Commodities update - Week of Nov. 7, 2008

 
Nov. 9, 2008
CHICAGO -- Block cheese prices on the Chicago Mercantile Exchange continued to fall last week, averaging slightly under $1.62 per pound for the trading week ended Nov. 7, off 4 cents from the previous week.   The closing price for block cheese closed at just under $1.61 Monday, Tuesday and Wednesday, rising to $1.62 per pound Thursday and $1.65 per pound on Friday.
 
Prices are down 41 cents compared with this time last year, when block cheese averaged just under $2.03 per pound.
 
Wheat   Wheat for December delivery closed at just under $6.41 per bushel Friday on the Minneapolis Grain Exchange. Prices had closed at just above $6.65 per bushel Monday, $6.68 per bushel Tuesday, $6.44 per bushel Wednesday and $6.34 per bushel on Thursday.
 
Gasoline and diesel fuel   The nationwide average for regular unleaded gasoline was $2.24 per gallon Nov. 10, according to AAA and the Oil Price Information Service, off 17 cents from $2.41 per gallon this time last week. Prices are off 32 percent from an average of $3.29 per gallon a month ago and off 28 percent from an average of $3.10 per gallon this time last year. Mid-range unleaded averaged $2.34 per gallon, while premium unleaded stood at $2.40 per gallon.
 
The nationwide average price for diesel fuel stood at $3.10 per gallon in Nov., off 14 cents from $3.24 per gallon last week. Diesel prices are off 10 percent from an average of $3.44 per gallon this time last year.
 
Natural gas   Natural gas spot prices increased at most markets in the lower 48 states outside the Midwest, Northeast, and Alabama/Mississippi regions for the reporting period ended Nov. 5, with gains of up to $1.26 per million Btu in a week of highly variable prices.
 
Prices at the Henry Hub rose 36 cents per MMBtu or about 5 percent, to $6.94 per MMBtu from $6.58 per MMBtu the previous week. Prices in the Northeast were $7.36 per MMBtu, off 40 cents from the previous week.

Topics: Cheese , Dough , Operations Management


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