Wheat prices fall 32 cents in a week

 
July 21, 2014 | by Alicia Kelso

Wheat prices plummeted last week and are down more than 30 cents on average. Gas prices also continued to drop from the July 4 weekend spike, and are 11 cents lower than they were a month ago.

Here's a glimpse at the market this week:

Cheese

Cheese prices inched back up to $2 even last week on the Chicago Mercantile, after finishing below the $2 mark for two weeks in a row. The week prior’s average was $1.95.

Last week’s prices closed at $1.99 on Monday, $2 on Tuesday and Wednesday, and $2.02 Thursday and Friday.

Wheat

The cost of wheat fell more than 30 cents last week on the Minneapolis Grain Exchange, averaging $6.33, from $6.65 the week prior.

Wheat was near the $8 mark last quarter and was around $6.02 in the beginning of the year.

Last week, prices closed at $6.40 Monday, $6.30 Tuesday, $6.28 Wednesday, $6.37 Thursday and $6.30 on Friday.

Gasoline and diesel fuel

The nationwide average price for regular unleaded fuel is down to $3.57, down from $3.61 last Monday. According to the AAA and the Oil Price Information Service, prices a month ago were also $3.68.

Last year at this time, consumers were paying $3.67 at the pump.

Today's mid-range unleaded is $3.76, down from $3.80 the week prior. Premium gas is $3.94, from $3.97.

Diesel fuel prices are averaging $3.86, a 2-cent drop from $3.88 the week prior. The price of diesel fuel was $3.89 a month ago, and $3.87 a year ago.

Natural Gas

Natural gas prices generally fell at most market locations this report week (July 9 to July 15). The Henry Hub spot price declined from $4.15 per million British thermal unit (MMBtu) July 9 to $4.10 July 15.

At the New York Mercantile Exchange (Nymex), the price of the near-month futures contract (August 2014) fell from $4.170/MMBtu July 9 to $4.119/MMBtu July 15.

Pizza company stocks

Shares of Pizza Hut parent Yum! Brands Inc. closed out last week at $77.01, a big drop from $82.47 the week prior after the company’s Q2 earnings report. Yum! hit another fresh 52-week high prior to the report, at $83.58. Its 52-week low was a year ago at $64.08.

Domino's finished last week at $72.60, down from $73.70 the week prior. DPZ hit a new lifetime high in March at $80.61. The company's 52-week low was $58.67 a year ago.

Papa John's shares finished last week at $41.08, down from $42.02 the week prior. PZZA hit its 52-week high in March at $55. Its low of $32.78 was a year ago.

Pizza Inn Holdings closed out last week at $6.42, up from $5.97 the week prior. The company’s 52-week high was $9.09 a year ago. It also traded as low as $5.38 a year ago.

Papa Murphy's closed out Friday at $8.90, up slightly from $8.82 the week prior. In its third month on the NASDAQ, FRSH’s high/low is $12.10 and $8.32, respectively.

Photo provided by Wikipedia.


Topics: 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

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