EP 279 | AIRED 04/11/2016

Where's the Halibut Market Headed This Year; Price Talks Delay Shrimp Fishery Again

April 11, 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 11th, 2016.

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--- After three weeks of Pacific Halibut fishing, it's a bit clearer where the market could be headed this year. As of April 7th, Fishermen have harvested 1.71 million pounds of Halibut, after a meager opening week and two consecutive weeks of landings nearly 700,000 lbs each. Looking year-to-year, 2015 landings for the opening weeks are on par with this year's harvests. The first 600,000 lbs harvested typically plug up the Fresh market before we see frozen offers. However, we have already seen 2016 frozen offers, which COULD be a great indicator that not only has Halibut pricing peaked, but perhaps its being removed from menus. At $13.40 / lb for a twice frozen 4oz IQF Halibut Portion in Seattle, the price variance between a twice frozen cod loin at $3.00 / LB is tough to justify. In saying that, we have seen two consecutive years of landings over 20 million pounds in the Pacific Halibut fishery, so the market for premium whitefish is still strong. While fish and chippers may opt for inexpensive Cod options, consumer preferences for high quality centre-of-the-plate Halibut have not changed. --- Our TradexLIVE offer of the week is for 250-350 count IQF Shrimp meat. This is our signature Sinbad Platinum brand, packed 4x5lbs and available in Seattle for $5.05 / LB. Click or tap the icon above to view this offer. --- Speaking of Shrimp let's go to Kyla now for a brief update on the West Coast fishery. --- Yet again, the Pacific Pink Shrimp fishery - Pandalus Jordani - has had a delayed opening due to price negotiations. Prices rose throughout the off-season to as high as $5.45 / LB for Cooked and Peeled 250-350ct shrimpmeat as supplies became limited, so boats are pushing for high prices to start the season off. The fishing delay is actually a blessing in disguise for many West coast Processors, as a lot of the shrimp is heavy with roe at the moment, making it difficult for mechanical peelers to process. There has been buzz that the El Nino conditions throughout the past year could hinder the development of age-1 harvestable shrimp this season. However, a recent report by NOAA shows favourable La Nina conditions for late Spring and early Summer, bringing back cooler water temperatures and "normal" fishing patterns. Back to you, Rob. ----Thank you for joining us for the Tradex Foods "3-Minute Market Insight" This is Robert Reierson - “BUY SMART” and “EAT MORE SEAFOOD

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