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Commodities update – March 31, 2008
March 30, 2008
CHICAGO — Block cheese prices on the Chicago Mercantile Exchange remained relatively stable for the week ended March 28, averaging $1.80 per pound, up 3 cents from an average of $1.77 per pound the previous week. Prices started the week off at $1.80, hovered around $1.79 midweek, and closed at $1.81 per pound Thursday and Friday.
Wheat Wheat for May delivery closed at $13.19 per bushel Friday on the Minneapolis Grain Exchange, down from a closing price of $13.50 per bushel the previous day. Prices had closed at $12.54 per bushel Monday and rose slightly to a closing price of $12.81 per bushel Tuesday and $13.05 Wednesday.
Friday's close was about 3 percent higher than the previous week, when wheat finished the trading week at $12.77 per bushel.
According to the U.S. Department of Agriculture, the amount of acreage devoted to wheat crops also is expected to increase 6 percent in 2008 to 63.8 million acres. Plantings of spring wheat, the type used for pizza dough, are projected to be about 14.3 million acres this year. Last year, 13.3 million acres were devoted to spring wheat, according to the USDA.
Gasoline and diesel fuel The nationwide average for regular unleaded gasoline was $3.29 per gallon March 31, according to AAA and the Oil Price Information Service, up 3 cents from this time last week. Prices were up 4 percent from an average of $3.17 a month ago and up 23 percent from an average of $2.67 this time last year. Mid-range unleaded averaged $3.49, while premium unleaded stood at $3.62 per gallon. The nationwide average price for diesel fuel stood at $4.02 per gallon March 31, down slightly from an average of $4.03 per gallon last week. Diesel prices are up 42 percent from an average of $2.83 per gallon this time last year. Natural gas
Despite relief from the cold during the week in several regions, natural gas spot prices registered increases in the majority of markets in the lower 48 states for the period from March 20 to March 26, according to the Department of Energy.The spot price for natural gas at the Henry Hub rose to $9.25 on March 26, up slightly compared with $9.11 the previous week. Prices in the Northeast were $10.07 per MMBtu on March 26, up 2 percent from $9.91 the previous week.
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