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Recap Of The Week For November 3, 2017

Recap of the week for November 3, 2017

November 3, 2017

Highlights:

  • The President replaces Janet Yellen with a moderate, Jerome Powell and head off to Asia to discuss trade and North Korea
  • Tax reform takes shape- now it is negotiation time
  • Gold down 0.35% on the week
  • Silver loses 0.24% for the week
  • Platinum posts a 0.32% increase and the discount to palladium widens
  • Palladium rallies 3.13% since last report
  • Copper up 0.35% on the week
  • Iron ore rebounds 2.49% for the week
  • The Baltic Index continues to slide from highs down 3.23% on the week
  • Lumber trades at the highest price since 1996 but tax reform bill could weigh on real estate and the futures contract winds up down 1.04% for the week
  • December NYMEX crude oil moves 3.23% higher on the week and trades and closes at a new high in 2017
  • Brent rolls to January and moves 3.23% higher and the Brent premium in January closes the week at a $6.21 premium to January WTI
  • Gasoline powers 4.09% higher on the Wales refinery outage, and heating oil rises 0.83% on the week on December futures contracts as inventories continue to decline
  • Crack spreads move in opposite directions- the gasoline crack was up 6.99% and heating oil crack moves 3.89% lower on the week
  • Natural gas up just 0.81% on the week as the December premium evaporates and inventories build by 65 bcf for the week ending on October 27
  • Ethanol gains 3.11% on the week
  • November WASDE will be released on Thursday November 9 at noon EST
  • Soybeans roll to January and move just 0.05% lower for the week
  • Corn down just 0.14% on the week
  • CBOT wheat posts a 0.35% loss for the week
  • Sugar turn lower by 1.71% on the week failing from the top end of its trading range
  • Coffee falls to new lows and posts a 2.09% loss on the week
  • Cocoa corrects 2.55% lower on the week as it fails above the $2100 level on December futures
  • Cotton rebounds 0.76% on the week
  • FCOJ up 0.68% for the week
  • Live cattle explodes up 5.36% on the week as it makes a higher high
  • Feeder cattle post a 3.57% gain on the week
  • Hogs move higher by 1.01% this week with strength in meats across the board
  • The dollar index was little changed up 0.04% after the Fed leaves rates unchanged but changes language from “moderate” to “solid” economic growth
  • December long-Bonds move higher on Powell nominations and close at around 153-29 up 2-12 on the week on prospects for interest rate hikes
  • The Dow Jones Industrial Average closes at 23,539 on Friday, November 3, up another 105 points on the week as every day seems to bring a new high in the stock market

 

Price Changes for the week:

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