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Commodities update - Week of March 2, 2009
March 1, 2009
CHICAGO -- Block cheese prices on the Chicago Mercantile Exchange headed back down last week, averaging $1.22 per pound for the trading week ended Feb. 27, off 9 cents from the previous week. Block cheese prices closed at $1.25 per pound Monday, $1.26 per pound Tuesday, slightly higher than $1.22 per pound Wednesday, $1.19 per pound Thursday and slightly higher than $1.17 per pound on Friday.
Prices are off 84 cents, or 41 percent, compared with this time last year, when block cheese averaged $2.06 per pound. Wheat Wheat for March delivery closed at $6.26 per bushel Friday on the Minneapolis Grain Exchange. Prices had closed at just above $6.17 per bushel Monday and Tuesday, just above $6.29 per bushel Wednesday and just above $6.26 per bushel Thursday. Gasoline and diesel fuel The nationwide average for regular unleaded gasoline was $1.93 per gallon March 2, according to AAA and the Oil Price Information Service, up 3 cents from the previous week. Prices are up 4 percent from an average of $1.86 per gallon a month ago and off 39 percent from an average of $3.17 per gallon this time last year. Mid-range unleaded averaged $2.05 per gallon while premium unleaded stood at $2.12 per gallon. The nationwide average price for diesel fuel stood at $2.10 per gallon March 2, off 16 cents from last week. Diesel prices are off 43 percent from an average of $3.67 per gallon this time last year. Natural gas Natural gas spot prices continued to decrease this week, according to the Energy Information Administration. The return of frigid temperatures for much of the report week in the Northeast, Southeast, and part of the Midwest did little to support any upward price movements in these regions. In fact, spot prices at all trading locations covered by the EIA's weekly report either decreased or remained unchanged.
Prices at the Henry Hub fell 15 cents, or about 4 percent, to $4.20 per MMBtu.
Prices in the Northeast stood at $4.81 per MMBtu on Feb. 25, off 37 cents compared with $5.18 the previous week. It was the first time prices in the Northeast fell below $5 in more than two years.
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