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


Alicia Kelso / Alicia has been a professional journalist for 15 years. Her work with FastCasual.com, QSRweb.com and PizzaMarketplace.com has been featured in publications around the world, including NPR, Good Morning America, Voice of Russia radio, Consumerist.com and Franchise Asia magazine.
View Alicia Kelso's profile on LinkedIn

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