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Commodities Week in Review: March 29 to April 2

Summary:
Commodities Week in Review: March 29 to April 2 Agriculture  The biggest story this week in the agricultural commodities market was the US Department of Agriculture’s (USDA) 2021 Prospective Plantings report that sent prices soaring. The USDA stated the domestic farmers will plant lower soybean and corn acreage than what market analysts had initially anticipated. This triggered a massive rally on Wednesday, hitting a daily limit for soybeans, corn, and wheat. The report does maintain a history of sending jolts throughout the grains market, so the spike may not be too surprising. But the rally could not be sustained as investors took some profits early. Cocoa  Friday Settlement: -.00, or 0.13%, to ,392.00 per metric ton Weekly Performance: -2.72% YTD Performance: -7.89% Coffee

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Commodities Week in Review: March 29 to April 2

Agriculture 

The biggest story this week in the agricultural commodities market was the US Department of Agriculture’s (USDA) 2021 Prospective Plantings report that sent prices soaring. The USDA stated the domestic farmers will plant lower soybean and corn acreage than what market analysts had initially anticipated. This triggered a massive rally on Wednesday, hitting a daily limit for soybeans, corn, and wheat. The report does maintain a history of sending jolts throughout the grains market, so the spike may not be too surprising. But the rally could not be sustained as investors took some profits early.

Cocoa 

  • Friday Settlement: -$3.00, or 0.13%, to $2,392.00 per metric ton
  • Weekly Performance: -2.72%
  • YTD Performance: -7.89%

Coffee 

  • Friday Settlement: -$0.085, or 0.69%, to $1.216 per pound
  • Weekly Performance: -4.36%
  • YTD Performance: -4.48%

Corn 

  • Friday Settlement: -$0.0525, or 0.93%, to $5.59 per pound
  • Weekly Performance: +1.27%
  • YTD Performance: +15.08%

Cotton 

  • Friday Settlement: -$0.034, or 3.75%, to 77.95 cents per pound
  • Weekly Performance: -0.62%
  • YTD Performance: -0.33%

Lean Hogs

  • Friday Settlement: +$0.00825, or 0.78%, to $1.06125 per pound
  • Weekly Performance: +2.93%
  • YTD Performance: +50.85%

Orange Juice 

  • Friday Settlement: +$0.0025, or 0.23%, to $1.0995 per pound
  • Weekly Performance: +0.05%
  • YTD Performance: -12.63%

Rice 

  • Friday Settlement: -$0.003, or 0.23%, to $12.995 per pound
  • Weekly Performance: -0.35%
  • YTD Performance: +9.06%

Soybeans 

  • Friday Settlement: -$0.35, or 2.44%, to $14.0175 per bushel
  • Weekly Performance: +0.02%
  • YTD Performance: +6.98%

Sugar 

  • Friday Settlement: -0.07 cent, or 0.47%, to 14.71 cents per pound
  • Weekly Performance: -2.32%
  • YTD Performance: -5.10%

Wheat 

  • Friday Settlement: -$0.0975, or 1.58%, to $6.0825 per bushel
  • Weekly Performance: -1.10%
  • YTD Performance: -5.22%

Bitcoin 

The peer-to-peer decentralized digital currency bitcoin hit an all-time high after topping $60,000. Ethereum also surpassed $2,000. What is happening? It is a mix of things: greater institutional demand, JPMorgan Chase becoming bullish amid lower volatility, and Coinbase going public soon. Could the cryptocurrency’s next stop be $130,000 as JPMorgan Chase forecasts?

  • Friday Settlement: +475.00, or 0.8%, to $60,090.00 per coin
  • Weekly Performance: +12.61%
  • YTD Performance: +105.65%

Energy 

This week, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+, held their monthly meeting. As industry observers expected the cartel to maintain its production freeze, the group announced that it would gradually raise oil production beginning in May through to July: increase output by 350,000 barrels per day (bpd) in May and June and 450,000 bpd in July. Saudi Arabia also confirmed that it would curtail its voluntary cuts by by 250,000 bpd in May, 350,000 bpd in June, and 400,000 bpd in July.

West Texas Intermediate (WTI) Crude Oil 

  • Friday Settlement: +$2.08, or 3.52%, to $61.24 per barrel
  • Weekly Performance: +0.86%
  • YTD Performance: +26.48%

Brent Crude Oil 

  • Friday Settlement: -$0.21, or 0.32%, to $64.65 per barrel
  • Weekly Performance: +0.67%
  • YTD Performance: +25.00%

Natural Gas 

  • Friday Settlement: +$0.018, or 0.69%, to $2.626 per million British thermal units (btu)
  • Weekly Performance: +0.08%
  • YTD Performance: +3.55%

Gasoline 

  • Friday Settlement: +$0.051, or 2.60%, to $2.0107 per gallon
  • Weekly Performance: +1.96%
  • YTD Performance: +42.49%

Heating Oil 

  • Friday Settlement: +$0.0574, or 3.24%, to $1.8272 per gallon
  • Weekly Performance: +1.03%
  • YTD Performance: +23.07%

Metals 

Gold and silver logged another week of losses, but the precious metals tried to salvage the holiday-shortened trading week on Thursday, buoyed by inflation concerns amid President Joe Biden’s multi-trillion-dollar two-part infrastructure spending bill. The industrial metals were mixed as they followed the tepid performance in the broader financial markets. Despite inflation expecting to be rampant this year, gold and silver have failed to repeat last year’s tremendous rally.

Gold 

  • Friday Settlement: +$14.70, or 0.86%, to $1,730.30 per ounce
  • Weekly Performance: -0.08%
  • YTD Performance: -9.01%

Silver 

  • Friday Settlement: +$0.513, or 2.09%, to $25.045 per ounce
  • Weekly Performance: -0.26%
  • YTD Performance: -5.58%

Copper 

  • Friday Settlement: +$0.018, or 0.45%, to $4.0135 per pound
  • Weekly Performance: -1.62%
  • YTD Performance: +14.02%

Palladium 

  • Friday Settlement: +$49.10, or 1.87%, to $2,669.00 per ounce
  • Weekly Performance: -0.41%
  • YTD Performance: +8.69%

Platinum 

  • Friday Settlement: +$22.60, or 1.9%, to $1,214.10 per ounce
  • Weekly Performance: +1.93%
  • YTD Performance: +12.47%

Steel 

  • Friday Settlement: -$3.00, or 0.22%, to $1,345.00 per ton
  • Weekly Performance: 0%
  • YTD Performance: +39.67%

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

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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