EP 278 | AIRED 04/04/2016

Argentine Red Shrimp at Rock Bottom Pricing During Strong Harvests

April 4, 2016 - Welcome to The Tradex Foods "3-Minute Market Insight This is Robert Reierson and here is the seafood news for the week of April 4th, 2016.

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--- Argentinian Red Shrimp is all the craze these days as restaurants add the sweet, flavourful, lobster-like prawn to their Spring Menus. It is an exciting time for the fishery as leading companies in the off-shore fleet recently began participatiion in a Fishery Improvement Project for eventual MSC Certification. 70 to 80 percent of the fishery is landed with the off-shore fleet, producing frozen-at-sea product for value-added production later on. These vessels produce a superior quality product, so expect to see higher quality and subsequently higher prices once product hits freezers in May and June. In the lull between seasons, Day Boats venture out on shorter trips and the product often sits for a full day on a bed of ice before further production on shore. According to the Argentinian Ministry of Agribusiness, landings of Patagonian Shrimp in 2015 totaled 141,000 metric tonnes, up 10.5 percent from 2014. Harvests this year so far are already up 27 percent from last year, even before the Factory Vessels hit the water next month. Overall Global production of shrimp, both wild and through acquaculture, has steadily risen in the last ten years and still claims the top spot as the most consumed seafood in the United States. After Canada, the second largest exporter of coldwater shrimp to the U.S.A. is Argentina, with exports from the country rising 2 percent last year. It's clear that this is a product that's piquing everyone's interest, especially with the rock bottom prices we are seeing right now. Current pricing for 21-25count Headless, Shell-On red shrimp is $4.20 / LB in Miami, down from $4.45 / LB in November last year. For P&D shrimp, Tail on and off red shrimp can be found for $5.55 / LB and $5.45 / LB respectively. This is about a 10 percent drop in the last six months and we do expect pricing to stay low while the harvests are strong leading up to the Frozen-at-Sea production. --- Finally, our TradexLIVE offer of the week is for Sinbad Brand Haddock Loins. These are #1 quality, twice frozen from wild caught raw materials and are available in sizes ranging from 3oz to 6oz. We have 11,000 lbs in Boston available for $2.60/LB. Click or tap the icon above to view this offer. ----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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