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Commodities Week in Review: September 14 to September 18

September 19, 2020 at 2:49 by Andrew Moran

Commodities Week in Review: September 14 to September 18 

Agriculture 

The major agricultural commodities had impressive gains over the last trading week, driven mainly by a weaker US dollar and ballooning foreign demand, particularly from China. Soybean was the primary headline grabber because it topped $10 for the first time in two years, and it is now one of the top crop gainers this year. Many analysts expect US agriculture to see a large rally over the next 15 months. 

Cocoa 

  • Friday Settlement: +$27.00, or 1.02%, to $2,668 per metric ton. 
  • Weekly Performance: +4.26% 
  • YTD Performance: +5.12% 

Coffee 

  • Friday Settlement: +$0.0065, or 0.57%, to $1.1415 per pound 
  • Weekly Performance: -13.13% 
  • YTD Performance: -11.61% 

Corn 

  • Friday Settlement: +$0.03, or 0.8%, to $3.7825 per pound 
  • Weekly Performance: +2.37% 
  • YTD Performance: -2.32% 

Orange Juice 

  • Friday Settlement: -$0.002, or 0.17%, to $1.181 per pound 
  • Weekly Performance: +1.68% 
  • YTD Performance: +18.46% 

Rice 

  • Friday Settlement: +$0.295, or 2.41%, to $12.545 per pound 
  • Weekly Performance: +3.25% 
  • YTD Performance: +4.41% 

Soybeans 

  • Friday Settlement: +$0.1525, or 1.48%, to $10.4375 per bushel 
  • Weekly Performance: +4.64% 
  • YTD Performance: +9.18% 

Sugar 

  • Friday Settlement: +0.13 cents, or 0.98%, to 13.36 cents per pound 
  • Weekly Performance: +11.99% 
  • YTD Performance: -0.6% 

Wheat 

  • Friday Settlement: +$0.21, or 3.78%, to $5.7725 per bushel 
  • Weekly Performance: +6.41% 
  • YTD Performance: +3.17% 

Bitcoin 

Technical indicators suggest that the decentralized peer-to-peer virtual currency is poised for a major breakout. They were not enough to lift bitcoin prices at the end of the trading week, but the cryptocurrency enjoyed modest gains over the last five sessions. Could bitcoin top $11,000 next week? 

  • Friday Settlement: -$50.00, or 0.46%, to $10,900.00 per coin 
  • Weekly Performance: +5.31% 
  • YTD Performance: +50.97% 

Energy 

Hurricane Sally, a weaker US dollar, a dip in the Baker Hughes oil rig count, and potentially Middle East countries postponing further curtailment of their productions – there were many factors that contributed to crude oil’s best week since June. Natural gas, however, suffered huge losses as the energy commodity might be going through a correction. 

West Texas Intermediate (WTI) Crude Oil 

  • Friday Settlement: +$0.01, or 0.02%, to $40.97 per barrel 
  • Weekly Performance: +9.57% 
  • YTD Performance: -33.07% 

Brent Crude Oil 

  • Friday Settlement: -$0.11, or 0.25%, to $43.04 per barrel 
  • Weekly Performance: +7.82% 
  • YTD Performance: -34.82% 

Natural Gas 

  • Friday Settlement: +$0.015, or 0.73%, to $2.057 per million British thermal units (btu) 
  • Weekly Performance: -8.58% 
  • YTD Performance: -5.77% 

Gasoline 

  • Friday Settlement: +$0.0114, or 0.93%, to $1.2358 per gallon 
  • Weekly Performance: +12.29% 
  • YTD Performance: -27.19% 

Heating Oil 

  • Friday Settlement: -$0.003, or 0.26%, to $1.1568 per gallon 
  • Weekly Performance: +6.01% 
  • YTD Performance: -42.90% 

Metals 

The precious metals market failed to trigger any momentum this week, despite the Federal Reserve leaving interest rates near zero and pledging to keep them low for the next three years. A slide in the broader financial markets, a lower buck, and Republicans and Democrats progressing on a $1.5 trillion coronavirus stimulus package were not enough to give gold and silver prices any significant gains. 

Gold 

  • Friday Settlement: +$7.20, or 0.37%, to $1,957.10 per ounce 
  • Weekly Performance: +0.46% 
  • YTD Performance: +28.76% 

Silver 

  • Friday Settlement: -$0.145, or 0.54%, to $26.955 per ounce 
  • Weekly Performance: +0.11% 
  • YTD Performance: +50.59% 

Copper 

  • Friday Settlement: +$0.036, or 1.17%, to $3.107 per pound 
  • Weekly Performance: +2.07% 
  • YTD Performance: +11.02% 

Palladium 

  • Friday Settlement: +$47.30, or 2.03%, to $2,382.60 per ounce 
  • Weekly Performance: +1.82% 
  • YTD Performance: +24.59% 

Platinum 

  • Friday Settlement: +1.90, or 0.2%, to $932.80 per ounce 
  • Weekly Performance: -0.01% 
  • YTD Performance: -4.01% 

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

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