Commodities update - Week of Sept. 8, 2008

 
Sept. 7, 2008
CHICAGO -- Block cheese prices on the Chicago Mercantile Exchange reversed their recent declines during a shortened trading week, averaging just over $1.72 per pound for the trading week ended Sept. 5, 2008, up a penny compared with the previous week.   The closing price for block cheese was $1.68 per pound Tuesday, $1.68 per pound Wednesday, $1.73 per pound Thursday and above $1.78 per pound Friday. The markets were closed Monday for the Labor Day holiday.
 
Cheese prices are more than 40 cents per pound lower than they were this time last year, when block cheese averaged $2.13 per pound.
 
Wheat   Wheat for September delivery declined last week, closing at $8.03 per bushel Friday on the Minneapolis Grain Exchange. Friday's close was off 7 percent compared with the previous Friday, when wheat finished the trading week at $8.61 per bushel.   Prices had closed at $8.24 per bushel Tuesday, $8.35 per bushel Wednesday and $8.34 per bushel Thursday.
 
Gasoline and diesel fuel   The nationwide average for regular unleaded gasoline was $3.66 per gallon Sept. 8, according to AAA and the Oil Price Information Service, off 2 cents from this time last week. Prices are off 4 percent from an average of $3.83 per gallon a month ago and up 28 percent from an average of $2.83 per gallon this time last year. Mid-range unleaded averaged $3.82 per gallon, while premium unleaded stood at $3.93 per gallon.   The nationwide average price for diesel fuel stood at $4.22 per gallon Sept. 8, off 4 cents from $4.26 per gallon last week. Diesel prices are up 43 percent from an average of $2.96 per gallon this time last year.
 
Natural gas   Natural gas spot prices decreased at all markets in the lower 48 states for the reporting week ended Sept. 3. Prices fell more than $1 per MMBtu at most locations, according to the Energy Information Administration.   During the reporting period, prices at the Henry Hub fell $1.29 to $7.26 per MMBtu, compared with $8.55 per MMBtu the previous week.
 
Prices in the Northeast were $8.07 per MMBtu.

Topics: Cheese , Delivery , Dough , Operations Management


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