News
Commodities update — Week of June 23, 2008
June 22, 2008
CHICAGO — Block cheese prices on the Chicago Mercantile Exchange continued to fall for the week ended June 19, averaging $2 per pound, down 6 cents from an average of $2.06 per pound the previous week. Block cheese closed at $2.04 per pound Monday and Tuesday, dropping to a closing price of just above $1.98 per pound Wednesday, before falling to a closing price of $1.96 per pound Thursday and Friday.
Block cheese prices are nearly equal to where they were this time last year, when they averaged $1.99 per pound.
Wheat Wheat for July delivery trended higher last week, closing at $10.93 per bushel Friday on the Minneapolis Grain Exchange, up from a closing price of $10.90 per bushel the previous day. Prices had closed at $10.65 per bushel Monday, $10.90 per bushel Tuesday and $10.95 per bushel Wednesday.
Friday's close was up 39 cents compared with the previous Friday, when wheat finished the trading week at $10.54 per bushel.
Gasoline and diesel fuel
The nationwide average for regular unleaded gasoline fell slightly to an average of $4.07 per gallon June 23, according to AAA and the Oil Price Information Service, down a penny from this time last week. Prices are up 4 percent from an average of $3.91 per gallon a month ago and up 37 percent from an average of $2.98 per gallon this time last year. Mid-range unleaded averaged $4.32, while premium unleaded stood at $4.48 per gallon.
The nationwide average price for diesel fuel stood at $4.77 per gallon June 23, down 3 cents from an average of $4.80 last week. Diesel prices are up 64 percent from an average of $2.91 per gallon this time last year.
Natural gas
Natural gas prices increased in most regions during the period ended June 18 despite the lack of weather-related demand, according to the Department of Energy. During the reporting period, the Henry Hub natural gas spot price increased 44 cents to $12.93 per MMBtu, up 34 percent compared with the previous week.
Prices in the Northeast were $13.63 per MMBtu June 18, up slightly compared with $13.52 the previous week.
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