PROMO Animal - Bird Turkey Thanksgiving - iStock -

A Turnaround for the Turkey Industry?

© iStock -

Is the struggling turkey industry in the midst of a turnaround? Maybe.

Audio file

Participants: Gary Crawford and USDA Outlook Board Chairman Mark Jekanowski


For months now, the turkey industry has been stymied by rising production, weakening demand, and falling prices.

But are we seeing a turnaround in the works?

Maybe too soon to say a turnaround, but at least a good change from what had been a pretty steadily declining price outlook.

USDA Outlook Chairman Mark Jekanowski, and yes, the signs of a turnaround are small.

First, USDA is forecasting a reduction in turkey output for this year, a cut of only about 1.5 percent, but enough of a cut to cause USDA to change its previous 2024 forecast for average turkey prices.

This month we raised our turkey price forecast by one cent per pound.

Just a penny a pound, taking projected prices only up to $1.08 a pound compared to $1.40 last year.

So production, while falling, is still exceeding demand.

Price prospects are improving, but not by much.

So Mark Jekanowski says...

It might, it might suggest the start of a turnaround for the turkey industry.

It might.

Gary Crawford for the U.S. Department of Agriculture.