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Commodities update – Feb. 18, 2008
February 17, 2008
CHICAGO — Block cheese prices on the Chicago Mercantile Exchange continued to creep upward last week, averaging $2.00 per pound for the week ended Feb. 16, up 4 percent from an average of $1.93 per pound the previous week.
Prices started the week at $1.99 on Monday and fell to $1.95 Tuesday. Prices rebounded Wednesday to $1.99 and closed Thursday and Friday at $2.05. Cheese prices are up about 50 percent compared with the same week last year, when they averaged $1.33 per pound. Wheat Wheat futures for March delivery saw mixed trading last week, falling 65 cents for the week to settle at $10.27 per bushel Friday on the Chicago Board of Trade.
Gasoline and diesel fuel The nationwide average for regular unleaded gasoline was $3.04 per gallon Feb. 18, according to AAA and the Oil Price Information Service, up 9 cents from this time last week. Prices were up slightly from an average of $3.02 a month ago and up 35 percent from an average of $2.25 this time last year. Mid-range unleaded averaged $3.20, while premium unleaded stood at $3.32 per gallon. The nationwide average price for diesel fuel stood at $3.44 per gallon Feb. 18, up 2 percent from last week. Diesel prices are up 33 percent from an average of $2.58 per gallon this time last year. Natural gas
Natural gas spot prices increased in all areas of the country for the period from Feb. 7 to Feb. 13. The average spot price for natural gas rose 5 percent to $8.35, up from $7.94 the previous week. Prices in the Northeast averaged $9.90 per MMBtu Feb. 13, up nearly $1.00 from the previous Wednesday.
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