Commodities update - Week of Oct. 13, 2008

Commodities update - Week of Oct. 13, 2008
Tags: Cheese, Delivery, Dough, Operations Management
October 12, 2008

CHICAGO -- Block cheese prices on the Chicago Mercantile Exchange averaged $1.85 per pound for the trading week ended Oct. 10, unchanged from the previous week. The closing price for block cheese rose steadily throughout the week, however. Blocked cheese closed at $1.81 per pound Monday, $1.84 per pound Tuesday, $1.85 per pound Wednesday, $1.87 per pound Thursday and $1.88 per pound Friday.

Prices are slightly higher than they were this time last year, when block cheese averaged just above $1.84 per pound.

Wheat Wheat for December delivery closed at just under $6.39 per bushel Friday on the Minneapolis Grain Exchange. Prices had closed at just above $6.65 per bushel Monday, $6.66 per bushel Tuesday and Wednesday and $6.77 per bushel on Thursday.

Gasoline and diesel fuel The nationwide average for regular unleaded gasoline was $3.20 per gallon Oct. 13, according to AAA and the Oil Price Information Service, off 30 cents from this time last week. Prices are off 14 percent from an average of $3.73 per gallon a month ago and up 26 percent from an average of $2.76 per gallon this time last year. Mid-range unleaded averaged $3.34 per gallon, while premium unleaded stood at $3.44 per gallon.

The nationwide average price for diesel fuel stood at $3.84 per gallon Oct. 13, off 18 cents from $4.02 per gallon from last week. Diesel prices are up 24 percent from an average of $3.09 per gallon this time last year.

Natural gas Natural gas spot prices in the lower 48 states declined to their lowest levels this year even as disruptions in offshore Gulf of Mexico production continue in the aftermath of Hurricanes Ike and Gustav, according to the Energy Information Administration.

During the reporting period, prices at the Henry Hub fell 83 cents per MMBtu, or about 1 percent, to $6.58 per MMBtu, compared with $7.41 per MMBtu last week. Prices in the Northeast were $6.94 per MMBtu Oct. 8, off 91 cents from the previous week.