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Commodities update - Feb. 11, 2008
February 10, 2008
CHICAGO — Block cheese prices on the Chicago Mercantile Exchange continued to rise last week, averaging $1.93 per pound for the week ended Feb. 8, up 4 percent from an average of $1.74 per pound the previous week.
Prices started the week at $1.85, climbing every day before closing at $1.99 per pound on Friday.
Cheese prices are up about 43 percent compared with the same week last year, when they averaged $1.35 per pound. Wheat Wheat futures for March delivery closed at $10.93 per bushel on Friday on the Chicago Board of Trade, up $1.50 compared with the previous Friday.
Wheat supplies are at a 60-year low, according to the U.S. Department of Agriculture. Soaring demand around the world has also helped to fuel record wheat prices.
The three major U.S. grain exchanges said in a statement Friday that they will raise the daily trading limit in wheat futures to 60 cents per bushel from 30 cents, starting Monday. According to exchange rules, once futures rise to their daily limit trading is halted until the next session.
The exchanges also raised margin requirements for wheat traders in an effort to ease speculation in wheat futures. Gasoline and diesel fuel The nationwide average for regular unleaded gasoline was $2.95 per gallon Feb. 11, according to AAA and the Oil Price Information Service, down slightly from this time last week. Prices were down 5 percent from an average of $3.09 a month ago and up 33 percent from an average of $2.22 this time last year.
Mid-range unleaded averaged $3.14, while premium unleaded stood at $3.25 per gallon. The nationwide average price for diesel fuel stood at $3.36 per gallon Feb. 11, down 2 percent from last week. Diesel prices are up 31 percent from an average of $2.56 per gallon this time last year. Natural gas
Natural gas spot prices fell in most areas of the country for the period from Jan. 31 to Feb. 6. The average spot price for natural gas fell 3 percent to $7.94 from $8.17 the previous week.
Prices in the Northeast averaged $8.81 per MMBtu Feb. 6, 43 cents lower than the previous Wednesday.
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