August 20, 2022 2:00am EDT
Turkey prices expected to surge this Thanksgiving, experts warn
Inflation and bird flu took a toll on turkey flocks
By Breck Dumas FOXBusiness
The raging inflation Americans have felt through the first half of the year already has consumers bracing for pricier meals this holiday season. But analysts are warning that the bird flu outbreak in the U.S. could mean an added dose of sticker shock when people buy their Thanksgiving turkeys.
Walter Kunisch, senior commodities strategist at Hilltop Securities Commodities, told FOX Business the American consumer should be prepared.
"Looking ahead to the Thanksgiving holiday, we believe that the impacts from the latest outbreak of highly pathogenic avian influenza (HPAI) in the U.S., combined with skyrocketing production costs, have led to a declining domestic turkey flock, lower meat supplies and higher prices," Kunisch said.
The analyst points to sharply higher regional corn, soybean meal and diesel prices that have forced commercial production costs to surge and says the increasing cost of grains is contributing to the 5% decline in reported live weighs from 2021 and to lower domestic supplies.
For perspective, Hilltop estimates that commercial turkey production costs in Minnesota, the largest turkey-producing state, have risen 18% from 2021, and it expects those costs to be passed on to the consumer.
more
https://www.foxbusiness.com/economy/turkey-prices-expected-surge-thanksgiving-experts-warn
