EP 275 | AIRED 03/14/2016

Sluggish Pacific Cod Harvests Strengthen Fillet Pricing

March 14, 2016 - Welcome to The Tradex Foods "3-Minute Market Insight This is Kyla Ganton and here is the seafood news for the week of March 14th, 2016.

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--- Pacific Cod from the Gulf of Alaska is coming up SHORT as first-of-the-season harvests are sluggish. After nearly 9 consecutive weeks of slower fishing than last season, harvests through to March are 20,300 metric tonnes. Looking year-to-year, that's about 26 percent less than this time in 2015. Single frozen boneless, skinless shatterpack 16-32oz Pacific cod fillets have been on the rise for several months, with prices in the low $4s right now. Comparitavely, for Frozen at Sea Russian Shatterpack Pacific Cod fillets, the market is closer to $4.25 / lb, up about 40 cents from this time last year. On the East Coast, Long Line Pacific Cod from the Bering Sea inventories are building during slower movement. We have heard of prices dropping to clear excess product, with H&G pricing in the mid to high $1 range. However, the National Marine Fisheries Service closed the trawl fishery for A Season Pacific Cod in the Bering Sea on March 9th, so we foresee this tightening the market moving forward. --- Keeping in theme, Our TradexLIVE offer of the week is for 8-16oz Shatterpack Pacific Cod Fillets. These are #1 Quality 2016 production, Single Frozen, and wild trawl caught in Alaska. We have 40,000 lbs in Seattle available at $3.60/lb USD. Click or tap the icon above to view this offer. --- In the twice frozen market, we are seeing Pacific Cod prices trend upwards as supply tightens. Just three months ago Frozen at Sea raw materials were around $3100 per metric tonne, and now have jumped by $100, which would be about a 5 cent increase to the finished product. Twice frozen shatterpacked Pacific cod fillets are around $2.50 / lb in Boston, while loins are around the $2.75 mark. When Pacific Cod has climbed like this in the past, we've seen North American buyers switch to Atlantic Cod. However, with sky-high pricing for it's Atlantic counterpart, we believe Pacific Cod buyers in general will seek Haddock options instead. ----Thank you for joining me for the Tradex Foods "3-Minute Market Insight" This is Kyla Ganton - “BUY SMART” and “EAT MORE SEAFOOD

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