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Commodities update – Week of April 28, 2008
April 27, 2008
CHICAGO — Block cheese prices on the Chicago Mercantile Exchange continued their upward trend last week, averaging $1.94 per pound, up 5 cents from an average of $1.87 per pound the previous week. Block cheese closed at $1.92 per pound Monday, climbing to a closing price of $1.97 per pound Tuesday and Wednesday. Prices closed at just $1.92 per pound Thursday and Friday. Cheese prices are up 27 percent compared with an average price of $1.53 per pound this time last year.
Wheat Wheat for May delivery trended lower last week, closing at $11.20 per bushel Friday on the Minneapolis Grain Exchange, down from a closing price of $11.25 per bushel the previous day. Prices had closed at $12.10 per bushel Monday, $11.80 per bushel Tuesday and $11.45 per bushel Wednesday.
Friday's close was off 9 percent compared with the previous Friday, when wheat finished the trading week at $12.30 per bushel.
Gasoline and diesel fuel The nationwide average for regular unleaded gasoline was $3.60 per gallon April 28, according to AAA and the Oil Price Information Service, up 10 cents from this time last week. Prices were up 10 percent from an average of $3.28 one month ago and up 23 percent from an average of $2.92 this time last year. Mid-range unleaded averaged $3.83 while premium unleaded stood at $3.96 per gallon. The nationwide average price for diesel fuel stood at $4.24 per gallon April 28, up slightly from an average of $4.20 per gallon last week. Diesel prices are up 45 percent from an average of $2.92 per gallon this time last year. Natural gas
Although warm weather finally arrived across much of the lower 48 States, supply issues dominated the natural gas markets for the reporting week ended April 23, according to the Department of Energy. Spot prices increased at nearly every trading location.
During the reporting period ended April 23, the Henry Hub spot price increased 22 cents to $10.33 per MMBtu, up 2 percent compared with the previous week.
Prices in the Northeast were $11.01 per MMBtu April 23, up 2 percent from $10.81 the previous week.
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