Chicken wing prices will rise at least 2 percent before the Super Bowl next month and demand will hold steady after the U.S. football season ends, Koch Foods Inc. Chief Executive Officer Joe Grendys said.
The price will top $2 a pound by the Feb. 3 game, and some spot loads of wings are already trading at that level, said Grendys, head of the fourth-largest U.S. chicken processor number of birds processed in 2012.
The benchmark Urner-Barry price for regular wings Thursday reached a record $1.97 a pound, said Russell Whitman, vice president of Urner-Barry Publications Inc.’s poultry division.
“Wing demand is off the charts,” Grendys said in a telephone interview yesterday. The closely held Park Ridge, Illinois-based company is not affiliated with Wichita, Kansas- based Koch Industries. “I don’t see a big drop off in demand after the Super Bowl.” In the months after the football season, he said the price will be $1.75 to $2 a pound.
To read the rest of the story, please go to: Bloomberg Businessweek
