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Commodities update – Week of June 2, 2008
June 1, 2008
CHICAGO — Block cheese prices on the Chicago Mercantile Exchange remained high during the shortened trading week ended May 30, averaging $2.25 per pound for the week, up 4 cents from an average of $2.21 per pound the previous week. Block cheese closed at slightly above $2.28 per pound Tuesday and Wednesday, dropping to a closing price of $2.21 per pound Thursday and $2.23 per pound Friday.
The markets were closed May 26 for Memorial Day.
Block cheese prices are up 23 percent compared with this time last year, when they averaged $1.83 per pound.
Wheat Wheat for July delivery trended slightly upward last week, closing at $10.55 per bushel Friday on the Minneapolis Grain Exchange, up from a closing price of $10.45 per bushel the previous day. Prices had closed at $10.45 per bushel Tuesday and $10.50 per bushel Wednesday.Friday's close was up slightly compared with the previous Friday, when wheat finished the trading week at $10.30 per bushel.
Gasoline and diesel fuel The nationwide average for regular unleaded gasoline was $3.98 per gallon June 2, according to AAA and the Oil Price Information Service, up 4 cents from this time last week. Prices are up 10 percent from an average of $3.62 a month ago and up 26 percent from an average of $3.16 this time last year. Mid-range unleaded averaged $4.22, while premium unleaded stood at $4.37 per gallon. The nationwide average price for diesel fuel stood at $4.79 per gallon June 2, up slightly from an average of $4.77 last week. Diesel prices are up 65 percent from an average of $2.91 per gallon this time last year. Natural gas
Price movements of natural gas were mixed in most trading regions during the period ended May 28, according to the Department of Energy, with price decreases generally occurring in markets west of the Mississippi River and price increases occurring in the eastern parts of the country.
During the reporting period, the Henry Hub spot price increased 20 cents to $11.60 per MMBtu, up 2 percent compared with the previous week.
Prices in the Northeast were $12.21 per MMBtu May 28, up slightly from $12.15 the previous week.
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