News

Wholesale turkey prices on the rise

A drop in production and high beef and pork prices are putting pressure on the market, causing turkey prices to jump 16 percent year over year.

November 19, 2014

Turkey supplies are dropping, causing a price increase at the wholesale level, the Chicago Tribune reports. Inventories of turkey meat are at a 4-year-low.

Turkey production was down 3.3 percent through September compared the same period last year, causing a 16 percent jump in price to $1.24 a pound.

The supply drop is likely caused in part by pressure from other meat shortages. With pork and beef prices at record highs, consumers are looking at poultry options for less pricy alternatives.

Higher feed costs also reduced production in 2012.

Feed costs have since declined, and production is expected to increase 3.2 percent in 2015. Analysts anticipate the increased production will drive turkey prices back down.