As we enter the holiday baking season, one key ingredient will be harder to find: butter.
In January, the average price of butter was $3.67 per pound, according to the Federal Reserve Bank of St. Louis.
"Prices are not going to come down," says Scott Grawe, a professor of supply chain management at Iowa State University.
Extreme temperatures, floods, droughts, along with frequent and intense storms "weighed on productivity growth," according to a USDA report.
In August 2022, there was about 282.6 million pounds of butter in storage, down from the 362.7 million pounds in August 2021, according to a USDA report.