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Commodities update - March 3, 2008
March 2, 2008
Cheese prices are up about 53 percent compared with the same week last year, when they averaged $1.35 per pound.
Wheat
Wheat futures for May delivery closed at $11.40 per bushel Friday on the Chicago Board of Trade. Earlier in the week, shares of Bermuda-based brokerage firm MF Global tanked after the company announced that one of its traders had lost $141.5 million through unauthorized trades in the CBOT wheat market.
Gasoline and diesel fuel
The nationwide average for regular unleaded gasoline was $3.17 per gallon March 3 according to AAA and the Oil Price Information Service, up 3 cents from this time last week. Prices were up 6 percent from an average of $2.99 a month ago and up 28 percent from an average of $2.47 this time last year. Mid-range unleaded averaged $3.34, while premium unleaded stood at $3.48 per gallon.
The nationwide average price for diesel fuel stood at $3.67 per gallon March 3, up 2 percent from an average of $3.59 per gallon last week. Diesel prices are up 37 percent from an average of $2.68 per gallon this time last year.
Natural gas
Natural gas spot prices generally increased in most areas of the country for the period from Feb. 21 to Feb. 27. The spot price for natural gas at the Henry Hub rose slightly to $9.21 on Feb. 27, up from $9.08 the previous week.
Prices in the Northeast fluctuated wildly, hitting $18.44 per MMBtu Feb. 27, nearly double the price of $9.91 per MMBtu just two days earlier. Prices averaged $13.16 for the period, up $2.53 from the previous week.
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