Domino's Pizza, Inc. continued the general downward trend it has been experiencing mostly since late November when last week it posted a $3.35 loss in value over the five days of trading to settle in Friday at the close at $281.75.
One of the brand's biggest rivals, Louisville-based Papa John's, also experienced a drop, equaling $1.75 in value, leaving the brand to close the week at $64.78. The lion's share of that drop occurred Friday shortly after the brand announced a new piadina-style product to help it capture an increasing part of the pizza lunch business in its so-called Papadinas.
Winners for this week in the pizza race began with Pizza Hut parent, Yum Brands, which posted a 79-cent gain on the week to close Friday at $105.77. Smaller rival and Pie Five/Pizza Inn parent, Rave Restaurant Group, also scored a gain last week, closing at $1.62, up 4 cents from the previous week's close.
Wheat
For all pizza brands, there was some good news from the Chicago Mercantile Exchange when wheat prices last week trended mostly lower, even as wheat export sales showed an increase of 23.7 million bushels for 2019-20.
Soft White Wheat was steady, while other types were 10 3/4 cents to 26 cents lower in trading last week. Kansas City U.S. No. 1 Hard Red Winter ordinary protein rail bid was 16 ¼ cents lower, from $5.51-$5.61 per bushel. Kansas City U.S. No. 2 Soft Red winter rail bid was not quoted.
St. Louis truck U.S. No. 2 Soft Red Winter terminal bid was 26 cents lower, at $6.25 per bushel. Minneapolis and Duluth U.S. No. 1 Dark Northern Spring, 14.0 to 14.5 percent protein rail, was 19 1/4 cents lower to 10 3/4 cents higher at $6.71 1/2 per bushel. Portland U.S. Soft White wheat rail was steady, from $6.20-$6.30 per bushel.
Cheese
Cheese prices also provided some reason for pizza restaurateurs to suck down an extra beer during last night's Super Bowl, as both barrels and blocks averaged lower on the Chicago Mercantile Exchange last week.
The weekly average for barrels was down 6 cents to $1.56, while blocks, on average, were down 7 cents to $1.92, according to the U.S. Department of Agriculture's Market News Service. At the close of trading, barrels came in at $1.50, while 40-pound blocks were priced at $1.92.
Cheese processing is steady to busy nationally, with Midwestern cheese producers telling the U.S.D.A. that thus far 2020 has been relatively positive as far as cheese demand goes, and the Super Bowl only contributing to that demand over the weekend.
There is, however, some ongoing concern among cheese producers that the 40-cents and up price gap between barrels and blocks might soon result in a big shift, since cheese sellers generally know that the two prices are destined to rejoin in one way or another. The question now is whether blocks shift lower or barrels come up, or some of each.
Vehicle gas
The price of getting pizza ingredients to restaurant locations and then getting the finished pies to customers via vehicles is generally not giving restaurateurs much to toss and turn about at night. Last week again, the American Automobile Association said that rising gas stocks nationally are continuing to hold those pump prices in check this winter. Stocks grew to 260 million barrels last week, which is the highest stock level ever recorded by the U.S. Energy Information Administration since it began recording the data in 1990.
The biggest price drops this past week occurred in Florida (-8 cents), Michigan (-8 cents) and Pennsylvania (-6 cents), AAA said. The least expensive markets for gas nationally were Missouri ($2.17), Texas ($2.19) and Mississippi ($2.21), the organization said.
Crude prices dropped last week after market concerns increased due to the growing impact of the coronavirus on global travel. If global travel demand decreases, global crude demand would likely follow suit and result in lower global crude consumption. If market concerns regarding the virus continue to grow this week, crude prices could drop further, AAA said.
Currently, a gallon of regular was set at $2.47 on average nationally, which is a nickel lower than just one week ago and a hefty 11 cents under what we paid last month. Mid-grade (2.82) and premium ($3.08) generally followed that trend as well, while diesel (2.94) was down just 7 cents from last month.
But the biggest swing to the lower end was probably seen in E85 prices, which averaged $2.21 today. That's down 13 cents from a month ago when the average price was $2.34, AAA reported.
Natural gas
Natural gas spot prices also fell at most locations for the report week that ended on Jan. 29, with Henry Hub spot price rising from $1.89 per million British thermal units (MMBtu) to $1.92/MMBtu over that same span.
At the New York Mercantile Exchange, the February 2020 contract expired yesterday at $1.88/MMBtu, down 3 cents/MMBtu. The March 2020 contract price decreased to $1.865/MMBtu, down 3 cents/MMBtu from seven days earlier. The price of the 12-month strip averaging March 2020 through February 2021 futures contracts declined 4 cents/MMBtu to $2.18/MMBtu.
The net withdrawal from working gas totaled 201 billion cubic feet (Bcf) for the week ending Jan. 24. Working natural gas stocks totaled 2,746 Bcf, which is 24% more than the year-ago level and 8% more than the five-year (2015–19) average for this week.
The natural gas plant liquids composite price at Mont Belvieu, Texas, fell by 14 cents/MMBtu, averaging $4.76/MMBtu for the week ending Jan. 29. The prices of natural gasoline, ethane and propane fell by 5%, 5% and 11%, respectively. The prices of isobutane and butane rose by 9% and 11%, respectively.
According to Baker Hughes, for the week ending Tuesday, Jan. 21, the natural gas rig count decreased by five to 115. The number of oil-directed rigs rose by three to 676. The total rig count decreased by two, and it now stands at 794.
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Domino's, Papa John's, pizza ingredient prices all down last week - Pizza Marketplace
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