Commodities update - Week of Feb. 2, 2009

Feb. 1, 2009
CHICAGO -- Block cheese prices on the Chicago Mercantile Exchange rebounded slightly last week, averaged slightly higher than $1.12 per pound for the trading week ended Jan. 30, up 5 cents from the previous week.
Block cheese prices closed at $1.09 per pound Monday, $1.10 per pound Tuesday, slightly above $1.13 per pound Wednesday and $1.15 per pound Thursday and Friday.
Prices are down 62 cents, or 36 percent, compared with this time last year, when block cheese averaged $1.74 per pound. 
Wheat for March delivery closed at $6.52 per bushel Friday on the Minneapolis Grain Exchange. Prices had closed at just above $6.65 per bushel Monday, just above $6.62 per bushel Tuesday, just above $6.73 per bushel Wednesday and just under $6.58 per bushel Thursday.   Gasoline and diesel fuel   The nationwide average for regular unleaded gasoline was $1.88 per gallon Feb. 2, according to AAA and the Oil Price Information Service, up 4 cents from the previous week.   Prices are up 15 percent from an average of $1.64 per gallon a month ago and off 37 percent from an average of $2.98 per gallon this time last year. Mid-range unleaded averaged $2 per gallon while premium unleaded stood at $2.07 per gallon.   The nationwide average price for diesel fuel stood at $2.37 per gallon Feb. 2, up 8 cents from last week. Diesel prices are off 30 percent from an average of $3.37 per gallon this time last year.   Natural gas   Natural gas spot price movements were mixed for the report week ended Jan. 28, with decreases at most markets in the lower 48 states. Prices at the Henry Hub fell 3 cents per million Btu, or about 1 percent, to $4.84 per MMBtu.
Prices in the Northeast stood at $6.99 per MMBtu on Jan. 22, up $1.03 compared with $5.96 the previous week.

Topics: Cheese , Dough , Operations Management

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