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Commodities update – Week of May 19, 2008
May 18, 2008
CHICAGO — Block cheese prices on the Chicago Mercantile Exchange moved past the $2 mark last week, averaging $2.05 per pound, up 7 cents from an average of $1.97 per pound the previous week. Block cheese closed at $2.02 per pound Monday, climbing to a closing price of slightly over $2.04 per pound Tuesday and Wednesday. Prices closed at $2.06 per pound Thursday and rose to a closing price of $2.08 per pound on Friday. Cheese prices are up 21 percent compared with an average price of $1.70 per pound this time last year.
For ideas on how to cope, see this report titled,"Rising Cheese Costs: Information and Tips for Pizzeria Operators".
Wheat Wheat for July delivery trended downward last week, closing at $10.04 per bushel Friday on the Minneapolis Grain Exchange, down from a closing price of $10.38 per bushel the previous day. Prices had closed at $10.48 per bushel Monday, $10.47 per bushel Tuesday and $10.38 per bushel on Wednesday.
Friday's close was up slightly compared with the previous Friday, when wheat finished the trading week at $10.03 per bushel.
World wheat production in 2008/09 is projected to reach 656 million tons, up 8 percent from the previous year, according to the U.S. Department of Agriculture.
Gasoline and diesel fuel The nationwide average for regular unleaded gasoline was $3.79 per gallon May 19 according to AAA and the Oil Price Information Service, up 7 cents from this time last week. Prices were up 9 percent from an average of $3.47 a month ago and up 19 percent from an average of $3.18 this time last year. Mid-range unleaded averaged $4.03, while premium unleaded stood at $4.18 per gallon.
The nationwide average price for diesel fuel stood at $4.52 per gallon May 19, up 4 percent from an average of $4.36 last week. Diesel prices are up 55 percent from an average of $2.91 per gallon this time last year.
Natural gas
The price of natural gas increased in most trading regions during the period ended May 14, according to the Department of Energy. During the reporting period, the Henry Hub spot price increased 43 cents to $11.51 per MMBtuu, up 4 percent compared with the previous week.
The Henry Hub spot price was the highest average price recorded at the Henry Hub in more than 2 years.
Prices in the Northeast were $12.33 per MMBtu May 14, up 3 percent from $12 the previous week.
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