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Commodities update – Week of May 27, 2008
May 26, 2008
CHICAGO — Block cheese prices on the Chicago Mercantile Exchange took a sharp jump last week, averaging $2.21 per pound, up 16 cents from an average of $2.05 per pound the previous week. Block cheese closed at $2.12 per pound Monday, climbing to a closing price of $2.13 per pound Tuesday. On Wednesday, prices jumped to $2.25 per pound and closed at $2.27 per pound Thursday and $2.29 per pound Friday. Cheese prices are up 26 percent compared with an average price of $1.75 per pound this time last year.
Wheat
Wheat for July delivery trended downward last week, closing at $10.30 per bushel Friday on the Minneapolis Grain Exchange, up from a closing price of $10.20 per bushel the previous day. Prices had closed at $10.38 per bushel Monday, $10.34 per bushel Tuesday and $10.32 per bushel Wednesday.
Friday's close was up slightly compared with the previous Friday, when wheat finished the trading week at $10.20 per bushel.
Gasoline and diesel fuel
The nationwide average for regular unleaded gasoline was $3.94 per gallon May 27, according to AAA and the Oil Price Information Service, up 15 cents from this time last week. Prices were up 9 percent from an average of $3.60 a month ago and up 23 percent from an average of $3.20 this time last year. Mid-range unleaded averaged $4.18, while premium unleaded stood at $4.33 per gallon.
The nationwide average price for diesel fuel stood at $4.77 per gallon May 27, up 6 percent from an average of $4.52 last week. Diesel prices are up 63 percent from an average of $2.92 per gallon this time last year.
Natural gas
The price of natural gas fell in most trading regions during the period ended May 21, according to the Department of Energy. During the reporting period, the Henry Hub spot price fell 43 cents to $11.40 per MMBtuu, down slightly compared with the previous week.
Prices in the Northeast were $12.15 per MMBtu May 21, down slightly from $12.33 the previous week.
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