Saturday , December 5 2020
Home / Commodity Blog / Commodities Week in Review: October 19 to October 23

Commodities Week in Review: October 19 to October 23

Summary:
Commodities Week in Review: October 19 to October 23  Agriculture  The leading agricultural commodity assets – corn, wheat, and soybean – enjoyed another strong week as fundamentals and a weaker US dollar contributed to their weekly gains. The latest forecasts suggest that food inflation will continue to creep higher, possibly with supply unable to keep up with the demand, especially now that millions of people have returned indoors to wait out the coronavirus resurgence and the cold and flu season.  Cocoa  Friday Settlement: +.00, or 0.08%, to ,481 per metric ton  Weekly Performance: +5.17%  YTD Performance: -2.25%  Coffee  Friday Settlement: -%excerpt%.0025, or 0.24%, to 1.0535 per pound  Weekly Performance: -1.45%  YTD Performance: -18.43%  Corn  Friday Settlement: +%excerpt%.0375, or 0.9%,

Topics:
Andrew Moran considers the following as important: , , , , , , , , , , , , , , , , ,

This could be interesting, too:

Andrew Moran writes Gold Heads for Weekly Gain on Fiscal Stimulus Optimism, Weaker Dollar

Mark Stevenson writes Bitcoin Price May Reach ,000 in 2021: Bloomberg Analyst Says

Vladimir Vyun writes Crude Oil Rises After OPEC+ Agrees on Small Production Hike

Vladimir Vyun writes Gold & Silver Rally as Dollar Weakens on Outlook for Relief Package

Commodities Week in Review: October 19 to October 23 

Agriculture 

The leading agricultural commodity assets – corn, wheat, and soybean – enjoyed another strong week as fundamentals and a weaker US dollar contributed to their weekly gains. The latest forecasts suggest that food inflation will continue to creep higher, possibly with supply unable to keep up with the demand, especially now that millions of people have returned indoors to wait out the coronavirus resurgence and the cold and flu season. 

Cocoa 

  • Friday Settlement: +$2.00, or 0.08%, to $2,481 per metric ton 
  • Weekly Performance: +5.17% 
  • YTD Performance: -2.25% 

Coffee 

  • Friday Settlement: -$0.0025, or 0.24%, to 1.0535 per pound 
  • Weekly Performance: -1.45% 
  • YTD Performance: -18.43% 

Corn 

  • Friday Settlement: +$0.0375, or 0.9%, to $4.20 per pound 
  • Weekly Performance: +4.35% 
  • YTD Performance: +8.46% 

Cotton 

  • Friday Settlement: -0.64 cents, or 0.89%, to 71.30 cents per pound 
  • Weekly Performance: +1.86% 
  • YTD Performance: +3.41% 

Orange Juice 

  • Friday Settlement: +$0.0035, or 0.3%, to $1.1535 per pound 
  • Weekly Performance: +0.44% 
  • YTD Performance: +15.7% 

Rice 

  • Friday Settlement: +$0.125, or 1.02%, to $12.345 per pound 
  • Weekly Performance: -0.12% 
  • YTD Performance: +2.75% 

Soybeans 

  • Friday Settlement: +$0.1325, or 1.23%, to $10.87 per bushel 
  • Weekly Performance: +3.45% 
  • YTD Performance: +13.7% 

Sugar 

  • Friday Settlement: -0.05 cents, or 0.34%, to 14.73 cents per pound 
  • Weekly Performance: +1.94% 
  • YTD Performance: +9.60% 

Wheat 

  • Friday Settlement: +$0.1175, or 1.89%, to $6.345 per bushel 
  • Weekly Performance: +1.28% 
  • YTD Performance: +13.40% 

Bitcoin 

The peer-to-peer decentralized virtual currency bitcoin had great news this week: PayPal would begin to offer cryptocurrency payments beginning next year. This was described as many market observers as the “shot heard around Wall Street,” with bitcoin continuing to be legitimized in the broader marketplace and financial markets. The digital currency did lose some momentum to finish the trading week, but it still enjoyed a double-digit weekly surge. 

  • Friday Settlement: -$155.00, or 1.18%, to $13,000.00 per coin 
  • Weekly Performance: +14.34% 
  • YTD Performance: +80.06% 

Energy 

Another week, another five-day roller coaster ride for the energy industry. Crude oil prices were impacted by concerns over foreign demand, as well as new supply coming to an already oversupplied market. Libya has restarted production, while the Baker Hughes oil rig count climbed to a four-month high, suggesting renewed activity among US oil and gas sectors. 

West Texas Intermediate (WTI) Crude Oil 

  • Friday Settlement: -$0.86%, to 2.12%, to $39.78 per barrel 
  • Weekly Performance: -3.05% 
  • YTD Performance: -35.01% 

Brent Crude Oil 

  • Friday Settlement: -$0.18, or 0.43%, to $41.59 a barrel 
  • Weekly Performance: -2.94% 
  • YTD Performance: -37.01% 

Natural Gas 

  • Friday Settlement: -$0.067, or 2.23%, to $2.94 per million British thermal units (btu) 
  • Weekly Performance: +9.42% 
  • YTD Performance: +34.68% 

Gasoline 

  • Friday Settlement: -$0.0316, or 2.73%, to $1.1265 per gallon 
  • Weekly Performance: -3.30% 
  • YTD Performance: -33.63% 

Heating Oil 

  • Friday Settlement: -$0.0127, or 1.09%, to $1.156 per gallon 
  • Weekly Performance: -1.75% 
  • YTD Performance: -42.94% 

Metals 

The metals market successfully recorded a weekly boost, but it was still a chaotic week for the asset class. In the short-term, metal commodities are trading on the on-again, off-again US coronavirus fiscal stimulus and relief package. It is also moving on a slumping greenback and uncertainty surrounding the 2020 presidential election. Wall Street is still bullish on the yellow metal over inflation concerns. 

Gold 

  • Friday Settlement: -$1.20, or 0.06%, to $1,903.40 per ounce 
  • Weekly Performance: +0.03% 
  • YTD Performance: +25.22% 

Silver 

  • Friday Settlement: -$0.009, or 0.04%, to $24.70 per ounce 
  • Weekly Performance: +1.73% 
  • YTD Performance: +37.99% 

Copper 

  • Friday Settlement: -$0.015, or 0.33%, to $3.143 per pound 
  • Weekly Performance: +2.61% 
  • YTD Performance: +12.31% 

Palladium 

  • Friday Settlement: +$11.90, or 0.5%, to $2,407.80 per ounce 
  • Weekly Performance: +2.98% 
  • YTD Performance: +25.9% 

Platinum 

  • Friday Settlement: +$24.60, or 2.78%, to $908.60 per ounce 
  • Weekly Performance: +5.03% 
  • YTD Performance: -6.50% 

Steel 

  • Friday Settlement: +4.00, or 0.59%, to $679.00 per ton 
  • Weekly Performance: +6.26% 
  • YTD Performance: +15.28% 

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


© AndrewMoran for Commodity Blog, 2020. | Permalink | No comment | Add to

Better Feed from Ozh

Andrew Moran
I am a full-time professional writer. Prior to my self-employment, I worked as a reporter for Digital Journal covering the politics beat and The Toronto Times reporting on the city’s entertainment scene. I currently write mostly about business, marketing and finance

Leave a Reply

Your email address will not be published. Required fields are marked *