Commodities update - Week of Oct. 6, 2008

Oct. 5, 2008
CHICAGO -- Block cheese prices on the Chicago Mercantile Exchange averaged just under $1.85 per pound for the trading week ended Oct. 3, off 12 cents compared with an average price of $1.97 per pound the previous week.
The closing price for block cheese was just above $1.94 per pound Monday, just above $1.80 per pound Tuesday and Wednesday, rising to a closing price of just above $1.87 per pound Thursday before dropping to a closing price of $1.81 per pound Friday. 
Block cheese prices are about 6 cents per pound lower than they were this time last year, when block cheese averaged just above $1.91 per pound.
Wheat   Wheat for December delivery closed at just under $7.03 per bushel Friday on the Minneapolis Grain Exchange. Prices had closed at just above $7.47 per bushel Monday and Tuesday, $7.39 per bushel Wednesday and $7.04 per bushel on Thursday.
Gasoline and diesel fuel   The nationwide average for regular unleaded gasoline was $3.50 per gallon Oct. 6, according to AAA and the Oil Price Information Service, off 14 cents from this time last week. Prices are off 5 percent from an average of $3.67 per gallon a month ago and up 26 percent from an average of $2.77 per gallon this time last year. Mid-range unleaded averaged $3.66 per gallon, while premium unleaded stood at $3.76 per gallon.
The nationwide average price for diesel fuel stood at $4.02 per gallon Oct. 6, off 5 cents from $4.08 per gallon from last week. Diesel prices are up 30 percent from an average of $3.09 per gallon this time last year.
Natural gas   Natural gas spot prices fell at most markets in the lower 48 states for the reporting week ended Oct. 1, as moderate temperatures minimized demand and returning Gulf of Mexico production increased supplies. 
During the reporting period, prices at the Henry Hub fell 74 cents per MMBtu, or about 9 percent, to $7.41 per MMBtu, compared with $8.15 per MMBtu last week.  Prices in the Northeast were $7.85 per MMBtu, off 30 cents from the previous week.

Topics: Cheese , Delivery , Dough , Operations Management

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