Article

Record-setting harvests push wheat to 4-year low

Wheat prices closed below the $6 mark twice last week, plunging to $5.68 on Friday.

September 15, 2014 by Alicia Kelso — Editor, QSRWeb.com

Wheat prices closed below the $6 mark twice last week and is flirting with four-year lows due to record-setting harvests.

Gas prices also fell as the country prepares to switch to the winter-blend fuel, which is cheaper than the summer blends, according to AAA.

Here's a glimpse at the market this week.

Cheese

Average block cheese prices remained steady last week on the Chicago Mercantile, averaging $2.35 for the second week in a row.

Prices closed at $2.35 Monday through Friday.

Wheat

After a slight uptick last week, wheat prices tumbled last week on the Minneapolis Grain Exchange, averaging $6.07, from $6.22 the week prior. Wheat was near the $8 mark in the second quarter.

Last week’s prices closed at $6.30 Monday, $6.24 Tuesday, $6.14 Wednesday, $5.99 Thursday and $5.68 on Friday.

Gasoline and diesel fuel

Monday's nationwide average for regular unleaded gasoline was $3.39, down from $3.43  the week prior. Gas prices were $3.46 a month ago. Consumers were paying $3.52 at the pump this time last year, according to AAA and the Oil Price Information Service. 

Mid-range unleaded was $3.59 on Monday, while the premium unleaded price was $3.76.

The nationwide average for diesel fuel was $3.78, down slightly from $3.79 the week prior. Diesel prices are also down from $3.82 a month ago and $3.94 a year ago.

Natural Gas

Prices at most major market locations outside of the Northeast increased this week. The Henry Hub spot price rose from $3.94 per million British thermal unit (MMBtu) Sept. 3, to $3.96/MMBtu Sept. 10.

At the New York Mercantile Exchange (Nymex) the price of the near-month (October 2014) contract rose from $3.847/MMBtu Sept. 3 to $3.954/MMBtu Sept. 10.

Pizza company stocks

Shares in Pizza Hut parent Yum! Brands Inc. closed out last Friday at $72.59, up from $71.68 the week prior. 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 $76.24, up from $75.38 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 $37.99, a drop from $39.86 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 $7.73, a slight uptick from $7.67 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 $9.49, up more than $1 from $8.46 the week prior. In its fifth month on the NASDAQ, FRSH’s high/low is $12.10/$8.08, respectively.

Photo provided by Flickr user Tim.

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