• Hedgeye Investing Summit: A Special HedgeyeTV Webcast Event

    The sharpest minds in investing discuss the most important market and economic developments and their investing implications. Watch the free replay.

All in, a $1 change year-over-year in the cost of wheat per bushel is worth $3.25 million of expense to Panera, or $0.05 in EPS. For 2008, PNRA is fully covered for essentially all their wheat needs at an all-in cost of $14 a bushel.

Currently, wheat is trading at $8.00.