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Thank you for joining us for The Tradex Foods - "3-Minute Market Insight"
The Monday morning “pulse report” for seafood purchasers.
I am pleased to be reporting to you live from China today.
SOME FAST FACTS FOR THIS WEEK: Pacific Ocean Perch prices are up $1.00 per
pound. Low supply is creating bidding wars on raw
material – which is going for $4,000 to $4,500 per metric ton.
In the news this week – Salmon is on my radar.
The much anticipated Copper River Salmon season opened last Monday – and landings for the
first week were strong for this early in the season.
Typically - market prices sag when new areas open and supply becomes available – but
not this year. Prices for fresh Sockeye were about $4.00
last week – about 5 percent higher than last year.
Moving forward - demand is expected to remain steady – or even increase – across all
Salmon species. In fact – demand is so strong that big players
are emphasizing the importance of making early commitments.
Those that wait or spend too much time responding to offers will not get any fish.
Furthermore - the longer you wait - the more likely it is that prices will keep on rising.
Currently - projections are that prices for all Salmon species will be 10 to 40 cents
more per pound than last year. In other news – I’m seeing some unexpected
“sag” on Atlantic Snow Crab Pricing. Improved weather conditions and eager Canadian
fishermen have brought Atlantic Snow Crab production to a high.
Increased supply is combined with weakening demand. Japan is a major buyer of Atlantic Snow Crab
and despite the tsunami and nuclear disaster - demand was expected to remain steady.
Instead, Japanese demand has leveled out and there have been reports of cancelled orders.
Increased production combined with reduced demand has caused prices to sag.
Clusters are going for between $5.80 and $6.25 – down 30 cents from a month ago.
Many buyers are on the fence right now – expectations are that prices could come down even further
and people are waiting to see before making any purchases.
And finally - Tilapia cultivation seems to be having problems again this year.
The farms have been affected by more disease than normal this year – leading to more
fish die-off and reduced supply. Furthermore - poor weather conditions have
created delays for farmers. Normally – farmers start stocking ponds
in April and early May. This year - they are just starting now – and
some may not be finished until early June. Essentially – this will push back harvesting
from late July and August into September and may also reduce fish sizes considerably.
Thank you for joining me for The Tradex Foods - "3-Minute Market Insight" from China. GO
CANUCKS GO!!! This is Robert Reierson - “BUY SMART”
and “EAT MORE SEAFOOD”