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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.
------SOME FAST FACTS TO START THIS WEEK: -Canada’s East Coast Haddock fishery got
off a slow start this year. -This fishery only provides a small proportion
of global supply so low catch rates have not had a big influence on the market – especially
because Norwegian and Russian Haddock quota is up 25 percent over last year.
-Prices for Russia *** raw material rose 11 percent in the last couple weeks - why
prices are rising is unclear – but I am hearing that the Chinese may have found a
new market for finished *** products. -And, seven pound and up H&G Black Cod prices
are breaking $11 – which is extremely high in comparison to historical averages.
------In news this week, -Chinese processors are starting to resist
record high asking prices for North American Halibut, Cod, *** and Salmon.
-In fact, I’ve heard that a lot of Chinese processors are considering sourcing a higher
proportion of Russia raw material. -Russia has improved its quality control monitoring
practices thereby satisfying more processor purchasing standards.
------And now for an update on Salmon – -Everyone has heard that the Bristol Bay Sockeye
fishery has had a disappointing year and that the Fraser River run is expected to be only
seven million – much smaller than last year’s record high of 34 million.
-But maybe you haven’t heard about the strong run at Cook Inlet in the Gulf of Alaska.
-More than 2 million Sockeye are expected here and the industry is unprepared – I
am hearing reports on ice shortages and insufficient production capacities – so make sure you
are double-checking the quality. -Meanwhile, Southeast Alaska Pinks are coming
in strong and steady – landings in the region are nine times greater than they were at the
same time last year. -With all the talk about Pacific Salmon, its
important not forget the market implications of its’ Atlantic counterpart.
-Atlantic Salmon prices have plummeted – prices for 1-3 pound frozen C-Trim fillets recently
dropped below $4.00 per pound. -Essentially, the recovery of Chilean Salmon
forced Norwegian producers to increase slaughtering and dump product at low prices.
-These prices may eventually lead to buyers to substitute more expensive wild Pacific
Salmon with Atlantic product. ------Thank you for joining me for The Tradex
Foods - "3-Minute Market Insight" This is Robert Reierson - BUY SMART and EAT
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