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Commodities update – Week of Nov. 3, 2008


November 5, 2008 – Block cheese prices on the Chicago Mercantile Exchange fell to their lowest level in more than 18 months last week..

Block
cheese prices on the Chicago Mercantile Exchange fell to their lowest
level in more than 18 months last week, averaged slightly above $1.66
per pound for the trading week ended Oct. 31, off 12 cents from the
previous week.
 
Block cheese closed at just above $1.71 Monday, just under $1.68 per
pound Tuesday and Wednesday, just under $1.64 per pound Thursday and
just under $1.61 pert pound on Friday.
 
Prices are down 24 cents compared with this time last year, when block cheese averaged just under $1.90 per pound.
 
Wheat
 
Wheat for December delivery closed at just under $6.48 per bushel
Friday on the Minneapolis Grain Exchange. Prices had closed at just
under $6.25 per bushel Monday, just under $6.17 per bushel Tuesday,
just under $6.17 per bushel Wednesday and at $6.47 per bushel on
Thursday.
 
Gasoline and diesel fuel
 
The nationwide average for regular unleaded gasoline was $2.41 per
gallon Nov. 3, according to AAA and the Oil Price Information Service,
off 26 cents from $2.67 per gallon this time last week. Prices are off
32 percent from an average of $3.55 per gallon a month ago and off 20
percent from an average of $2.99 per gallon this time last year.
Mid-range unleaded averaged $2.52 per gallon, while premium unleaded
stood at $2.59 per gallon.
 
The nationwide average price for
diesel fuel stood at $3.24 per gallon Nov. 3, off 20 cents from $3.44
per gallon from last week. Diesel prices are off 2 percent from an
average of $3.32 per gallon this time last year.
 
Natural gas
 
Natural gas spot prices in the lower 48 States decreased for the
reporting period ended Oct. 29, with declines of more than 10 percent
occurring in markets west of the Mississippi River and more modest
price movements in the eastern half of the country, according to the
Energy Information Administration.
 
Prices at the Henry Hub decreased by
36 cents per million Btu to $6.58 per MMBtu. Prices in the Northeast
were $7.76 per MMBtu, off 4 cents from the previous week.


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