Commodities update – Week of July 7, 2008

July 6, 2008
CHICAGO — Block cheese prices on the Chicago Mercantile Exchange stayed relatively stable, averaging slightly above $1.92 per pound for the shortened trading week ended July 3, 2008. Prices were unchanged from the previous week. Block cheese closed at slightly above $1.92 per pound every day during the week.
The markets were closed Friday for the July 4 holiday.
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 lower last week, closing at $10.80 per bushel Thursday on the Minneapolis Grain Exchange, down from a closing price of $11 per bushel the previous day. Prices had closed at $11.75 per bushel Monday and $11.40 per bushel Tuesday.
Thursday's close was off more than 11 percent compared with the previous Friday, when wheat finished the trading week at $12.12 per bushel.
Gasoline and diesel fuel   The nationwide average for regular unleaded gasoline rose slightly to an average of $4.11 per gallon July 7 according to AAA and the Oil Price Information Service, up 2 cents from this time last week. Prices are up 3 percent from an average of $3.99 per gallon a month ago and up 39 percent from an average of $2.96 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 $4.80 per gallon July 11, up 4 cents from an average of $4.76 last week. Diesel prices are up 65 percent from an average of $2.91 per gallon this time last year. Natural gas
Natural gas prices increased in most markets during the period ended July 2, according to the Energy Information Administration, with prices rising up to 5 percent during the period. During the reporting period, the Henry Hub natural gas spot price increased 55 cents to $13.31 per MMBtu compared with the previous week.
The price increases over the period likely can be attributed to continued summer heat softening demand for natural gas, rising crude oil prices and ongoing concerns about the sufficiency of natural gas supplies, according to the EIA.
Prices in the Northeast were $14.41 per MMBtu July 2, up 50 cents compared with $13.91 per MMBtu the previous week.

Topics: Cheese , Delivery , Dough , Online Ordering , Operations Management

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