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

Participants: Gary Crawford and USDA Outlook Board Chairman Mark Jekanowski

Transcript

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.