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Commodities Week in Review: September 7 to September 11

September 12, 2020 at 2:34 by Andrew Moran

Commodities Week in Review: September 7 to September 11 

Agriculture 

Agricultural commodities joined the broader market selloff this week. But the biggest factor for agriculture might be the rebounding US dollar, which staged a 0.6% comeback and recorded its second consecutive weekly gain. A stronger buck is bad for dollar-denominated commodities because it makes it more expensive for foreign investors to purchase. Soybean, however, had a huge rally and is testing $10. 

Cocoa 

  • Friday Settlement: +$11.00, or 0.43%, to $2,559 per metric ton 
  • Weekly Performance: -1.46% 
  • YTD Performance: +0.83% 

Coffee 

  • Friday Settlement: -$0.015, or 0.79%, to $1.314 per pound 
  • Weekly Performance: -2.41% 
  • YTD Performance: +1.74% 

Corn 

  • Friday Settlement: +$0.045, or 1.23% 
  • Weekly Performance: +3.43% 
  • YTD Performance: -4.58% 

Orange Juice 

  • Friday Settlement: -$0.005, or 0.43%, to $1.1615 per pound  
  • Weekly Performance: -3.33% 
  • YTD Performance: +16.5% 

Rice 

  • Friday Settlement: -$0.33, or 2.64%, to $12.15 per pound 
  • Weekly Performance: -2.02% 
  • YTD Performance: +1.12% 

Soybeans 

  • Friday Settlement: +$0.20, or 2.05%, to $9.975 per bushel 
  • Weekly Performance: +2.94% 
  • YTD Performance: +4.34% 

Sugar 

  • Friday Settlement: +0.02 cents, or 0.17%, to 11.93 cents a pound 
  • Weekly Performance: 0% 
  • YTD Performance: -11.24% 

Wheat 

  • Friday Settlement: -$0.0575, or 1.05%, to $5.425 per bushel 
  • Weekly Performance: -1.63% 
  • YTD Performance: -3.04% 

Bitcoin 

There was nothing fundamentally wrong with bitcoin during the holiday-shortened trading week. That said, the peer-to-peer decentralized virtual currency sliding below $11,000 was a troubling indicator for bitcoin. With inflation fears prevalent through financial markets and volatility returning to equities, could bitcoin turn things around in the second half of September? 

  • Friday Settlement: +$35.00, or 0.34%, $10,350 per coin 
  • Weekly Performance: -2.59% 
  • YTD Performance: +43.35% 

Energy 

Energy commodities continue to slump, and analysts anticipate that oil and gas prices could fall even further amid deteriorating fundamentals. Investors think that producers could return to adding to the global supply glut, while demand is still not enough to justify output going back to pre-pandemic levels. Natural gas suffered its second straight week of major losses as supplies weigh on prices. 

West Texas Intermediate (WTI) Crude Oil 

  • Friday Settlement: +$0.09, or 0.24%, to $37.39 per barrel 
  • Weekly Performance: -5.37% 
  • YTD Performance: -38.92% 

Brent Crude Oil 

  • Friday Settlement: +$0.09, or 0.23%, to $39.92 per barrel  
  • Weekly Performance: -5.74% 
  • YTD Performance: -39.54% 

Natural Gas 

  • Friday Settlement: -$0.073, or 3.14%, to $2.25 per million British thermal units (btu) 
  • Weekly Performance: -12.76% 
  • YTD Performance: +3.07% 

Gasoline 

  • Friday Settlement: +$0.0028, or 0.26%, to $1.1005 per gallon 
  • Weekly Performance: -5.62% 
  • YTD Performance: -35.16% 

Heating Oil 

  • Friday Settlement: +$0.0088, or 0.81%, to $1.0912 per gallon 
  • Weekly Performance: -4.41% 
  • YTD Performance: -46.14% 

Metals 

The precious metals failed to capture a specific direction this week as gold and silver prices were relatively flat. Copper took a break from its rise, while palladium and platinum prices posted modest gains. Although the greenback seems to be rebounding, Wall Street is not reversing its bullish stance on gold and silver. 

Gold 

  • Friday Settlement: -$16.20, or 0.82%, to $1,948.10 per ounce 
  • Weekly Performance: +0.37% 
  • YTD Performance: +28.16% 

Silver 

  • Friday Settlement: -$0.366, or 1.34%, to $26.925 per ounce 
  • Weekly Performance: -0.7% 
  • YTD Performance: +50.42% 

Copper 

  • Friday Settlement: +$0.045, or 1.52%, to $3.0444 per pound 
  • Weekly Performance: -0.99% 
  • YTD Performance: +8.77% 

Palladium 

  • Friday Settlement: +$9.20, or 0.39%, to $2,340.10 per ounce 
  • Weekly Performance: +0.68% 
  • YTD Performance: +22.36% 

Platinum 

  • Friday Settlement: -$8.10, or 0.86%, to $932.90 per ounce 
  • Weekly Performance: +2.87% 
  • YTD Performance: -4.00% 

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

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