Wheat prices spike nearly 50 cents in a week

 
May 13, 2014 | by Alicia Kelso

Wheat prices spiked up near the $8 mark last week, nearly 50 cents higher than the week prior. The average cost of wheat is now nearly $2 higher than it was during the beginning of the year.

After months on the rise, gas prices have started to cool a bit.

Here's a glimpse at the market this week:

Cheese

Cheese prices have fallen for two weeks in a row after reaching all-time highs earlier this year. They averaged $2.04 on the Chicago Mercantile last week, down from $2.13 the week prior.

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

Last week, prices closed at $2.07 Monday, $2.03 Tuesday, and $2.04 Wednesday, Thursday and Friday.

Wheat

Wheat prices rose sharply last week on the Minneapolis Grain Exchange, the second week in a row, averaging $7.90, from $7.53 the week prior and $7.28 two weeks ago.

Wheat prices are significantly higher than they were at the beginning of the year, around $6.02.

Last week, prices closed at $7.75 Monday, $7.92 Tuesday, $7.95 Wednesday and Thursday, and $7.94 on Friday.

Gasoline and diesel fuel

After weeks on the rise, the nationwide average price for regular unleaded fuel today is $3.65, down slightly from $3.67 the previous week. According to the AAA and the Oil Price Information Service, prices a month ago were $3.63.

Last year at this time, consumers were paying $3.57 at the pump.

Today's mid-range unleaded is $3.83, from $3.85 the week prior. Premium gas is $4 even, from $4.02 the week prior.

Diesel fuel prices are averaging $3.94, down a penny from $3.95 the week prior. The price of diesel fuel was $3.96 a month ago, and $3.88 a year ago.

Natural gas

Natural gas spot prices were generally flat for the report period, moving by a few cents in some locations. The Henry Hub spot rose by 5 cents, moving from $4.78 per million British thermal units (MMBtu) April 30 to $4.83 May 7.

At the New York Mercantile Exchange (Nymex), the June contract fell by more than 7 cents, beginning the report week at $4.815/MMBtu April 30 and settling at $4.740/MMBtu May 7.

Pizza company stocks

Shares of Pizza Hut parent Yum! Brands Inc. closed out last week at $76.33, up slightly from $76.25 the week prior. The company hit a new 52-week high three weeks ago at $79.70 after a positive Q1 earnings report. Its 52-week low was a year ago at $64.08.

Domino's finished last week at $71.20, down from $71.80 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 $42.06, down from $44.29 the week prior. PZZA hit its 52-week high in March at $55. Its low of $31.18 was a year ago.

Pizza Inn Holdings closed out last week at $6.03, up from $5.84 the week prior. The company's 52-week high was $9.09 a year ago. It traded as low as $4.47 in June 2013.

Papa Murphy's closed out its second week on the NASDAQ market under the FRSH symbol. The company finished Friday at $10.89. Its high/low are $12.10 and $10.64, respectively.


Topics: Cheese , Food & Beverage , Pizza Toppings , Trends / Statistics


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