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Commodities update - March 24, 2008
March 23, 2008
CHICAGO — Although block cheese prices on the Chicago Mercantile Exchange trended lower during the shortened trading week ended March 20, prices showed signs of a rebound later in the week. Prices averaged $1.77 per pound for the week, down five cents from an average of $1.82 the previous week.
Prices closed at $1.73 per pound Monday, climbing each day to close at $1.80 per pound Thursday. The markets were closed on Good Friday.
Wheat Wheat for May delivery closed at $12.77 per bushel Thursday on the Minneapolis Grain Exchange, down from a closing price of $13.40 per bushel the previous day. Prices had closed at $13.90 per bushel Monday and rose slightly to a closing price of $14.10 per bushel Tuesday.
Gasoline and diesel fuel The nationwide average for regular unleaded gasoline was $3.26 per gallon March 24, according to AAA and the Oil Price Information Service, down two cents from this time last week. Prices were up 4 percent from an average of $3.13 a month ago and up 26 percent from an average of $2.58 this time last year. Mid-range unleaded averaged $3.46, while premium unleaded stood at $3.59 per gallon. The nationwide average price for diesel fuel stood at $4.03 per gallon March 24, up slightly from an average of $4 per gallon last week. Diesel prices are up 48 percent from an average of $2.73 per gallon this time last year. Natural gas
Natural gas spot prices eased for the period from March 13 to March 19. The spot price for natural gas at the Henry Hub fell to $9.11 on March 19, down from $9.69 the previous week. Prices in the Northeast were $9.91 per MMBtu March 19, down 6 percent from $10.46 the previous week.
Despite the declines since the previous week, spot prices are more than 27 percent above levels recorded at this time last year.
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