Pecans skyrocketing in price due to drought
POSTED: Monday, November 7, 2011 - 11:00am
UPDATED: Monday, November 7, 2011 - 11:00am
Expect to pay more for pecan pie this holiday season.
Because of drought in some top pecan-growing states and continued strong demand from China, the average price for a pound of pecans is about $11 this year. That's up from $7 a pound in 2008 and $9 last year.
South Georgia Pecan Co. vice president Jeff Worn says that's a lot of money to pay for pecans in a sluggish economy. Worn says retailers who sell bagged pecans are likely to be hardest hit by increased prices. Food manufacturers who use pecans can probably manage more easily because the cost gets mixed in with that of other ingredients.
A big factor in the price of pecans is demand from China, which takes about 20 percent of the U.S. crop.