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Commodities Week in Review: September 21 to September 25

September 26, 2020 at 3:33 by Andrew Moran

Commodities Week in Review: September 21 to September 25

Agriculture 

The US agricultural sector joined the broader market selloff this week, driven primarily on a strengthening US dollar. The US Dollar Index, which measures the greenback against a basket of currencies, recorded a 1.78% rally, adding to its September gains of close to 3%. This is bad news for crops because commodities priced in dollars makes it more expensive for foreign investors to purchase. 

Cocoa 

  • Friday Settlement: +$9.00, or 0.35%, to $2,577 per metric ton 
  • Weekly Performance: -3.41% 
  • YTD Performance: +1.54% 

Coffee 

  • Friday Settlement: +$0.0055, or 0.48%, to $1.142 per pound 
  • Weekly Performance: +0.04% 
  • YTD Performance: -11.58% 

Corn 

  • Friday Settlement: +$0.015, or 0.41%, to $3.65 per pound 
  • Weekly Performance: -3.50% 
  • YTD Performance: -5.75% 

Orange Juice 

  • Friday Settlement: -$0.003, or 0.28%, to $1.0545 per pound 
  • Weekly Performance: -10.71% 
  • YTD Performance: +5.77% 

Rice 

  • Friday Settlement: -$0.145, or 1.15%, to $12.415 per pound 
  • Weekly Performance: -1.04% 
  • YTD Performance: +2.94% 

Soybean

  • Friday Settlement: +$0.0125, or 0.13%, to $10.0125 per bushel 
  • Weekly Performance: -4.07% 
  • YTD Performance: +4.73% 

Sugar 

  • Friday Settlement: +0.16 cents, or 1.2%, to 13.38 cents per pound 
  • Weekly Performance: +1.27% 
  • YTD Performance: +0.67% 

Wheat 

  • Friday Settlement: -$0.0575, or 1.05%, to $5.44 per bushel 
  • Weekly Performance: -5.76% 
  • YTD Performance: -2.77% 

Bitcoin 

Bitcoin prices enjoyed their biggest single-day gain on Thursday after climbing about 5% to above $10,750. But the peer-to-peer decentralized digital currency took a breather on Friday, unable to keep up the momentum and failed to generate greater buying pressure. The cryptocurrency is, however, trading above its 100-day moving average. 

  • Friday Settlement: -$60.00, or 0.56%, to $10,610 per coin 
  • Weekly Performance: -2.66% 
  • YTD Performance: +46.95% 

Energy 

Aside from natural gas, the energy industry took another beating. This week, investors were concerned over lackluster demand amid a resurgence of the coronavirus pandemic. Some analysts are also warning about another supply glut as oil and gas firms restart operations. Natural gas was the outlier after skyrocketing 50% in a single session, with traders betting on a colder-than-normal winter. The energy commodity did experience some pullback, so the final week of September should offer a glimpse into how natural gas will perform heading into winter months. 

West Texas Intermediate (WTI) Crude Oil 

  • Friday Settlement: -$0.27, or 0.67%, to $40.04 per barrel 
  • Weekly Performance: -2.27% 
  • YTD Performance: -34.59% 

Brent Crude Oil 

  • Friday Settlement: -$0.15, or 0.35%, to $42.26 per barrel 
  • Weekly Performance: -1.81% 
  • YTD Performance: -36% 

Natural Gas 

  • Friday Settlement: -$0.095, or 3.28%, to $2.804 per million British thermal units (btu) 
  • Weekly Performance: +36.32% 
  • YTD Performance: +28.45% 

Gasoline 

  • Friday Settlement: +$0.0149, or 1.27%, to $1.1881 per gallon 
  • Weekly Performance: -3.86% 
  • YTD Performance: -30% 

Heating Oil 

  • Friday Settlement: +$0.0055, or 0.49%, to $1.1319 per gallon  
  • Weekly Performance: -2.15% 
  • YTD Performance: -44.13% 

Metals 

The metal class suffered another down week as gold and silver prices continue to slump from their recent highs. Investors ostensibly believe that the Federal Reserve has reached peak stimulus, prompting traders to think that inflation might not be as explosive as initially anticipated. Other market observers note that precious metals are going through a correction, noting that there is still room for growth. 

Gold 

  • Friday Settlement: -$12.60, or 0.67%, to $1,864.30 per ounce 
  • Weekly Performance: -4.74% 
  • YTD Performance: +22.65% 

Silver 

  • Friday Settlement: -$0.211, or 0.91%, to $22.985 per ounce 
  • Weekly Performance: -14.73% 
  • YTD Performance: +28.41% 

Copper 

  • Friday Settlement: +$0.01, or 0.34%, to $2.978 per pound 
  • Weekly Performance: -4.15% 
  • YTD Performance: +6.41%  

Palladium 

  • Friday Settlement: +$3.30, or 0.15%, to $2,230.20 per ounce 
  • Weekly Performance: -6.40% 
  • YTD Performance: +16.62% 

Platinum 

  • Friday Settlement: +$3.60, or 0.43%, to $841.60 an ounce 
  • Weekly Performance: -9.78% 
  • YTD Performance: -13.40% 

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

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