$11 Pecans

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The price of pecans is expected to rise to $11 dollars a pound by the end of 2011 in the United States due to drought and the increase in demand.

Jeff Worn, the Vice President of the South Georgia Pecan Company, told CNN that the price of pecans is up 22 percent from 2010 and it is up 57 percent from 2009 when they were only $7 per pound.

Worn also told Fox News that South Georgia Pecan Company provides pecans to customers such as Winn-Dixie, Publix, Sam's Club, Costco, Russell Stover, and Sara Lee, who all will be affected by the price increase.

The major cause of this price increase is because of the severe drought in the southern states of the US, according to both CNN and Fox News.

Texas usually produces about 70 million pounds of pecans a year, but is only expected to produce 30 million pounds this year, according to CNN.

The US produces 80 percent of pecans in the global market, according to Fox News. This year, the US crop is 14 percent smaller than last year, according to Fox News.

The Chinese diet is high in nuts and the demand of American pecans started rising significantly in 2009, according to CNN.

According to Fox News, the demand of American pecans has increased throughout all of Asia, with China and Vietnam being the leaders.

CNN contacted the associate vice president and senior agriculture analyst at Rabobank International, the associate director of sales and marketing at the Texas Pecan Growers Association, along with Worn.

Fox contacted mostly local farmers in Texas and Georgia to get a personal opinion about the situation and the impacts.

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This page contains a single entry by Carolyn Lubben published on November 13, 2011 3:44 PM.

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