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Commodities update – Week of May 5, 2008
May 4, 2008
CHICAGO — Block cheese prices on the Chicago Mercantile Exchange increased slightly last week, averaging $1.95 per pound and up a penny from an average of $1.94 per pound the previous week.
Block cheese closed at $1.94 per pound Monday, climbing to a closing price of slightly more than $1.95 per pound Tuesday. Prices closed at $1.96 per pound Wednesday and Thursday, before retreating slightly to close at $1.95 per pound Friday.
Cheese prices are up 18 percent compared with an average price of $1.65 per pound this time last year.
Wheat Wheat for May delivery trended slightly upward last week, closing at $11.55 per bushel Friday on the Minneapolis Grain Exchange, up from a closing price of $11.42 per bushel the previous day. Prices had closed at $11.32 per bushel Monday, $11.15 per bushel Tuesday and $11.42 per bushel Wednesday.
Friday's close was up 3 percent compared with the previous Friday, when wheat finished the trading week at $11.20 per bushel.
Gasoline and diesel fuel The nationwide average for regular unleaded gasoline was $3.61 per gallon May 5, according to AAA and the Oil Price Information Service, up a penny from this time last week. Prices were up 9 percent from an average of $3.32 a month ago and up 19 percent from an average of $3.03 this time last year. Mid-range unleaded averaged $3.84 per gallon while premium unleaded averaged $3.97 per gallon. The nationwide average price for diesel fuel stood at $4.24 per gallon May 5, unchanged from last week. Diesel prices are up 45 percent from an average of $2.92 per gallon this time last year. Natural gas
The price of natural gas increased in all trading regions during the period ended April 30, according to the Department of Energy. During the reporting period ended April 30, the Henry Hub spot price increased 48 cents to $10.81 per MMBtuu, up 5 percent compared with the previous week.
The Henry Hub spot price increased nearly 10 percent during the month of April.
Prices in the Northeast were $11.72 per MMBtu April 30, up 7 percent from $11.01 the previous week.
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