Commodities update - Week of Nov. 3, 2008

Nov. 2, 2008
CHICAGO -- Block cheese prices on the Chicago Mercantile Exchange fell to their lowest level in more than 18 months last week, averaged slightly above $1.66 per pound for the trading week ended Oct. 31, off 12 cents from the previous week.   Block cheese closed at just above $1.71 Monday, just under $1.68 per pound Tuesday and Wednesday, just under $1.64 per pound Thursday and just under $1.61 pert pound on Friday.
Prices are down 24 cents compared with this time last year, when block cheese averaged just under $1.90 per pound.
Wheat   Wheat for December delivery closed at just under $6.48 per bushel Friday on the Minneapolis Grain Exchange. Prices had closed at just under $6.25 per bushel Monday, just under $6.17 per bushel Tuesday, just under $6.17 per bushel Wednesday and at $6.47 per bushel on Thursday.
Gasoline and diesel fuel   The nationwide average for regular unleaded gasoline was $2.41 per gallon Nov. 3, according to AAA and the Oil Price Information Service, off 26 cents from $2.67 per gallon this time last week. Prices are off 32 percent from an average of $3.55 per gallon a month ago and off 20 percent from an average of $2.99 per gallon this time last year. Mid-range unleaded averaged $2.52 per gallon, while premium unleaded stood at $2.59 per gallon.
The nationwide average price for diesel fuel stood at $3.24 per gallon Nov. 3, off 20 cents from $3.44 per gallon from last week. Diesel prices are off 2 percent from an average of $3.32 per gallon this time last year.
Natural gas   Natural gas spot prices in the lower 48 States decreased for the reporting period ended Oct. 29, with declines of more than 10 percent occurring in markets west of the Mississippi River and more modest price movements in the eastern half of the country, according to the Energy Information Administration.
Prices at the Henry Hub decreased by 36 cents per million Btu to $6.58 per MMBtu. Prices in the Northeast were $7.76 per MMBtu, off 4 cents from the previous week.

Topics: Cheese , Delivery , Dough , Operations Management

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