Commodities update – Week of July 14, 2008

July 13, 2008
CHICAGO -- Block cheese prices on the Chicago Mercantile Exchange stayed relatively stable, averaging slightly under $1.91 per pound for the trading week ended July 11, 2008.
The average price for block cheese was down slightly more than a penny from the previous week. The closing price was slightly above $1.90 per pound Monday, under $1.90 per pound Tuesday and Wednesday, $1.91 per pound Thursday and above $1.93 per pound Friday.
Block cheese prices are slightly lower than they were this time last year, when block cheese averaged $1.95 per pound.
Wheat   Wheat for July delivery trended significantly lower last week, closing at $9.81 per bushel Friday on the Minneapolis Grain Exchange. Prices had closed at $9.90 per bushel Monday and $9.81 per bushel the remainder of the week.
Friday's close was off more than 9 percent compared with the previous Friday, when wheat finished the trading week at $10.80 per bushel.
Gasoline and diesel fuel   The nationwide average for regular unleaded gasoline rose slightly to an average of $4.11 per gallon July 14, according to AAA and the Oil Price Information Service, unchanged from this time last week. Prices are up from an average of $4.07 per gallon a month ago and up 35 percent from an average of $3.05 per gallon this time last year. Mid-range unleaded averaged $4.36 per gallon, while premium unleaded stood at $4.52 per gallon.   The nationwide average price for diesel fuel stood at $4.82 per gallon July 14, up 2 cents from an average of $4.80 last week. Diesel prices are up 63 percent from an average of $2.95 per gallon this time last year.   Natural gas
Natural gas prices declined sharply during the reporting period ended July 9, according to the Energy Information Administration, with the largest decreases generally occurring in the Northeast and Midwest. During the reporting period, the Henry Hub natural gas spot price decreased $1.22 to $12.09 per MMBtu compared with the previous week.
However, natural gas prices continue to surpass historical norms for this time of year, according to the EIA.
Prices in the Northeast were $13.01 per MMBtu July 9, down $1.40 compared with $13.41 per MMBtu the previous week.

Topics: Cheese , Delivery , Dough , Operations Management

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