per gallon 
  • Weekly Performance: -3.37% 
  • YTD Performance: -31.36% 

Heating Oil 

  • Friday Settlement: -$0.0121, or 1.02%, to $1.1766 per gallon 
  • Weekly Performance: -1.27% 
  • YTD Performance: -41.92% 

Metals 

Like its energy counterparts, the metals market was just as volatile. Many of the same aspects contributed to the up and down trading week for gold and silver prices, with a strengthening greenback a considerable element for the asset class. As the metals continue to be off from their highs this past summer, could the market retest multi-year highs by the end of 2020? 

Gold 

  • Friday Settlement: -$6.00, or 0.31%, to $1,902.90 per ounce 
  • Weekly Performance: -1.72% 
  • YTD Performance: +25.19% 

Silver 

  • Friday Settlement: +$0.056, or 0.23%, to $24.28 per ounce 
  • Weekly Performance: -4.03% 
  • YTD Performance: +35.64% 

Copper 

  • Friday Settlement: -$0.0225, or 0.73%, to $3.063 per pound 
  • Weekly Performance: -0.68% 
  • YTD Performance: +9.45% 

Palladium 

  • Friday Settlement: -$28.90, or 1.22%, to $2,338.20 per ounce 
  • Weekly Performance: -4.90% 
  • YTD Performance: +22.27% 

Platinum 

  • Friday Settlement: +3.80, or 0.44%, to $865.10 per ounce 
  • Weekly Performance: -3.58% 
  • YTD Performance: -10.98% 

If you have any questions and comments on the commodities today, use the form below to reply. 

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