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Commodities Week in Review: March 15 to March 19

Commodities Week in Review: March 15 to March 19

Agriculture 

It was a rough trading week for most of the hard agricultural commodities, with China coming into focus and a stronger US dollar. It is being reported that the world’s largest agriculture consumer is witnessing a resurgence of the African swine flu, the same disease that decimated its hog supply in 2018 and 2019. Investors have been cautious that Beijing might start to importer fewer quantities of crops amid a record level of stockpiles. Meanwhile, the US Dollar Index (DXY) finished the week up 0.1%, a trend that makes dollar-denominated commodities more expensive for foreign investors to purchase.

Cocoa 

  • Friday Settlement:  -$14.00, or 0.56%, to $2,479.00 per metric ton
  • Weekly Performance: -4.06%
  • YTD Performance: -4.54%

Coffee 

  • Friday Settlement: -$0.012, or 0.92%, to $1.2875 per pound
  • Weekly Performance: -3.30%
  • YTD Performance: +1.14%

Corn 

  • Friday Settlement: +$0.1025, or 1.88%, to $5.5675 per pound
  • Weekly Performance: +3.15%
  • YTD Performance: +14.62%

Cotton 

  • Friday Settlement: -0.55 cent, or 0.64%, to 84.90 cents per pound
  • Weekly Performance: -3.26%
  • YTD Performance: +8.55%

Lean Hogs

  • Friday Settlement: -0.005 cent, or 0.05%, to 94.25 cents per pound
  • Weekly Performance: +3.34%
  • YTD Performance: +33.97%

Orange Juice 

  • Friday Settlement: -$0.0015, or 0.13$, to $1.155 per pound
  • Weekly Performance: +0.04%
  • YTD Performance: -8.22%

Rice 

  • Friday Settlement: +$0.005, or 0.04%, to $12.99 per pound
  • Weekly Performance: -0.04%
  • YTD Performance: +9.02%

Soybeans 

  • Friday Settlement: +$0.2425, or 1.74%, to $14.165 per bushel
  • Weekly Performance: +0.25%
  • YTD Performance: +8.11%

Sugar 

  • Friday Settlement: -0.12 cent, or 0.76%, to 15.77 cents per pound
  • Weekly Performance: -2.11%
  • YTD Performance: +1.74%

Wheat 

  • Friday Settlement: -$0.04, or 0.63%, to $6.265 per bushe;
  • Weekly Performance: -1.8%
  • YTD Performance: -2.38%

Bitcoin 

The peer-to-peer decentralized virtual currency received some great news this week when it was reported that Morgan Stanley would become the first US bank to offer its wealthy clients access to bitcoin funds. The financial institution determined that its affluent customers, who have at least $2 million in assets held by the business, possessed “an aggressive risk tolerance.” The news helped offset the Indian government cracking down on the cryptocurrency, a development that affected bitcoin prices last week.

  • Friday Settlement: +$1,080.00, or 1.88%, to $58,455.00 per coin
  • Weekly Performance: +2.09%
  • YTD Performance: +100.02%

Energy 

Crude oil prices took a beating this week on concerns of economic uncertainty stemming from hiccups related to the coronavirus vaccine rollout. Market analysts noted that investors were worried that not jabbing enough people would eventually lead to additional cases with third and fourth waves of new infections. Although Friday’s impressive gains were enough to minimize some of the damage, it was not enough to wipe out the eye-popping decline. But industry observers are not concerned, noting that this correction was healthy and long overdue.

West Texas Intermediate (WTI) Crude Oil 

  • Friday Settlement: +$1.45, or 2.41%, to $61.51 per barrel
  • Weekly Performance: -6.18%
  • YTD Performance: +27.03%

Brent Crude Oil 

  • Friday Settlement: -$0.07, or 0.11%, to $64.46 per  barrel
  • Weekly Performance: -6.89%
  • YTD Performance: +24.63%

Natural Gas 

  • Friday Settlement: +$0.067, or 2.67%, to $2.578 per million British thermal units (btu)
  • Weekly Performance: -2.20%
  • YTD Performance: +1.66%

Gasoline 

  • Friday Settlement: -$0.0073, or 0.038%, to $1.9368 per gallon
  • Weekly Performance: -10.00%
  • YTD Performance: +37.25%

Heating Oil 

  • Friday Settlement: +$0.038, or 2.13%, to $1.8239 per gallon
  • Weekly Performance: -7.23%
  • YTD Performance: +22.85%

Metals 

For the second consecutive week, gold prices logged a weekly gain, enjoying a healthy bounce following an abysmal start to 2021. Despite rising Treasury yields and a strengthening greenback, gold was still able to climb well above $1,700, buoyed mainly by inflation fears. The industrial metals, barring palladium, reversed their upward performance as they emulated the volatility in the broader financial markets.

Gold 

  • Friday Settlement: +$12.00, or 0.69%, to $1,744.50 per ounce
  • Weekly Performance: +1.08%
  • YTD Performance: -8.26%

Silver 

  • Friday Settlement: -$0.016, or 0.06%, to $26.335 per ounce
  • Weekly Performance: +1.31%
  • YTD Performance: -0.72%

Copper 

  • Friday Settlement: -$0.004, or 0.1%, to $4.104 per pound
  • Weekly Performance: -1.27%
  • YTD Performance: +16.59%

Palladium 

  • Friday Settlement: -$39.80, or 1.49%, to $2,623.00 per ounce
  • Weekly Performance: +11.17%
  • YTD Performance: +6.82%

Platinum 

  • Friday Settlement: -$21.40, or 1.76%, to $1,196.10 per ounce
  • Weekly Performance: -0.95%
  • YTD Performance: +10.8%

Steel 

  • Friday Settlement: +$8.00, or 0.64%, to $1,266.00 per ton
  • Weekly Performance: +0.64%
  • YTD Performance: +31.46%

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


© AndrewMoran for Commodity News, 2021. | Permalink | No comment |
Published under: Bitcoin, Cocoa, Coffee, Copper, Corn, Cotton, Gold, Hogs, Natural Gas, Oil, Orange Juice, Palladium, Platinum, Rice, Silver, Soybean, Steel, Sugar, Wheat

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