11/23/2017 10:09:00 AM/Categories: General News, Today's Top 5, Livestock, Grains
The NFU Farmer’s Share publication says farmers and ranchers get 11.4 cents of every dollar that consumers spend on their turkey day dinner.
The Farm Bureau’s annual Thanksgiving Day Price Survey found that Americans will spend an average of $49.12 for a meal that feeds ten people. That’s a 75 cent decrease from last year’s average of $49.87. A 16-pound turkey costs an average of $22.38 this year.
Farmers have been feeling financial pressure for the last several years and Rob Larew, National Farmers Union senior vice president for public policy and communications, says that makes Thanksgiving a time to recognize family farmers and ranchers. “That’s important, he said, “because we are in the midst of the worst farm economic downturn in the last 30-40 years.“
As consumer costs have declined, farm income has dropped as well. On average, farmers get 17.4 cents of every food dollar that consumers spend. 80 percent of the cost of food goes to marketing, processing, wholesaling, distribution, and retailing.