Commodities update - Week of Nov. 24, 2008

Nov. 23, 2008
CHICAGO -- Block cheese prices on the Chicago Mercantile Exchange trended upward last week, averaging slightly under $1.75 per pound for the trading week ended Nov. 21, up 4 cents from the previous week.   The closing price for block cheese closed at slightly above $1.72 per pound Monday, $1.75 per pound Tuesday, $1.76 per pound Wednesday, slightly above $1.76 per pound per pound Thursday and $1.77 per pound on Friday.
Prices are down 32 cents compared with this time last year, when block cheese averaged just above $2.17 per pound.
Wheat   Wheat for December delivery closed at just above $5.86 per bushel Friday on the Minneapolis Grain Exchange. Prices had closed at $6.23 per bushel Monday, slightly under $6.16 per bushel Tuesday, slightly above $6.04 per bushel Wednesday and at $6 per bushel on Thursday.
Gasoline and diesel fuel   The nationwide average for regular unleaded gasoline was $1.91 per gallon Nov. 24, according to AAA and the Oil Price Information Service, off 18 cents from $2.09 per gallon this time last week.
Prices are off 30 percent from an average of $2.74 per gallon a month ago and off 38 percent from an average of $3.09 per gallon this time last year. Mid-range unleaded averaged $1.99 per gallon, while premium unleaded stood at $2.09 per gallon.
The nationwide average price for diesel fuel stood at $2.82 per gallon Nov. 24, off 15 cents from $2.97 per gallon last week. Diesel prices are off 18 percent from an average of $3.45 per gallon this time last year.
Natural gas   Natural gas spot prices increased throughout the country as winter weather moved in, with the biggest increases in the midcontinent.
Prices at the Henry Hub increased 11 cents to $6.76 per MMBtu from $6.65 per MMBtu the previous week. Prices in the Northeast were $8.21 per MMBtu, up $1.48 from the previous week.

Topics: Cheese , Delivery , Dough , Operations Management

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