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Commodities update - Week of May 12, 2008
May 11, 2008
CHICAGO — Block cheese prices on the Chicago Mercantile Exchange moved upward every day last week, averaging $1.97 per pound, up 2 cents from an average of $1.95 per pound the previous week. Block cheese closed at $1.94 per pound Monday, climbing to a closing price of $1.96 per pound Tuesday and Wednesday. Prices climbed to a close of $1.98 per pound Thursday and finished the week at slightly under $2 per pound Friday. Cheese prices are up 17 percent compared with an average price of $1.68 per pound this time last year.
Wheat Wheat for May delivery trended upward last week, closing at $11.95 per bushel Friday on the Minneapolis Grain Exchange, down from a closing price of $12.10 per bushel the previous day. Prices had closed at $11.47 per bushel Monday, $12.05 per bushel Tuesday and $11.95 per bushel Wednesday.
Friday's close was up 3 percent compared with the previous Friday, when wheat finished the trading week at $11.55 per bushel.
Gasoline and diesel fuel The nationwide average for regular unleaded gasoline was $3.72 per gallon May 12, according to AAA and the Oil Price Information Service, up 11 cents from this time last week. Prices were up 10 percent from an average of $3.37 a month ago and up 22 percent from an average of $3.06 this time last year. Mid-range unleaded averaged $3.95, while premium unleaded stood at $4.09 per gallon. The nationwide average price for diesel fuel stood at $4.36 per gallon May 12, up 12 cents from last week. Diesel prices are up 50 percent from an average of $2.90 per gallon this time last year. Natural gas
The price of natural gas increased in most trading regions during the period ended May 7, according to the Department of Energy. During the reporting period, the Henry Hub spot price increased 27 cents to $11.08 per MMBtu, up 2 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 $12 per MMBtu May 7, up 2 percent from $11.72 the previous week.
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