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Recap Of The Week For August 18, 2017

Recap of the week for August 18, 2017

August 18, 2017

Highlights:

  • North Korea calms but domestic crisis follows
  • Terrorism in Spain
  • Volatility and staff changes continue at the White House
  • Lots of volatility in all asset classes
  • Gold down just 0.12% on the week, but makes a higher short-term high above $1300 and is closing in on the 2017 highs
  • Silver down 0.44% but closes over $17 per ounce rebounding after probing the downside during the week
  • Platinum down 0.30% on the week
  • Palladium up 3.47% as it breaks out above technical resistance at $912
  • Copper up 0.82%
  • Iron ore moves 4.47% higher for the week
  • The Baltic Index explodes 14.19% higher which is evidence that China is buying raw materials
  • Lumber rebounds just 0.25% on the week
  • WTI crude oil falls 0.51% on September futures on a big rally on Friday after the September-October NYMEX roll as inventories continue to decline
  • Brent up 1.19% as Brent premium over WTI continues to climb higher and trades and closes over the $4 level for the first time since August 2015
  • Gasoline moves 0.73% higher and heating oil loses 0.83% on the week
  • Crack spreads mixes – gasoline crack up 4.19% and heating oil crack down 2.16% on the week
  • Natural gas declines 3.02% on the week but inventories trickle into storage
  • Ethanol down 4.13% for the week on lower gasoline and corn prices
  • Soybeans fall another 0.77% on the week
  • Corn declines 2.4%
  • CBOT wheat continues to plunge, down 5.29% for the week
  • Sugar rebounds 1.50% this week
  • Coffee cascades 8.73% lower on the week
  • Cocoa falls 3.42 % lower on the week
  • Cotton down 1.42% and approaches critical support at 66.15 cents on December futures
  • FCOJ bucks the weakness in soft commodities posting a 3.09% gain on the week
  • Live cattle down 1.4%¬†on the week
  • Feeder cattle down 1.56%
  • Hogs move lower falling 3.64% on the week
  • The dollar index rises 0.43% but rallied tempered by political events
  • September long-Bonds move higher and close at 155-27 up 0-11 on the week on dovish Fed minutes
  • Dow Jones Industrial Average trading around 21,705 near the close on Friday, August 4, down 154 points on the week after selling hits equity markets on the second consecutive Thursday

 

Price Changes for the week:

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