EP 264| AIRED 12/14/2015

Gulf of Maine Shrimp. Groundfish Quotas, 8-16 cod fillets from Atlantic Ocean 2016

December 14th, 2015 - Welcome to The Tradex Foods"3-Minute Market Insight" This is Robert Reierson and here is the seafood news for Monday December 14th, 2015.

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--- --- This is Robert Reierson and here is the seafood news for Monday December 14th, 2015. --- The European Commission's Report on the EU Fish Market was released last week, revealing emerging trends in the seafood markets with implications for next year. Seafood expenditures in households across the continent increased by 1 percent, a record breaking increase for a population of 742 million. Salmon consumption in particular is higher, in-line with a vast influx in fresh salmon imports from Norway. The EU is a net importer of fishery and seafood products, with groundfish representing 20 percent of all imports. China is the main processing country for Cod and Pollock to the E.U. Current pricing at European Main Ports for IQF Pacific Cod Loins is $2.86 / LB; fillets are at $2.43 / LB Pollock fillets are around the $1.25 mark, and Chinese suppliers are concerned that Haddock could continue dropping to this level. Overall, finished products to the EU have been going down because of the weakened market. Some Chinese processing plants have even begun to sell below cost, to maintain their European customers. A better pricing picture will be known in January and February, but we do see the market on Pollock tightening with an anticipated stronger raw material price. ---Our TradexLIVE offer of the week is for 5-7oz and 7-9oz IQF Pangasius (Swai) Fillets. These are #1 Quality, Single Frozen, Vietnamese production and are available for $1.35/ LB FOB Dallas Texas. Click or Tap the Icon above to view this offer. --- East Coast Groundfish stocks continue to disappoint in the Gulf of Maine, but there is hope for the Haddock fishery. In preliminary results from the New England Fishery Management Council's December meeting, the George's Bank Cod quota is projected to decrease by nearly 50 percent from 2015. Cod quotas dropped by more than 75 percent last year, but could increase slightly in the Gulf of Maine in 2016. Haddock biomass has picked back up and quotas will increase in 2016 by almost double. A Canadian fishing firm has re-fitted one of it's shrimp boats to prepare for the surge, but fishery managers are still hesitant on the future of these stocks. We spoke to a fishery representative from the Management Council, who explained that Cod stocks are still at a historic low, despite the minimal quota increase this year. So what does this mean for buyers? Expect an influx of Haddock into the market next year, mainly in fresh. IQF 4-6oz Fillets from Canadian East Coast production are sitting just below the $3.00 mark. The George's Bank Haddock fishery is primarily destined for fresh so we do not expect frozen Haddock prices to change. However, with the twice-frozen market on Haddock dropping, we could see the market flooded with inexpensive finished goods. ----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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