News
Commodities update — Jan. 21, 2008
January 20, 2008
CHICAGO — The price of block cheese on the Chicago Mercantile Exchange continues to fall, averaging $1.74 per pound for the week ended Jan. 18, down nearly 12 percent from an average of $1.97 per pound the previous week. Cheese prices are up about 33 percent compared with this time last year, when they averaged $1.30 per pound.
Prices had started the week around $1.80 per pound, steadily decreasing to $1.65 by Friday.
Wheat futures for March delivery closed at $9.62-1/2 per bushel on Friday on the Chicago Board of Trade, up slightly more than 53 cents for the week. Wheat prices have nearly doubled since this time last year.
Increased overseas demand for wheat and tightening supplies as farmers switch to more profitable crops are helping push wheat prices up, analysts say.
The nationwide average for regular unleaded gasoline stood at $3.01 per gallon Jan. 21, according to AAA's Oil Price Information Service, up slightly from an average of $2.97 a month ago and up 39 percent from an average of $2.17 this time last year. Mid-range unleaded averaged $3.20, while premium unleaded stood at $3.39 per gallon.
The nationwide average price for diesel fuel stood at $3.39 per gallon Jan. 20, down slightly from an average of $3.41 a week ago. Diesel prices are up 30 percent from an average of $2.60 per gallon this time last year.
Natural gas spot prices increased for the period from Jan. 10 to Jan. 17 as colder temperatures increased heating demand for natural gas, ending the period at $8.23 per thousand BTUs.
According to the U.S. Department of Energy, regional prices for natural gas increased between 4 and 11 percent compared with the previous week. Natural gas prices are up 25 percent compared with this time last year.
The largest increases occurred in the Northeast region, where the average price climbed 88 cents per thousand BTUs since Jan. 9, or about 10 percent, as severe winter weather gripped the region.
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