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Commodities update — Week of June 30, 2008
June 29, 2008
CHICAGO — Block cheese prices on the Chicago Mercantile Exchange continued to decline for the week ended June 27, averaging slightly above $1.92 per pound for the week, down 8 cents from an average of $2 per pound the previous week. Block cheese closed at $1.94 per pound Monday, $1.92 per pound Tuesday, just above $1.92 per pound Wednesday and $1.92 per pound Thursday and Friday.
Block cheese prices are now about 5 percent lower than they were this time last year, when block cheese averaged $2.03 per pound.
Wheat Wheat for July delivery trended higher last week, closing at $12.12 per bushel Friday on the Minneapolis Grain Exchange, up from a closing price of $11.90 per bushel the previous day. Prices had closed at $10.98 per bushel Monday, $10.85 per bushel Tuesday and $111.29 per bushel on Wednesday.
Friday's close was up more than 10 percent compared with the previous Friday, when wheat finished the trading week at $10.93 per bushel.
Gasoline and diesel fuel The nationwide average for regular unleaded gasoline rose slightly to an average of $4.09 per gallon June 30 according to AAA and the Oil Price Information Service, up 2 cents from this time last week. Prices are up 3 percent from an average of $3.97 per gallon a month ago and up 38 percent from an average of $2.96 per gallon this time last year. Mid-range unleaded averaged $4.34, while premium unleaded stood at $4.50 per gallon. The nationwide average price for diesel fuel stood at $4.76 per gallon June 30, down 3 cents from an average of $4.79 last week. Diesel prices are up 64 percent from an average of $2.91 per gallon this time last year. Natural gas
Movement in the price of natural gas was mixed during the reporting period ended June 25, with price decreases generally occurring in the Gulf of Mexico region and price increases occuring at other locations around the country. During the reporting period, the Henry Hub natural gas spot price decreased 17 cents to $12.76 per MMBtu compared with the previous week.
Prices in the Northeast were $13.91 per MMBtu on June 25, up slightly compared with $13.63 per MMBtu the previous week.
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