EP 4 | AIRED 10/25/2010
Coho Salmon, Barents Sea Haddock
October 25, 2010 - Hello and Welcome - My name is Robert Reierson - President & CEO of Tradex Foods.
Thank you for joining us for the fourth edition of The Tradex Foods "3-Minute Market Insight"
- The Monday morning “pulse report” for seafood purchasers.
In the news this week …
The Alaskan Coho Salmon season will be coming to a close at the end of October.
The 2010 forecast is 4.35 million fish – and - as of September 17th - 3.2 million or 74 percent had been caught.
In comparison to recent years - these figures are on par.
Despite a steady supply coming from Alaska - all indications are that Coho will remain fairly expensive throughout the remainder of 2010.
High prices can be attributed to a reduced Chilean Atlantic Salmon supply that is putting upward pressure on prices for alternative products - including Coho Salmon.
In addition - retail chains and multi-unit restaurant chains are substituting more expensive Salmon species for Coho.
In other news…
The 2011 Barents Sea Haddock quota has been increased by 25 percent – making it 303,000 metric tons.
In previous years - Norway’s Haddock catch has been within quota – with 80 percent of the quota being landed in 2009 and 95 percent of the quota being landed in 2008.
Regulated catch in Russia has also been within the quota – however unregulated catch in this country sometimes leads to surplus landings.
Fortunately - Russia is making significant steps forward in their efforts to eliminate unregulated fishing.
In summary - the increased quota is reflective of healthy stocks and should result in substantial increased supply to the market.
You can expect a portion of this increased supply to be absorbed by processors in China.
On average - Chinese processors import about one third of Norwegian Haddock and one-quarter of Russian Haddock – these proportions have been rising steadily over the last few years.
In previous years - increased quotas for Barents Sea Haddock have led to decreased prices.
We anticipate the same effect on prices this year.
Thank you for joining me for The Tradex Foods "3-Minute Market Insight"
This is Robert Reierson - “BUY SMART” and “EAT MORE SEAFOOD”
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