Commodities Week in Review: January 4 to January 8

by
Andrew Moran
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Summary:
Commodities Week in Review: January 4 to January 8 Agriculture Agricultural commodities were a mixed bag during the first trading week of 2021 as a strengthening US dollar weighed on many crops. But output levels and tighter inventories supported agricultural products, like corn and soybeans. After a roaring 2020, can the broader agriculture market continue the momentum in 2021? Cocoa Friday Settlement: -.00, or 0.48%, to ,504 per metric ton Weekly Performance: -3.58% YTD Performance: -3.58% Coffee Friday Settlement: -%excerpt%.007, or 0.57%, to .23 per pound Weekly Performance: -3.38% YTD Performance: -3.38% Corn Friday Settlement: +.00, or 0.61%, to .97 per pound Weekly Performance: +2.32% YTD Performance: +2.32% Cotton Friday Settlement: +0.06 cents, or 0.08%, to 79.82

Topics:
Andrew Moran considers the following as important: Bitcoin, Cocoa, Coffee, copper, corn, Cotton, Gold, natural gas, oil, Orange Juice, Palladium, Platinum, rice, Silver, soybean, steel, sugar, wheat

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Commodities Week in Review: January 4 to January 8

Agriculture

Agricultural commodities were a mixed bag during the first trading week of 2021 as a strengthening US dollar weighed on many crops. But output levels and tighter inventories supported agricultural products, like corn and soybeans. After a roaring 2020, can the broader agriculture market continue the momentum in 2021?

Cocoa

Friday Settlement: -$12.00, or 0.48%, to $2,504 per metric ton
Weekly Performance: -3.58%
YTD Performance: -3.58%

Coffee

Friday Settlement: -$0.007, or 0.57%, to $1.23 per pound
Weekly Performance: -3.38%
YTD Performance: -3.38%

Corn

Friday Settlement: +$3.00, or 0.61%, to $4.97 per pound
Weekly Performance: +2.32%
YTD Performance: +2.32%

Cotton

Friday Settlement: +0.06 cents, or 0.08%, to 79.82 cents per pound
Weekly Performance: +2.06%
YTD Performance: +2.06%

Orange Juice

Friday Settlement: +$0.0025, or 0.2%, to $1.2505 per pound
Weekly Performance: -0.64%
YTD Performance: -0.64%

Rice

Friday Settlement: +$0.25, or 2.06%, to $12.415 per pound
Weekly Performance: +1.43%
YTD Performance: +1.43%

Soybeans

Friday Settlement: +$0.215, or 1.59%, to $13.7675 per bushel
Weekly Performance: +5.08%
YTD Performance: +5.08%

Sugar

Friday Settlement: -0.06 cent, or 0.38%, to 15.54 cents per pound
Weekly Performance: +0.26%
YTD Performance: +0.26%

Wheat

Friday Settlement: -$0.0425, or 0.66%, to $6.38 per bushel
Weekly Performance: -0.58%
YTD Performance: -0.58%

Bitcoin

The peer-to-peer decentralized cryptocurrency bitcoin enjoyed fresh record highs this week, surpassing $41,000 before paring some of its gains. After some market analysts thought the digital currency would be facing a correction and start trimming its meteoric gains, bitcoin prices have continued to surge. But how high will it go?

Friday Settlement: +$985.00, or 2.49%, to $40,610.00 per coin
Weekly Performance: +38.98%
YTD Performance: +38.98%

Energy

It was a stellar first trading week of 2021 for the energy sector. Following last year’s rollercoaster ride, oil and natural gas were on a tear over the last five sessions, buoyed by Saudi Arabia cutting production levels and growing optimism over renewed global demand this year.

West Texas Intermediate (WTI) Crude Oil

Friday Settlement: $1.90, or 3.74%, to $52.73 per barrel
Weekly Performance: +8.9%
YTD Performance: +8.9%

Brent Crude Oil

Friday Settlement: +$0.37, or 0.66%, to $56.36 per barrel
Weekly Performance: +8.97%
YTD Performance: +8.97%

Natural Gas

Friday Settlement: -$0.036, or 1.34%, to $2.655 per million British thermal units
Weekly Performance: +4.69%
YTD Performance: +4.69%

Gasoline

Friday Settlement: +$0.0653, or 4.4%, to $1.5480 per gallon
Weekly Performance: +9.70%
YTD Performance: +9.70%

Heating Oil

Friday Settlement: +$0.0479, or 3.11%, to $1.5860 per gallon
Weekly Performance: +6.82%
YTD Performance: +6.82%

Metals

It was a disappointing week for this asset class, despite kicking off 2021 with a bang. The precious metals ended the week with incredible losses, even though there were many factors to support metal commodities. Still, market observers think gold and silver have plenty of room for growth, especially now with the Democrats controlling the White House, the Senate, and the House of Representatives. Since President-Elect Joe Biden has full control of Washington, the Democrats are widely expected to increase stimulus and relief spending to support the recovery, triggering broader inflation fears.