Wheat prices fall below $7 mark

 
June 9, 2014 | by Alicia Kelso

Wheat prices continued to tumble last week and are nearly $1 lower than they were a month ago. Conversely, after falling for nearly a month, cheese prices rose sharply at the end of last week.

Here's a glimpse at the market this week:

Cheese

After falling for four weeks, cheese prices inched up last week on the Chicago Mercantile, averaging $2.01, from $1.98 the week prior.

Last week, prices closed at $1.96 Monday, $1.97 Tuesday, $2.03 Wednesday and $2.05 on Thursday and Friday.

Wheat

The average cost of wheat has fallen under $7, averaging $6.93 from $7.14 the week prior. Wheat was near the $8 mark a month 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 $6.97 Monday, $6.84 Tuesday, $6.89 Wednesday, $6.90 Thursday and $7.09 on Friday.

Gasoline and diesel fuel

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

Last year at this time, consumers were paying $3.63 at the pump.

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

Diesel fuel prices are averaging $3.90, down from $3.91. The price of diesel fuel was $3.94 a month ago, and $3.85 a year ago.

Natural Gas

Natural gas spot prices decreased slightly yesterday, but ended slightly higher for the report week (May 28 to June 4). The Henry Hub spot price averaged $4.57/MMBtu June 4, an increase of 3 cents/MMBtu over May 28's $4.54/MMBtu average.

At the New York Mercantile Exchange, the July 2014 contract moved into the near-month position May 29. It increased by 13.5 cents/MMBtu for the report week, from $4.615/MMBtu May 28 to $4.640/MMBtu June 4.

Pizza company stocks

Shares of Pizza Hut parent Yum! Brands Inc. closed out last week at $79.11, up big from $76.72 the week prior and $74.87 two weeks ago. The company hit a new 52-week high last week at $79.99. Its 52-week low was a year ago at $64.08.

Domino's finished last week at $73.31, up from $72.47 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 $43.20, up slightly from $43.13 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 $5.95, down from $6.14 the week prior. The company's 52-week high was $9.09 a year ago. It traded as low as $4.80 last year.

Papa Murphy's closed out Friday at $9.97, up from $9.86 the week prior in just its second month on the NASDAQ market under the FRSH symbol. Its high/low is $12.10 and $8.93, respectively.

Photo provided by Pixabay.

 


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

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