Cocoa, Bitcoin, and Ethereum posted over 35% gains in November, with Arabica coffee futures moving nearly 30% higher to the highest price since 1977. Former President Donald Trump became the President-elect with a victory in the Electoral College, the popular vote, and with majorities in the Senate and the House of Representatives. Stocks rallied, the VIX declined, and U.S. government bonds were higher. The dollar index took off on the upside, reaching the highest level since late 2022 before correcting. The volatile and higher U.S. dollar weighed on metals prices, with precious and base metals posting across-the-board losses. However, gold and silver remain in bullish long-term trends despite the November declines. Thinly traded palladium was the worst-performing commodity and the only one with an over 10% monthly decline.
Natural gas moved higher as seasonal buying lifted the energy commodity. Crude oil, oil products, ethanol, and Rotterdam coal prices moved lower. Corn was higher, while soybeans and wheat prices declined. Sugar was lower, while FCOJ and cotton rose with the explosive gains in coffee and cocoa futures. The cattle and hog futures posted gains. November’s price action in commodities was as follows:
