Commodities update - Week of Nov. 17, 2008

Nov. 16, 2008
CHICAGO -- Block cheese prices on the Chicago Mercantile Exchange rebounded slightly last week, averaging slightly under $1.71 per pound for the trading week ended Nov. 14, up 9 cents from the previous week.   The closing price for block cheese closed at $1.70 per pound Monday, slightly above $1.70 per pound Tuesday, $1.71 per pound Wednesday, slightly under $1.71 per pound per pound Thursday and slightly under $1.72 per pound on Friday.
Prices are down 39 cents compared with this time last year, when block cheese averaged just under $2.10 per pound.
Wheat   Wheat for December delivery closed at just under $6.58 per bushel Friday on the Minneapolis Grain Exchange. Prices had closed at $6.40 per bushel Monday, slightly under $6.45 per bushel Tuesday, slightly above $6.52 per bushel Wednesday and slightly above $6.46 per bushel on Thursday.
Gasoline and diesel fuel   The nationwide average for regular unleaded gasoline was $2.09 per gallon Nov. 17, according to AAA and the Oil Price Information Service, off 15 cents from $2.24 per gallon this time last week.
Prices are off 30 percent from an average of $2.99 per gallon a month ago and off 33 percent from an average of $3.10 per gallon this time last year. Mid-range unleaded averaged $2.18 per gallon, while premium unleaded stood at $2.24 per gallon.
The nationwide average price for diesel fuel stood at $2.97 per gallon Nov. 17, off 13 cents from $3.10 per gallon last week. Diesel prices are off 15 percent from an average of $3.46 per gallon this time last year.
Natural gas   Natural gas spot prices decreased at most market locations in the lower 48 states last week, despite an increase in heating load that occurred across much of the country, particularly in the Midwest and the Rocky Mountains.
Prices at the Henry Hub fell 63 cents per MMBtu or about 9 percent, to $6.31 per MMBtu from $6.94 per MMBtu the previous week. Prices in the Northeast were $6.73 per MMBtu, off 63 cents from the previous week.

Topics: Cheese , Delivery , Dough , Operations Management

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