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Commodities update – Week of April 21, 2008
April 20, 2008
CHICAGO — Block cheese prices on the Chicago Mercantile Exchange continued their upward trend for the trading week ended April 18, averaging $1.87 per pound, up 2 cents from an average of $1.85 per pound the previous week. Block cheese closed at $1.84 per pound Monday and Tuesday, climbing to a closing price of $1.87 per pound Wednesday and just above $1.90 per pound Thursday and Friday.
Cheese prices are up 29 percent compared with an average price of $1.45 per pound this time last year.
Wheat Wheat for May delivery closed at $12.30 per bushel Friday on the Minneapolis Grain Exchange, down from a closing price of $12.39 per bushel the previous day. Prices had closed at $12.32 per bushel Monday, $12.33 per bushel Tuesday and $12.39 per bushel Wednesday.
Friday's close was off 5 percent compared with the previous Friday, when wheat finished the trading week at $12.92 per bushel.
Gasoline and diesel fuel The nationwide average for regular unleaded gasoline was $3.50 per gallon April 21, according to AAA and the Oil Price Information Service, up 13 cents from this time last week. Prices were up 7 percent from an average of $3.27 one month ago and up 22 percent from an average of $2.86 this time last year. Mid-range unleaded averaged $3.72, while premium unleaded stood at $3.85 per gallon. The nationwide average price for diesel fuel stood at $4.20 per gallon April 21, up 3 percent from an average of $4.10 per gallon last week. Diesel prices are up 43 percent from an average of $2.93 per gallon this time last year. Natural gas
Since April 9, natural gas spot prices increased at virtually all market locations in the lower 48 States, according to the Department of Energy. Spot prices already exceed the average of the 2007-2008 heating season by about 25 percent.
During the reporting period ended April 16, the Henry Hub spot price for natural gas increased 22 cents to $10.11 per MMBtuu, up 2 percent compared with the previous week.Prices in the Northeast were $10.81 per MMBtu April 16, up slightly from $10.70 the previous week.
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