EP 272 | AIRED 02/22/2016

Atlantic Cod Prices Rise AGAIN; Poor Mahi Mahi Fishing Keeps Prices Peaked

February 22, 2016 - Welcome to The Tradex Foods "3-Minute Market Insight This is Kyla Ganton and here is the seafood news for the week of February 22nd, 2016.

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--- Well, this just in - Atlantic Cod prices are rising AGAIN. Our Chinese processors are at the docks right now in Norway, disclosing that poor fishing will increase raw materials by about 6 percent after Chinese New Year. We thought Atlantic Cod pricing had already plateaued, with current offers in Boston around $3.70 / lb. However, with this news, expect Atlantic Cod finished goods to spike between 5 and 10 cents. With Atlantic Cod at a ceiling, will customers switch to Haddock for a value priced whitefish? If we take a look at historical pricing of Atlantic Cod versus Haddock, it's just a matter of time before Atlantic prices itself out of the market. Haddock loins in Boston can be as low as $2.80 /lb after raw materials dropped by 44 percent year-to-year. Our recommendation for buyers would be to take advantage of economy priced Haddock options, before market demand strengthens pricing. --- To keep in theme, Our TradexLIVE offer of the week is for SINBAD brand IQF 6oz Haddock Loins. These are #1 quality, twice frozen, Boneless, Skinless, and Wild Caught in the Barents Sea. We have 1,500 pounds available in Boston for only $2.75 / LB. Click or tap the icon above to view this offer. --- El Nino continues to be a buzz word in 2016, as warm water temperatures keep Mahi Mahi far from South American coasts. The top 3 exporters to the USA for this subtropical species are Taiwan, Ecuador, and Peru. Imports from Peru alone last year rose by 44 percent to 16.3 million pounds of frozen fillets. This year, however, fishing has been the worst in 10 years, at about 30 percent capacity. Raw materials continue to be short, especially in Peru, pressuring the finished market for both fillets and portions. We spoke to a major East Coast Processor of Mahi Mahi this week, giving insight onto where market pricing is headed. Mahi Mahi fillets in Boston are currently in the low $3s, while Portions are creeping into the high $5s and low 6 dollar range. Climbing docks prices, which have more than doubled in a year, limited inventories in Peru, and increased global consumption all suggest pricing to strengthen even further. Processors are hopeful for more production out of Taiwan, where fishing will begin in Early April. The Peruvian Mahi Mahi fishery has a Fishery Improvement Project in place in hopes of closing the gaps between the MSC Standard and eventual certification. Stay tuned for future updates on this fishery. ----Thank you for joining us for the Tradex Foods "3-Minute Market Insight" This is Kyla Ganton - “BUY SMART” and “EAT MORE SEAFOOD

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