Wheat down nearly 80 cents from last month

 
June 2, 2014 | by Alicia Kelso

Wheat prices continued to tumble last week and are nearly 80 cents lower than they were just three weeks ago. Meanwhile, as we barrel toward summer driving season, gas prices have started to pick up a bit.

Here's a glimpse at the market this week:

Cheese

After falling for four weeks, cheese prices remained stagnant last week on the Chicago Mercantile, averaging $1.98 from the same price the week prior.

Prices are still about 40 cents higher than they were a year ago.

Last week, prices closed at $2.02 Tuesday, $2 Wednesday, $1.96 Thursday and $1.96 on Friday. The market was closed on Monday in observance of the Memorial Day holiday.

Wheat

The average cost of wheat has come down for the third week in a row, averaging $7.14, from $7.34 the week prior. Wheat was all the way up to $7.90 three weeks ago.

Wheat remains significantly higher than it was in the beginning of the year, when the cost sat at about around $6.02.

Last week, prices closed at $7.18 Tuesday and Wednesday, $7.14 Thursday and $7.06 on Friday.

Gasoline and diesel fuel

The nationwide average price for regular unleaded fuel is $3.66, from $3.65 a week ago. According to the AAA and the Oil Price Information Service, prices a month ago were $3.68.

Last year at this time, consumers were paying $3.61 at the pump.

Today's mid-range unleaded is $3.85, up from $3.84 the week prior. Premium gas is $4.02, from $4.01 the week prior.

Conversely, diesel fuel prices are averaging $3.91, down a penny from $3.92 the week prior. The price of diesel fuel was $3.96 a month ago, and $3.86 a year ago.

Natural gas

Natural gas spot price movements were mixed over the report week (May 21 to May 28). The Henry Hub spot price declined 3 cents from $4.57 per million British thermal unit (MMBtu) May 21 to $4.54/MMBtu May 28.

At the New York Mercantile Exchange, the July 2014 contract moved into the near-month position and ended the week at $4.615/MMBtu, an increase of $0.137/MMBtu from the previous Wednesday.

Pizza company stocks

Shares of Pizza Hut parent Yum! Brands Inc. closed out last week at $76.72, up nearly $2 from $74.87 the week prior. The company hit a new 52-week high last month at $79.70. Its 52-week low was a year ago at $64.08.

Domino's finished last week at $72.47, down slightly from $73.16 the week prior. DPZ hit a new lifetime high in March at $80.61. The company's 52-week low was $55.75 a year ago.

Papa John's shares finished last week at $43.13, up from $42.57 the week prior. PZZA hit its 52-week high in March at $55. Its low of $31.50 was a year ago.

Pizza Inn Holdings closed out last week at $6.14, up slightly from $6.11 the week prior. The company's 52-week high was $9.09 a year ago. It traded as low as $4.65 last year.

Papa Murphy's entered its second month on the NASDAQ market under the FRSH symbol. The company finished Friday at $9.86, up from $9.05 the week prior. Its high/low is $12.10 and $8.93, respectively.

Photo provided by Wikimedia.


Topics: Cheese , Domino's Pizza , Equipment & Supplies , Food Cost Management , Operations Management , Papa John's , Papa Murphy's Take 'N' Bake Pizza , Pizza Hut , Pizza Inn


Alicia Kelso / Alicia 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

Related Content


Latest Content


comments powered by Disqus

 

TRENDING

 

WHITE PAPERS