Happy Thanksgiving, Turkey Prices are Down

Happy Thanksgiving, Turkey Prices are Down

Happy Thanksgiving, Turkey Prices are Down

After suffering from an outbreak of bird flu in Y 2015, American turkey producers have come back strong.

Low feed costs are helping US output to climb 7% this year to a record 6.02-B lbs, government data show. Rising supplies mean that wholesale frozen birds are about 11% less than this time last year at your supermarket.

The production boom is good news for Thanksgiving feasters, since recent history suggests Americans will eat about 46-M of the birds when they celebrate the Holiday on 24 November according to the National Turkey Federation.

With poultry prices falling, the average bill to feed 10 people for Thanksgiving is set to drop about 0.5% from Y 2015, when the expense reached a record high. Declines are also being driven by falling costs for pumpkin-pie mix and milk, according to an annual survey from American Farm Bureau Federation, prices for peas, fresh cranberries and sweet potatoes rose.

Prices for wholesale frozen birds weighing 8 to 16 lbs averaged $1.1541 a pound in the week ended 18 November, down from $1.2922 a year earlier, according to US Department of Agriculture (USDA) data. The declines were similar for larger birds, and fresh turkey prices also fell from Y 2015.

Gains for turkey output are adding to this year’s domestic glut of meat.

Pork and chicken production are also forecast at all-time highs, and beef output is growing. Ballooning supplies are helping to keep a cap on food inflation as farmers are also in the midst of harvesting bumper grain crops. Corn prices have fallen about 4% in the past 12 months.

“Whole turkey hen prices have remained relatively strong, but have shown a smaller-than-typical seasonal increase in recent weeks,” the USDA said in a 16 November report.

Many grocery chains use heavily discounted birds to lure in shoppers for all of their holiday food needs.

Here’s another highlight for those who will actually be doing the cooking on Thanksgiving. Butterball LLC, the largest US turkey processor which sells about 20-M birds for the holiday season, is enabling consumers to now send text messages to the company’s annual Turkey Talk-Line for Thanksgiving cooking tips, said its Executive Vice President of sales.

Have a Happy Thanksgiving

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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