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Commodities update — Week of June 16, 2008
June 15, 2008
CHICAGO — Block cheese prices on the Chicago Mercantile Exchange continued their downward trend for the week ended June 13, averaging $2.06 per pound for the week, down 13 cents from an average of $2.19 per pound the previous week. Block cheese closed at slightly under $2.08 per pound Monday and Tuesday, dropping to a closing price of just above $2.04 per pound Wednesday, before falling to a closing price of $2.04 per pound Thursday and Friday.
Block cheese prices are up 4 percent compared with this time last year, when they averaged $1.99 per pound.
Wheat Wheat for July delivery trended upward slightly last week, closing at $10.54 per bushel Friday on the Minneapolis Grain Exchange, up from a closing price of $10.26 per bushel the previous day. Prices had closed at $9.96 per bushel Monday, $9.86 per bushel Tuesday and $10.46 per bushel Wednesday.
Friday's close was up slightly compared with the previous Friday, when wheat finished the trading week at $10.27 per bushel.
Gasoline and diesel fuel The nationwide average for regular unleaded gasoline averaged $4.08 per gallon June 16, according to AAA and the Oil Price Information Service, up 6 cents from this time last week. Prices are up 8 percent from an average of $3.79 per gallon a month ago and up 36 percent from an average of $3 per gallon this time last year. Mid-range unleaded averaged $4.33, while premium unleaded stood at $4.49 per gallon. The nationwide average price for diesel fuel stood at $4.80 per gallon June 16, up from an average of $4.77 last week. Diesel prices are up 66 percent from an average of $2.89 per gallon this time last year. Natural gas
Natural gas prices increased in most regions during the period ended June 11, in part due to a heat wave that gripped the country, according to the Department of Energy, although prices eased somewhat toward the end of the reporting period as temperatures began to cool. During the reporting period, the Henry Hub natural gas spot price increased 32 cents to $12.49 per MMBtu, up 3 percent compared with the previous week.
Prices in the Northeast were $13.52 per MMBtu June, up 3 percent from $13.16 the previous week.
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