EP 270 | AIRED 02/08/2016
February 8, 2016 - Welcome to The Tradex Foods "3-Minute Market Insight This is Rob Reierson and here is the seafood news for the week of February 8th, 2016.
--- As Sockeye Inventories begin to dwindle, lesser quality products have begun to surface. After several months of strong movement, we have seen a lot of lower quality #1 Headed and Gutted Sockeye Salmon left over in the market. #1s are unbruised, firm meat texture, and with no scarring - however, lower quality #1s typically have not-as-bright meat colour, with meat texture ranging from slightly soft to soft. #2 quality H&G is a good opportunity for processors who will portion to avoid bruising. Current pricing on #2 H&G sockeye can range between $2.80 and $3.15 / LB. If you CAN find high quality #1s, expect to see STRONG pricing. 4-6lb H&G #1 quality Sockeye was in the mid-low $3 range during the fall months, and began dropping last month. With limited inventories left, prices have SPIKED, surpassing $3.50 / LB in Seattle. There are few alternatives to Sockeye, but some believe that Farmed Salmon will fill the gap. Chilean farmed salmon fillets have jumped 20 cents in a week on Trim D fillets in Miami - the 7 percent increase COULD be attributed to higher demand while the market seeks Sockeye. Buyers should be wary of sockeye offers right now - Don't be fooled by value pricing, as you are likely buying inferior quality. ---Our TradexLIVE offer of the week is for our Premium Quality Sockeye Salmon Fillets. These are 1-3lb, Sinbad Platinum Brand, packed 1x25 and in Seattle for $5.50 / LB. Mention this Ad to your Sales Rep to receive 20 cents off per pound on orders OVER 5,000 lbs. Click or tap the icon above to view this offer. --- And finally, over to Kyla now for an Alaskan Fishery Update. --- Fishery managers met last week in Portland Oregon to discuss problems facing the Gulf of Alaska Trawl fishery. The Trawl fishery will transition to an Individual Fishing Quota Program, in hopes that the co-ops will end the "race for fish" at the beginning of every season. This race no longer exists in most of the other Alaskan fisheries - selective fishing times should create safer working conditions and maybe stabilize the market too. --- Speaking of Alaska groundfish... We see possible shortages in Alaskan Cod, and Chinese processors could source more expensive raw materials from Russia. Twice-frozen IQF Pacific Cod Loins are currently between $2.90 and $3.00 / lb in Los Angeles. If Alaskan raw materials do come up short, Buyers should preapre for twice-frozen Pacific Cod Loins pricing to push up between 5 and 10 cents per pound in March. Back to you Rob. ----Thank you for joining me for the Tradex Foods "3-Minute Market Insight" This is Rob Reierson - “BUY SMART” and “EAT MORE SEAFOOD
If you have a topic you'd like to hear on upcoming 3-Minute Market Insights, tweet us on Twitter @TradexFoods