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

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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.

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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