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Commodities update – Week of June 9, 2008
June 8, 2008
CHICAGO — Block cheese prices on the Chicago Mercantile Exchange reatreated slightly during the week ended June 6, averaging $2.19 per pound, down 6 cents from an average of $2.25 per pound the previous week. Block cheese closed at slightly under $2.21 per pound Monday and Tuesday, dropping to a closing price of just under $2.18 per pound Wednesday and Thursday before falling to a closing price of $2.16 per pound Friday.
Block cheese prices are up 11 percent compared with this time last year, when they averaged $1.97 per pound.
Wheat Wheat for July delivery trended downward last week, closing at $10.27 per bushel Friday on the Minneapolis Grain Exchange, up from a closing price of $9.70 per bushel the previous day. Prices had closed at $10.35 per bushel Monday, $9.75 per bushel Tuesday and $9.40 per bushel Wednesday.
Friday's close was down slightly compared with the previous Friday, when wheat finished the trading week at $10.55 per bushel.
Gasoline and diesel fuel The nationwide average for regular unleaded gasoline averaged $4.02 per gallon June 9, according to AAA and the Oil Price Information Service, up 4 cents from this time last week. Prices are up 9 percent from an average of $3.69 a month ago and up 30 percent from an average of $3.09 this time last year. Mid-range unleaded averaged $4.27, while premium unleaded stood at $4.43 per gallon. The nationwide average price for diesel fuel stood at $4.77 per gallon June 9, down slightly from an average of $4.79 last week. Diesel prices are up 65 percent from an average of $2.90 per gallon this time last year. Natural gas
Natural gas prices increased in most regions during the period ended June 4, according to the Department of Energy, with price decreases occurring in the Rocky Mountain trading region. During the reporting period, the Henry Hub spot price increased 57 cents to $12.17 per MMBtu, up 5 percent compared with the previous week.
Prices in the Northeast were $13.16 per MMBtu June, up 8 percent from $12.21 the previous week.
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