The average "classic holiday feast for 10" will run $55.18 this Thanksgiving, per the American Farm Bureau Federation's new annual survey.

• That's about $5.52 per person, and down about 5% from last year — the third straight year of declines.

Yes, but: "Three years of declines don't fully erase dramatic increases that led to a record-high cost of $64.05 in 2022," AFBF says.

How it works: The group's estimate is based on a basket of traditional Thanksgiving favorites, including (of course) turkey, sweet potatoes, stuffing and more.

• Prices were gathered by volunteer shoppers nationwide, both in person and using grocery store apps and websites.
• "They looked for the best possible prices without taking advantage of special promotional coupons or combined purchase deals," per AFBF.

Zoom in: Cheaper turkey is driving much of the overall decline.

• The average price of a 16-pound frozen bird is $21.50 this year, down over 16% from last Thanksgiving.

What they're saying: "Farmers are still working to rebuild turkey flocks that were devastated by avian influenza, but overall demand has also fallen," AFBF Economist Faith Parum said in a statement.

• "The combination will help ensure turkey will remain an affordable option for families celebrating Thanksgiving."

Meanwhile: A separate Deloitte survey based on a different basket of goods found that a Thanksgiving dinner for eight people will run $76.50 — "up only 0.6% from 2024 and somewhat below the food-at-home inflation rate."

Share with someone brining a giant bird in the garage fridge

Retailers are locked in a Thanksgiving turkey price war, cutting into margins to hold onto cost-conscious consumers.

Why it matters: Americans are feeling squeezed, with grocery prices about 30% higher than before the pandemic — and millions facing new food insecurity after the government's SNAP benefits freeze.

• That strain is reshaping where people shop — and how far retailers will go to keep them.

Between the lines: Many retailers are selling turkeys at or below cost to draw shoppers in for higher-margin items like wine, desserts and décor — a classic loss-leader strategy that works for big chains such as Walmart, Aldi and Kroger but squeezes smaller grocers.

• "Turkeys are kind of the loss leader on the Thanksgiving table," Leslee Oden, National Turkey Federation president and CEO, recently told Axios.
• Turkey retail promotions surged ahead of Thanksgiving, with the USDA reporting Friday a sharp rise in national feature activity and frozen whole birds now leading grocery ads.

Zoom in: Nearly every major grocer is cutting deep to prove its value — though many are also shrinking bundles or swapping in cheaper store-brand items to keep costs down.

What they're saying: Retail analyst Bruce Winder tells Axios this is "the most aggressive pricing environment since the pandemic."

• "Grocers can't afford to keep losing money on food forever," he added. "But in a market where loyalty is everything, they see it as the cost of staying relevant."

The bottom line: America's affordability crisis is reshaping the holiday season.

• Everyone's discounting turkeys — but someone's footing the bill. Retailers are absorbing the pain to show shoppers they still have their backs.

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💀 Workers found what looks to be a human skull encased in concrete at a South Boston pier. (NBC Boston)

• A forensic anthropologist will determine whether the skull is human and how long it has been embedded.

💊 Biogen and Dayra launched a $50-million deal to expand access to neurological therapies in emerging markets. (BBJ)

• The partnership will bring Biogen treatments to regions with limited specialist care.
• Dayra will manage distribution using its digital health platform infrastructure.

🗑️ A trash-pickup change in Medford sparked outrage as Massachusetts considers a food-waste disposal ban. (Boston Herald)

• Residents objected to a new pickup schedule that coincides with the state's push to restrict food waste in landfills.
• City officials say they are trying to align local practices with statewide climate-policy goals.

🚆 Multiple disabled trains on the MBTA Red Line caused delays for riders. (WCVB)

Massport designated the owners of several Boston marinas to take over an aging working jetty in the Seaport, according to the Boston Globe.

Why it matters: It'll bring a new use to one of the last empty parcels on the South Boston waterfront.

• A previous developer fell through in 2021.
• Boston Marine Terminal LLC, owned by Chuck and Ann Lagasse, will redevelop the 16-acre North Jetty site at the Raymond L. Flynn Marine Park.

The big picture: The Lagasses own several Boston Harbor marinas, including Boston Harbor Shipyard and Marina.

• They'll handle the ship repair and freight operations happening at North Jetty while rebuilding the deteriorating 1,000-foot space.
• Their East Boston shipyard employs 450 workers. The North Jetty site could add 400 jobs, according to the Globe.
• Massport will contribute $20 million in state money for repairs.

Between the lines: Massport prioritized job creation over profit with the deal.

• CEO Rich Davey said this "won't be the most lucrative" rental deal.

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Yesterday, we asked you to guess where Townie had gone. She was at the entrance of the world's smallest Trader Joe's in Back Bay.

• Shoutout to reader Aubrey H., who guessed it first.