Article

Cheese prices plummet after weeks on the rise

After spiking to $2.45 in mid-September, cheese prices plummeted last week, dropping as low as $2.15.

October 6, 2014 by Alicia Kelso — Editor, QSRWeb.com

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Wheat steadies out after weeks of decreasing prices.

After spiking to $2.45 in mid-September, cheese prices plummeted last week, dropping as low as $2.15.

Gas prices remain at or near seven-month lows. According to AAA, this is due to decreased demand, cheaper crude oil prices and the switch over to winter-blend gasoline, which is less expensive to produce.

Here's a glimpse at the market this week.

Cheese

After hitting $2.45 in mid-September, cheese prices fell last week on the Chicago mercantile, averaging $2.18, from $2.34 the week prior and $2.40 two weeks ago.

Prices closed at $2.23 on Monday, $2.20 Tuesday, $2.18 Wednesday, $2.14 Thursday, and $2.15 on Friday.

Wheat

After weeks of dropping prices, wheat remained steady last week on the Minneapolis Grain Exchange and are at their lowest levels in four years. Last week’s average was $5.36, from $5.35 the week prior.

Prices were near the $8 mark in Q2.

Last week’s prices closed at $5.39 Monday, $5.33 Tuesday, $5.31 Wednesday, $5.35 Thursday and $5.43 on Friday.

Gasoline and diesel fuel

Monday's nationwide average for regular unleaded gasoline was $3.28, down from $3.33 the week prior. Gas prices were $3.44 a month ago. Consumers were paying $3.35 at the pump this time last year, according to AAA and the Oil Price Information Service. 

Mid-range unleaded was $3.48 on Monday, while the premium unleaded price was $3.66.

The nationwide average for diesel fuel was $3.71, down from $3.73 the week prior. Diesel prices are also down from $3.79 a month ago and $3.88 a year ago.

Natural Gas

Spot prices increased at most trading locations during the report week of Sept. 24-Oct. 1 as cooler weather moved in throughout much of the country. The Henry Hub spot price increased from $3.84 per million British thermal units (MMBtu) Sept. 24 to $4.14/MMBtu Oct. 1. Spot prices in all markets across the country posted steady increases, ranging from $0.07/MMBtu to $0.30/MMBtu, while prices at several northeastern locations fluctuated considerably.

At the New York Mercantile Exchange (Nymex), the price of the near-month (November 2014) contract increased by a dime from $3.911/MMBtu Sept. 24 to $4.023/MMBtu Oct. 1.

Pizza company stocks

Shares in Pizza Hut parent Yum! Brands Inc. closed out last Friday at $71.51, down 3 cents from the week prior, when shares closed at $71.54. Yum’s 52-week high of $83.58 was reached in July. Its low of $64.08 was a year ago.

Domino's finished last week at $77.58, up a bit from $76.30 the week prior. DPZ hit its 52-week high of $80.61 in March. The company’s 52-week low of $64.89 was a year ago.

Papa John's finished out last week at $40.78, up slightly from $40.10 the week prior. PZZA’s 52-week high of $55 was in March. Its low of $33.88 was a year ago.

Pizza Inn closed out last week at $7.69, down from $8.05 the week prior. The company’s 52-week high is $9.09, achieved in November 2013. Its low is $5.38 in March.

Shares in Papa Murphy's closed last week at $9.57, down from $10.26 the week prior. In its sixth month on the NASDAQ, FRSH’s high/low is $12.10/$8.08, respectively.

_{Photo provided by Wikimedia.}

About Alicia Kelso

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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.

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