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Commodities Week in Review: February 22 to February 26

Summary:
Commodities Week in Review: February 22 to February 26 Agriculture  As the broader financial markets suffered significant losses in the final trading week of February, most of the agricultural commodities presented decent gains. Rising Treasurys, portfolio rebalances, and inflation fears weighed on equities, sparking predictions that the financial markets are going through a reflation trade: economic growth and accelerating inflation. Overall, agriculture had a superb week and an excellent February. Cocoa  Friday Settlement: +.00, or 0.38%, to ,614 per metric ton Weekly Performance: +6.87% February Performance: +3.65% YTD Performance: +0.65% Coffee  Friday Settlement: -%excerpt%.001, or 0.07%, to .374 per pound Weekly Performance: +6.22% February Performance: +12.3% YTD Performance:

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Commodities Week in Review: February 22 to February 26

Agriculture 

As the broader financial markets suffered significant losses in the final trading week of February, most of the agricultural commodities presented decent gains. Rising Treasurys, portfolio rebalances, and inflation fears weighed on equities, sparking predictions that the financial markets are going through a reflation trade: economic growth and accelerating inflation. Overall, agriculture had a superb week and an excellent February.

Cocoa 

  • Friday Settlement: +$10.00, or 0.38%, to $2,614 per metric ton
  • Weekly Performance: +6.87%
  • February Performance: +3.65%
  • YTD Performance: +0.65%

Coffee 

  • Friday Settlement: -$0.001, or 0.07%, to $1.374 per pound
  • Weekly Performance: +6.22%
  • February Performance: +12.3%
  • YTD Performance: +7.93%

Corn 

  • Friday Settlement: -$0.0075, or 0.14%, to $5.49 per pound
  • Weekly Performance: +1.1%
  • February Performance: +0.32%
  • YTD Performance: +13.02%

Cotton 

  • Friday Settlement: -0.69 cent, or 0.77%, to 89.00 cents per pound
  • Weekly Performance: -1.86%
  • February Performance: +10.33%
  • YTD Performance: +13.8%

Lean Hogs

  • Friday Settlement: -$0.02375, or 2.65%, to 87.375 cents per pound
  • Weekly Performance: +3.25%
  • February Performance: +25.18%
  • YTD Performance: +24.2%

Orange Juice 

  • Friday Settlement: 0% to $1.1175 per pound
  • Weekly Performance: +1.73%
  • February Performance: +1.18%
  • YTD Performance: -11.2%

Rice 

  • Friday Settlement: +$0.001, or 0.08%, to $12.76 per pound
  • Weekly Performance: -0.16%
  • February Performance: -0.89%
  • YTD Performance: +7.09%

Soybeans 

  • Friday Settlement: +$0.0025, or 0.02%, to $14.0775 per pound
  • Weekly Performance: +2.14%
  • February Performance: +2.92%
  • YTD Performance: +7.44%

Sugar 

  • Friday Settlement: +0.03 cent, or 0.18%, to 16.48 cents per pound
  • Weekly Performance: -2.54%
  • February Performance: +3.97%
  • YTD Performance: +6.32%

Wheat 

  • Friday Settlement: -$0.155, or 2.29%, to $6.6025 per bushel
  • Weekly Performance: +0.34%
  • February Performance: -0.38%
  • YTD Performance: +2.88%

Bitcoin 

What happened to the peer-to-peer decentralized digital currency bitcoin? The cryptocurrency had a meteoric ascent, soaring to an all-time high of around $58,000. Since then, the virtual currency has wiped out approximately $11,000, sparking concerns that bitcoin is going through a correction or that its bubble has been burst. Could this be the end of the bitcoin surge or will forecasts of $100,000 come to fruition?

  • Friday Settlement: -$2,125.00, or 4.33%, to $46,995.00 per coin
  • Weekly Performance: -15.93%
  • February Performance: +25.87%
  • YTD Performance: +60.83%

Energy 

Could crude oil prices face a selloff ahead of next week’s Organization of Petroleum Exporting Countries (OPEC) meeting. This is a crucial meeting because it will focus on discussions over output curbs, particularly on the restoration of 500,000 barrels per day (bpd) of production in April and Saudi Arabia either maintaining or reducing its output cut of one million bpd. Meanwhile, natural gas endured another selloff as warmer weather patterns are forming and the weekly supply withdrawal, despite being the second-largest on record, matched market expectations.

West Texas Intermediate (WTI) Crude Oil 

  • Friday Settlement: -$1.87, or 2.94%, to $61.66 per barrel
  • Weekly Performance: +4.44%
  • February Performance: +18.26%
  • YTD Performance: +27.34%

Brent Crude Oil 

  • Friday Settlement: +$0.21, or 0.33%, to $64.63 per barrel
  • Weekly Performance: +2.85%
  • February Performance: +17.3%
  • YTD Performance: +24.96%

Natural Gas 

  • Friday Settlement: +$0.002, or 0.07%, to $2.811 per million British thermal units (btu)
  • Weekly Performance: -8.79%
  • February Performance: +9.93%
  • YTD Performance: +10.84%

Gasoline 

  • Friday Settlement: -$0.0259, or 1.31%, to $1.9505 per gallon
  • Weekly Performance: +4.37%
  • February Performance: +25.61%
  • YTD Performance: +38.23%

Heating Oil 

  • Friday Settlement: -$0.0568, or 2.99%, to $1.8411 per gallon
  • Weekly Performance: +2.23%
  • February Performance:+15.39%
  • YTD Performance: +24%

Metals 

The metals market was dominated by the spike in copper prices as the industrial metal enjoyed its best month in five years, buoyed by strengthening demand and falling supply. But precious metals failed to mirror this performance, with gold and silver having lackluster performances in the last week and February, despite single sessions of considerable rallies. A stronger greenback weighed on the dollar-pegged commodities, with the US Dollar Index (DXY) climbing 0.7% this week.

Gold 

  • Friday Settlement: -$42.40, or 2.39%, to $1,733.00 per ounce
  • Weekly Performance: -2.81%
  • February Performance: -6.31%
  • YTD Performance: -8.87%

Silver 

  • Friday Settlement: -$0.985, or 3.56%, to $26.70 per ounce
  • Weekly Performance: -2.45%
  • February Performance: -1.28%
  • YTD Performance: +0.66%

Copper 

  • Friday Settlement: -$0.1615, or 3.79%, to $4.102 per pound
  • Weekly Performance: +0.87%
  • February Performance: +15.86%
  • YTD Performance: +16.53%

Palladium 

  • Friday Settlement: -$109.80, or 4.55%, to $2,305.00 per ounce
  • Weekly Performance: -3.13%
  • February Performance: +3.43%
  • YTD Performance: -6.13%

Platinum 

  • Friday Settlement: -$38.70, or 3.14%, to $1,192.80 per ounce
  • Weekly Performance: -6.97%
  • February Performance: +10.45%
  • YTD Performance: +10.5%

Steel 

  • Friday Settlement: +$4.00, or 0.32%, to $1,264.00 per ton
  • Weekly Performance: +1.28%
  • February Performance: +16.61%
  • YTD Performance: +31.26%

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: Cocoa, Coffee, Copper, Corn, Cotton, Gold, Hogs, Natural Gas, Oil, Orange Juice, Palladium, Platinum, Rice, Silver, Soybean, Steel, Sugar, Wheat

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

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