Great news for those in charge of cooking for the upcoming holiday, turkey prices are going down just in time for Thanksgiving.
And as WCCO-TV reporter Jeff Wagner shows us, there’s a lot that goes into what’s on the grocery store sticker.
Talking turkey can be a costly conversation, but the word on the bird this season is far from foul, especially the price you pay at the store.
Turkey prices are down 9-13%, according to a new report from Wells Fargo, a report Dr. Michael Swanson helped research and write.
“Minnesota produces one out of four turkeys in this country, over a billion pounds in a year,” Swanson said.
He says turkey farmers were optimistic this summer, adding 2-3% more birds into their barns in preparation for Thanksgiving.
“Well, they all did it at the same time and the wholesale prices have really cratered, they’re down 30% from a year ago,” Swanson said.
It’s a simple case of supply and demand, leading to lower prices at the store but that wasn’t the only factor. After feed costs, Swanson says it’s the barn expenses, then labor to raise the hatchlings to a plump 25 pounds, and the shipping to get them to store shelves.
That last factor dropped in costs as well — refrigerated trucks are charging $3.30 per mile, down 50 cents from a year ago. And while the bird flu continues to threaten the industry, it was more impactful on prices in 2022.
“It was kind of a double hit last year. Fewer birds to start with and then losing some of them was not very helpful for the supply,” Swanson said.
If there’s any concern about higher prices, shop smart when it comes to Thanksgiving sides this year. Canned cranberries shot up in price by 60% while canned pumpkin is up 30%.