Wheat prices remain solidly below $7

 
June 30, 2014 | by Alicia Kelso

Wheat prices continue to fall and have remained solidly under $7 for the fourth week in a row. Cheese prices, conversely, remain stubbornly high, though they remained steady week over the last week.

Gas prices also remain steady, but many analysts expect an even bigger surge this week and beyond as tensions in Iraq heighten.

Here's a glimpse at the market this week:

Cheese

Cheese prices remained steady last week after inching up earlier in the month, averaging $2.02, even from the week prior.

On the Chicago Mercantile, last week’s prices closed at $2.01 Monday, $2.02 Tuesday and Wednesday, $2.04 Thursday and $2.02 on Friday.

Wheat

The average cost of wheat continued to fall last week, the fourth week in a row, averaging $6.79 on the Minneapolis Grain Exchange, from $6.90 the week prior.

Wheat was near the $8 mark a month and a half ago, but remains significantly higher than it was in the beginning of the year, when the cost sat at around $6.02.

Last week, prices closed at $6.85 Monday, $6.76 Tuesday, $6.73 Wednesday, $6.79 Thursday and $6.83 on Friday.

Gasoline and diesel fuel

The nationwide average price for regular unleaded fuel is $3.67, down a penny from $3.68 last week. 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 $3.49 at the pump.

Today's mid-range unleaded is $3.86, even from $3.86 the week prior. Premium gas is $4.03, also even from $4.03.

Diesel fuel prices are averaging $3.90, up a penny from $3.89 last week. The price of diesel fuel was $3.92 a month ago, and $3.82 a year ago.

Natural Gas

Natural gas prices posted an overall decline during the report week (June 18 to June 25). The Henry Hub spot price fell 13 cents per million British thermal units (MMBtu).

At the New York Mercantile Exchange (Nymex) the price of the front-month (July 2014) contract fell from $4.659/MMBtu June 18 to $4.553/MMBtu June 25. The price of the 12-month strip fell from $4.579/MMBtu June 18 to $4.476/MMBtu June 25.

Pizza company stocks

Shares of Pizza Hut parent Yum! Brands Inc. closed out last week at $81.72, up from $80.50 the week prior. Yum! hit a fresh 52-week high earlier last week, at $82.13. Its 52-week low was a year ago at $64.08.

Domino's finished last week at $72.12, up from $71.80 the week prior. DPZ hit a new lifetime high in March at $80.61. The company's 52-week low was $58.41 a year ago.

Papa John's shares finished last week at $42.58, up slightly from $42.09 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 $6.07, down slightly from $6.15 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 $9.22, up slightly from $9.15 the week prior. As FRSH enters its third month of trading on the NASDAQ, its high/low is $12.10 and $8.32, respectively.

Photo provided by Wikipedia.

 

 


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 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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