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Commodities update - March 17, 2008
March 16, 2008
CHICAGO — Block cheese prices on the Chicago Mercantile Exchange continued to trend lower for the week ended March 14, averaging $1.82 per pound for the week, down 8 cents from an average of 1.90 the previous week.
Prices closed at $1.87 per pound Monday and closed at $1.81 per pound every day for the rest of the week.
Cheese prices are up about 29 percent compared with the same week last year, when they averaged $1.41 per pound. Wheat Spring wheat for March delivery closed at $17.30 per bushel Friday on the Minneapolis Grain Exchange, down from a closing price of $18 per bushel the previous day. Prices had closed at $18 per bushel Monday and fell to a closing price of $17 per bushel on Tuesday, rebounding to a closing price of $17.58 on Wednesday.
Spring wheat is used to produce flour for products including pizza dough.
Gasoline and diesel fuel The nationwide average for regular unleaded gasoline was $3.28 per gallon March 17 according to AAA and the Oil Price Information Service, up 5 cents from this time last week. Prices were up 9 percent from an average of $3.00 a month ago and up 28 percent from an average of $2.56 this time last year. Mid-range unleaded averaged $3.49, while premium unleaded stood at $3.61 per gallon. The nationwide average price for diesel fuel topped $4.00 per gallon March 17, up 5 percent from an average of $3.81 per gallon last week. Diesel prices are up 45 percent from an average of $2.75 per gallon this time last year. Natural gas
Natural gas spot prices generally increased for the period from March 5 to March 12. The spot price for natural gas at the Henry Hub rose slightly to $9.69 on March 12, up from $9.37 the previous week.
The Henry Hub average price exceeded $9.80 per MMBtu twice during the period, representing the highest prices at the hub since Jan. 3, 2006, when the Henry Hub price traded just below $10 as prices were easing off record highs following Hurricanes Katrina and Rita.
Prices in the Northeast were $10.46 per MMBtu March 12, up slightly from $10.42 the previous week.
Natural gas prices are up about 70 percent since the beginning of winter, according to the U.S. Department of Energy.
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