Pecan Crop Outlook
Millions of pounds of pecans were shipped to China this year... which gave farmers in Georgia an unexpected boost in business. But as Eyewitness Reporter Kim Carapucci explains, this new demand from abroad will dramatically affect prices here in the U.S.
Some say pecan, others say pe-can. But either way, one thing's for sure... these nuts are about to get pricey.
Paul Joseph is the manager of the South Georgia Pecan Company gift shop. "You'll probably see a 10-15% increase in the price of pecans."Joseph has been in the pecan business for over 24 years and says he's never seen anything like this before."It's just simple economics with supply and demand. With China's demand going up three-fold this year over last year, it's just gonna put a lot more pressure here in the U.S."
Next year, the pecan crop is predicted to yield only half as much as last year...And with less supply and more demand, the price will only rise.Which is good news for farmers, but bad news for buyers.
Buck Paulk owns one of the largest pecan groves in South Georgia."We see expanding our market as a good thing. So I can't see any justification where it would be..anytime there's an increase in demand for your product that it could be anything but good."
Paul Joseph: "We're definitely concerned because people are having to spend so much money now for gas and necessities . Pecans are almost gonna be a luxury item this year and people probably won't buy as many."
Luxury or not, people will be shelling out more cash for these shelled nuts.
The prices are expected to rise by fall, so if you have a taste for pecans, you might want to buy them now.
Find this article at: http://www.wctv.tv/news/headlines/26936864.html