{"id":5516,"date":"2023-11-01T12:31:59","date_gmt":"2023-11-01T12:31:59","guid":{"rendered":"https:\/\/connectwithfund.com\/business\/turkey-prices-have-dropped-by-a-lot-as-thanksgiving-planning-ramps-up\/"},"modified":"2023-11-01T12:32:00","modified_gmt":"2023-11-01T12:32:00","slug":"turkey-prices-have-dropped-by-a-lot-as-thanksgiving-planning-ramps-up","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=5516","title":{"rendered":"Turkey prices have dropped by a lot as Thanksgiving planning ramps up"},"content":{"rendered":"
\n

\n Something wild has happened with turkey prices that\u2019s going to make the cost of cooking the Thanksgiving meal more palatable to families on a tight budget.\n <\/p>\n

\n \u201cThere\u2019s been a big collapse in retail prices for turkey,\u201d said Michael Swanson, chief agriculture economist with Wells Fargo Agri-Food Institute.\n <\/p>\n

\n \u201cBecause turkey prices are down so much, and that\u2019s the centerpiece of the meal, celebrating Thanksgiving at home will be more advantageous this year for families,\u201d he said.\n <\/p>\n

\n Store prices for the 10-to 15-pound turkey, typically the star of the holiday dinner, have dropped 13% in October compared to the same month last year, said Swanson.\n <\/p>\n

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\n <\/source><\/source><\/source><\/source><\/picture>\n <\/div>\n<\/div>\n

\n The decrease in shelf prices for the bird also coincides with an even more dramatic 29% slump in the wholesale price for turkey this October versus a year ago, according to Wells Fargo\u2019s new Thanksgiving food report, which was released Wednesday.\n <\/p>\n

\n The annual report analyzes the outlook for key grocery items \u2013 such as turkey, cranberries, and sweet potatoes \u2013 that comprise the quintessential Thanksgiving Day dinner. Swanson said the data is pooled from a variety of sources, including point-of-sale data from market research firm Circana and wholesale prices data from the USDA Livestock Marketing Information Center.\n <\/p>\n

\n But the big drop in price isn\u2019t related to anything nefarious. It\u2019s the American tradition of supply and demand, and this year, there are just way too many birds.\n <\/p>\n

\n At the farm level, Swanson said the industry in July added 2% to 3% additional birds into the barn to keep the supply robust for Thanksgiving. On top of boosting supply, he said other factors helping to reduce the price per pound of turkey include a drop in input costs such as the cost of refrigerated trucks to move supply around the country.\n <\/p>\n

\n \u201cA year ago, refrigerated trucks were charging $3.80 per mile on average.\u00a0Now, the most recent rate quoted by the USDA was $3.30 per mile,\u201d he said. There\u2019s also more availability of trucks, which has freed up supply and brought down the cost for the food industry, he said.\n <\/p>\n

\n Swanson anticipates consumers could get even sweeter turkey deals all through November.\n <\/p>\n

\n \u201cHistorically we see a big drop in the two weeks before Thanksgiving,\u201d he said, adding that 84% of whole fresh turkeys are typically sold in November.\n <\/p>\n

\n That\u2019s the period in which grocery stores deeply discount turkey as a \u201closs leader\u201d item in order to drive shopper traffic during peak food shopping for the big celebration. People will come into stores for the turkeys, the thinking goes, and end up leaving with way more than they set out for \u2013 and way more profits for supermarkets.\n <\/p>\n

\n The savings also come on top of moderating food price inflation.\n <\/p>\n

\n So far this year through September, not adjusted for seasonal variations, grocery prices rose 2.4% \u2014 less than inflation overall,\u00a0which was 3.7%.\n <\/p>\n

\n Food price increases have been easing this year, offering much-needed relief for many households.\n <\/p>\n

\n Paying less for the turkey could help offset still higher prices for some other components of the traditional dinner.\n <\/p>\n

\n
\n \"Canned<\/source><\/source><\/source><\/source><\/picture>\n <\/div>\n<\/div>\n

\n Looking at the rest of the meal, depending on whether you\u2019re buying them fresh, or canned, cranberries might cost you a bit more than they did last year. <\/strong>\n <\/p>\n

\n The report said fresh cranberries will be about 20% less compared to last year, while canned cranberries will cost almost 60% more from the same time last year. Swanson said rising packaging and labor costs are elevating prices for canned produce overall.\n <\/p>\n

\n It\u2019s the same story with canned pumpkins. Swanson said production costs for canned pumpkins are currently 30% higher this year from last year, and consumers are shouldering some of the price increase in store prices for the canned fruit.\n <\/p>\n

\n And the price for canned green beans, on average, is up almost 9% versus last year, the report said.\n <\/p>\n

\n Store prices for sweet potatoes are up about 4% \u201cbut the price is expected to come down before Thanksgiving as grocers become much more competitive with each other for consumers\u2019 dollars,\u201d said Swanson.\n <\/p>\n

\n Russet potato prices, however, are at an all-time high.\n <\/p>\n

\n \u201cConsumer prices are currently up 14% from a year ago,\u201d said Swanson. \u201cRussets come out of the Pacific Northwest. A year ago the region had a tremendous drought, which cut supply,\u201d he said. \u201cMoving into this year\u2019s harvest, it was a much better year, and so we\u2019re expecting prices to drop.\u201d\n <\/p>\n

\n \u2013CNN\u2019s Danielle Wiener-Bronner contributed to this story.<\/em>\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Something wild has happened with turkey prices that\u2019s going to make the cost of cooking the Thanksgiving meal more palatable to families on a tight budget. \u201cThere\u2019s been a big collapse in retail prices for turkey,\u201d said Michael Swanson, chief agriculture economist with Wells Fargo Agri-Food Institute. \u201cBecause turkey prices are down so much, and that\u2019s the centerpiece of the meal, celebrating Thanksgiving at home will be more advantageous this year for families,\u201d he said. Store prices for the 10-to 15-pound turkey, typically the star of the holiday dinner, have dropped 13% in October compared to the same month last<\/p>\n","protected":false},"author":1,"featured_media":5517,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[],"class_list":["post-5516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nTurkey prices have dropped by a lot as Thanksgiving planning ramps up | ConnectWithFund<\/title>\n<meta name=\"description\" content=\"Something wild has happened with turkey prices that\u2019s going to make the cost of cooking the Thanksgiving meal more palatable to families on a tight\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/connectwithfund.com\/?p=5516\" \/>\n<meta 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