-March 15,2023-
Wholesale California gasoline is down 48 cents in a week. Where’s my discount?
The declining price of key commodities this week should make it cheaper to move around, build something and eat in coming days.
Let start with gasoline where wholesale gasoline futures slipped below the $2.5 per gallon mark, easing further from an over one-month high of $2.8 reached last week, pressured by overall weakness in energy markets due to persistent concerns about low domestic demand. Los Angles wholesale prices show a similar trend today.
Here is latest wholesale chart for LA gasoline-it’s down 48 cents in a week! Where is the savings at the pump?
Look for a 40 cent drop at your neighborhood pump!
How about lumber prices– a key building material that skyrockected during the Covid day but has been falling over the past year. As you can see those 2 by 4s ought to be cheaper as the Spring building season comes around. Here is chart of wholesale prices as of today.
How about food, key complaint from shoppers for the past year?
Here is a chart of cash prices for key food commodities as of today according to the Wall St Journal.Most of them are lower compared to a year ago.
How about our Wheaties? Financial reports detail today that wheat futures in the US were at $6.8 per bushel, hovering close to the 20-month low of $6.65 touched on March 9th amid expectations of strong supply. Russia reported it has no objection to extending the grain deal that places a safe trade corridor for exports of grain out of Ukrainian Black Sea ports. The news supported hopes that a steady supply of wheat will continue from one of the world’s top exporters past the March 18th deadline, as Ukraine reported to have a stronger winter wheat harvest than previously expected.
How about the price of fertilizer ? Urea futures extended losses to $380 per tonne, the lowest since May 2021, as farmers continued to enjoy ample supply while large inventories limited demand. The increased availability of natural gas in Europe amid a moderate winter and abundant LNG imports enabled manufacturers to restart production with significantly cheaper inputs and farmers to restock concerningly low fertilizer reserves.