Average wheat prices dip below $8

 
July 1, 2013 | by Alicia Kelso

Average wheat and cheese prices both fell last week, and gas prices also tumbled. Below is a closer look at this week's commodities news.

Cheese

Average block cheese prices fell 7 cents last week on the Chicago Mercantile, averaging $1.65, from $1.72 the week prior.

Cheese was 25 cents higher two months ago, when it averaged $1.90. It remains significantly lower than the $2.10 average at the end of 2012.

Cheese markets closed at $1.68 Monday and Tuesday, $1.67 on Wednesday and $1.63 Thursday and Friday.

Wheat

Average wheat prices fell under $8 for the third time this year, averaging $7.98 on the Minneapolis Grain Exchange, from $8.08 the week prior.

Wheat averaged $7.81 in early April. Prices averaged $9.13 at the end of 2012.

Last week, wheat closed at $8.11 Monday, $8.09 Tuesday, $7.99 Wednesday, $7.86 Thursday and $7.95 on Friday.

Gasoline and diesel fuel

The nationwide average price for regular unleaded fuel is $3.48, down from $3.56 last week.

According to the AAA and the Oil Price Information Service, prices a month ago were $3.60. Last year at this time, consumers were paying $3.33 at the pump.

Monday's mid-range unleaded is $3.66, from $3.74 last week. Premium gas is $3.83, from $3.90 last week.

Diesel fuel prices are $3.82, down slightly from $3.84 the week prior. The price of diesel fuel was $3.87 a month ago, and $3.65 a year ago.

Natural gas

Natural gas hub prices decreased in most areas during the report week (June 19 to June 26). The Henry Hub spot price closed June 26 at $3.72 per million British thermal units (MMBtu), down 21.0 cents from $3.93 the previous week.

At the New York Mercantile Exchange (Nymex), futures prices also decreased over the week. The near-month contract (July 2013) expired June 26 at $3.707, down 25.6 cents from $3.963 per MMBtu a week earlier. The August contract price, which today becomes the prompt month price, settled yesterday at $3.737.

Pizza company stocks

Shares of Pizza Hut parent Yum! Brands Inc. closed last week at $69.60, up from $68.98 the week prior. The company's 52-week low was in early February at $59.68. The company's 52-week high was $74.75 in November.

Domino's closed out last week at $58.80, up fro $57.50 the week prior. The company refreshed its 52-week high three weeks ago at $61.24. Its low was $30.16 a year ago.

Papa John's closed last week at $65.47, up slightly from $64.16 the previous week. PZZA turned in a new 52-week high earlier in June at $67.22. The company hit its 52-week low of $46.42 a year ago.

CEC Entertainment Inc., parent company of Chuck E. Cheese restaurants, finished out last week at $41.51, up from $39.50 the week prior. CEC hit a new 52-week high two weeks ago at $42.43. The company's 52-week low was in August at $28.23.

Pizza Inn closed out last week at $5.65, up from $5.15 the week prior. PZZI hit a new 52-week high in May, at $9.18. The company traded as low as $2.20 a year ago.

Read more about supply chain news.


Topics: Cheese , Chuck E. Cheese's Pizza , Domino's Pizza , Equipment & Supplies , Operations Management , Papa John's , Pizza Hut , Pizza Inn


Alicia Kelso / Alicia Kelso has been a professional journalist for 15 years. Her work with QSRweb.com and PizzaMarketplace.com has been featured in publications around the world, including Good Morning America, Voice of Russia radio, Consumerist.com and Franchise Asia magazine.
View Alicia Kelso's profile on LinkedIn

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