Exclusive: Thanksgiving food prices forecast, new Aldi meal deal for $47

Thanksgiving may be later in November this year, but farmers, agriculture economists and home cooks alike are already preparing for the feast.

Ahead of the annual pre-turkey day report from the Wells Fargo Agri-Food Institute, Dr. Michael Swanson -- the team's Chief Agricultural Economist -- shared some early pricing insights with "Good Morning America" about what to expect while menu planning.

For the main event, turkeys are expected to cost 16% less than last year. For hosts that prefer pork to poultry, ham prices are up 5.2%.

Thanksgiving food can draw mixed reviews for which dish reigns supreme on the dinner table, but most seem to agree that the meal is really all about the sides, which repeatedly show up in the top search terms online.

This year, some of those staple ingredients could prove more pricey.

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According to Swanson, the price of sweet potatoes has risen 4% and russet potatoes, which are typically in high demand for dishes like mashed or potatoes au gratin, are at an all time high, up 14%.

While some may steer their shopping cart to the canned goods aisle for Thanksgiving dishes, this may the year to consider buying fresh.

Canned green beans are up by nearly 9% and canned pumpkin prices jumped 30% compared to last year.

Swanson told "GMA" that "labor and transportation" are among the key factors driving up prices on these popular foods.

"Those are the two big things that just don't get any cheaper anytime soon," he explained.

Aldi, other retailers announce new Thanksgiving grocery promos

Luckily, grocery chains looking to compete for shoppers' dollars are already planning their Thanksgiving discounts.

Aldi shared exclusively with "GMA" that it will offer its third-lowest-priced Thanksgiving meal in five years, a basket that serves full meals for up to 10 people for under $47.

The offer is available now through Christmas at Aldi stores nationwide.

Walmart also recently unveiled its "inflation-free" Thanksgiving that serves 8 people for less than $7 per plate. It comes with 29 customer favorite holiday items, including turkey -- which comes out to just $0.88 per pound -- trimmings and dessert.

The holiday meal deal is available now, two weeks sooner than last year, through December 25 and can be purchased in-store or online for pick-up or delivery, as early as 6 a.m.

To add to the holiday cheer, customers can now choose to donate the equivalent of a Thanksgiving meal to their local Salvation Army unit online.

Before you pre-order any bird, be sure to keep an eye out for other promotions such as spending at one retailer to get a free frozen turkey, or discounts from direct-to-consumer sites like ButcherBox or Williams Sonoma.