According to the American Farm Bureau Federation, wholesale RTC prices for turkeys have increased from 2021 with hens at 180 cents per lb. compared to 145 cents per lb. in August 2021. Skinless and boneless turkey breast meat is now close to $6 per lb. Depletion of close to six million turkeys on 140 farms over seven months due to HPAI with sporadic outbreaks still occurring has reduced stock levels and intensified demand. Hormel Foods, parent company of Jennie-O, a major producer has predicted that their production will be reduced by 25 percent during the 4th quarter due to reduction in supply.
Subscribers are referred to the monthly turkey report in this edition, incorporating cold storage and production data for August and prices reflecting the third week of September.
