Commodities Week in Review: March 8 to March 12
Agriculture
The major agricultural commodities took a break from their monumental 2021 rally this week, despite a bullish World Agricultural Supply and Demand Estimates (WASDE) report from the US Department of Agriculture (USDA) that suggested tightening supplies and strengthening foreign demand. The slide in soybeans, corn, and wheat may have been caused by the volatility in the broader financial markets amid rising Treasury yields that also led to a higher US dollar during many trading sessions. A stronger buck is bad for dollar-pegged commodities because it makes it more expensive for foreign investors to purchase.
- Friday Settlement: +$14.00, or 0.54%, to $2,584 per metric ton
- Weekly Performance: +1.25%
- YTD Performance: -0.5%
- Friday Settlement: +$0.0015, or 0.11%, to $1.3315 per pound
- Weekly Performance: +3.94%
- YTD Performance: +4.6%
- Friday Settlement: +$0.0125, or 0.23%, to $5.3975
- Weekly Performance: -1.37%
- YTD Performance: +11.12%
- Friday Settlement: -0.59 cent, or 0.67%, to 87.76 cents per pound
- Weekly Performance: +0.13%
- YTD Performance: +12.21%
- Friday Settlement: -0.30 cent, or 0.33%, to 91.20 cents per pound
- Weekly Performance: +4.38%
- YTD Performance: +29.64%
- Friday Settlement: -$0.001, or 0.09%, to $1.1545 per pound
- Weekly Performance: +3.82%
- YTD Performance: -8.26%
- Friday Settlement: +$0.005, or 0.04%, to $12.995 per pound
- Weekly Performance: +0.93%
- YTD Performance: +9.06%
- Friday Settlement: -$0.005, or 0.04%, to $14.13 per bushel
- Weekly Performance: -1.41%
- YTD Performance: +7.84%
- Friday Settlement: -0.0025 cent, or 1.53%, to 16.11 cents per pound
- Weekly Performance: -1.65%
- YTD Performance: +3.94%
- Friday Settlement: -$0.045, or 0.7%, to $6.38 per bushel
- Weekly Performance: -2.56%
- YTD Performance: -0.58%
The peer-to-peer decentralized cryptocurrency bitcoin retested an all-time high this week. Bitcoin prices recovered nearly all of their losses since the middle of February, but some market analysts are concerned that a “double top” could form, triggering investors to take part in early profit-taking. However, if this does not unfold, the virtual currency could post fresh all-time highs. And industry observers think the market could deliver the answer as early as this weekend.
- Friday Settlement: -$705.00, or 1.22%, to $57,250.00 per coin
- Weekly Performance: +15.94%
- YTD Performance: +95.93%
Energy
Energy commodities recorded a surprising decline this week, potentially because investors took some early profits. All the components were there for crude oil prices to flirt with $70 per barrel, including Saudi Arabia confirming another attack by Yemen’s Iranian-backed Houthis rebel group. This could be a case once again of oil prices soaring too quickly, which occurred in late January and early February when crude was rallying at a massive rate before cooling off. It is expected to be another quiet week without too many news events happening or data being published.
West Texas Intermediate (WTI) Crude Oil
- Friday Settlement: -$0.46, or 0.7%, to $65.56 per barrel
- Weekly Performance: -1.09%
- YTD Performance: +35.40%
Brent Crude Oil
- Friday Settlement: +$0.01, or 0.01%, to $69.23 per barrel
- Weekly Performance: -0.66%
- YTD Performance: +33.86%
- Friday Settlement: -$0.067, or 2.48%, to $2.636 per million British thermal units (btu)
- Weekly Performance: -3.58%
- YTD Performance: +3.94%
Gasoline
- Friday Settlement: +$0.0139, or 0.65%, to $2.1519 per gallon
- Weekly Performance: +3.61%
- YTD Performance: +52.5%
Heating Oil
- Friday Settlement: +$0.0066, or 0.34%, to $1.966 per gallon
- Weekly Performance: +0.91%
- YTD Performance: +32.42%
Metals
The metals market had an impressive week, especially in copper since it retraced most of its losses. Gold and silver benefited from growing inflation concerns after President Joe Biden signed the America Rescue Plan 2021, a $1.9 trillion coronavirus stimulus and relief package. But rising Treasury yields and a rallying buck put a lid on precious metals’ gains since the former raises the opportunity cost and the latter makes it more expensive for foreign traders.
- Friday Settlement: +$3.20, or 0.19%, to $1,725.80 per ounce
- Weekly Performance: +1.63%
- YTD Performance: -9.24%
- Friday Settlement: -$0.198, or 0.76%, to $25.995 per ounce
- Weekly Performance: +2.77%
- YTD Performance: -2.00%
- Friday Settlement: +$0.018, or 0.43%, to $4.157 per pound
- Weekly Performance: +1.39%
- YTD Performance: +18.10%
- Friday Settlement: +$17.90, or 0.76%, to $2,359.50 per ounce
- Weekly Performance: +1.53%
- YTD Performance: -3.91%
- Friday Settlement: +$5.30, or 0.44%, to $1,207.60 per ounce
- Weekly Performance: +6.56%
- YTD Performance: +11.87%
- Friday Settlement: 0% at $1,258.00 per ton
- Weekly Performance: -0.16%
- YTD Performance: +30.63%
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Published under: Bitcoin, Cocoa, Coffee, Copper, Corn, Cotton, Gold, Hogs, Natural Gas, Nickel, Oil, Orange Juice, Palladium, Platinum, Rice, Silver, Soybean, Steel, Sugar, Wheat
