Article

Average wheat prices dip below $8

Block cheese is down 25 cents since May 1.

July 1, 2013 by Alicia Kelso — Editor, QSRWeb.com

Average wheat and cheese prices both fell last week, and gas prices also tumbled. Below is a closer look at this week's commodities news.

Cheese

Average block cheese prices fell 7 cents last week on the Chicago Mercantile, averaging $1.65, from $1.72 the week prior.

Cheese was 25 cents higher two months ago, when it averaged $1.90. It remains significantly lower than the $2.10 average at the end of 2012.

Cheese markets closed at $1.68 Monday and Tuesday, $1.67 on Wednesday and $1.63 Thursday and Friday.

Wheat

Average wheat prices fell under $8 for the third time this year, averaging $7.98 on the Minneapolis Grain Exchange, from $8.08 the week prior.

Wheat averaged $7.81 in early April. Prices averaged $9.13 at the end of 2012.

Last week, wheat closed at $8.11 Monday, $8.09 Tuesday, $7.99 Wednesday, $7.86 Thursday and $7.95 on Friday.

Gasoline and diesel fuel

The nationwide average price for regular unleaded fuel is $3.48, down from $3.56 last week.

According to the AAA and the Oil Price Information Service, prices a month ago were $3.60. Last year at this time, consumers were paying $3.33 at the pump.

Monday's mid-range unleaded is $3.66, from $3.74 last week. Premium gas is $3.83, from $3.90 last week.

Diesel fuel prices are $3.82, down slightly from $3.84 the week prior. The price of diesel fuel was $3.87 a month ago, and $3.65 a year ago.

Natural gas

Natural gas hub prices decreased in most areas during the report week (June 19 to June 26). The Henry Hub spot price closed June 26 at $3.72 per million British thermal units (MMBtu), down 21.0 cents from $3.93 the previous week.

At the New York Mercantile Exchange (Nymex), futures prices also decreased over the week. The near-month contract (July 2013) expired June 26 at $3.707, down 25.6 cents from $3.963 per MMBtu a week earlier. The August contract price, which today becomes the prompt month price, settled yesterday at $3.737.

Pizza company stocks

Shares of Pizza Hut parent Yum! Brands Inc. closed last week at $69.60, up from $68.98 the week prior. The company's 52-week low was in early February at $59.68. The company's 52-week high was $74.75 in November.

Domino's closed out last week at $58.80, up fro $57.50 the week prior. The company refreshed its 52-week high three weeks ago at $61.24. Its low was $30.16 a year ago.

Papa John's closed last week at $65.47, up slightly from $64.16 the previous week. PZZA turned in a new 52-week high earlier in June at $67.22. The company hit its 52-week low of $46.42 a year ago.

CEC Entertainment Inc., parent company of Chuck E. Cheese restaurants, finished out last week at $41.51, up from $39.50 the week prior. CEC hit a new 52-week high two weeks ago at $42.43. The company's 52-week low was in August at $28.23.

Pizza Inn closed out last week at $5.65, up from $5.15 the week prior. PZZI hit a new 52-week high in May, at $9.18. The company traded as low as $2.20 a year ago.

Read more about supply chain news.

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