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.

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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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