EP 280 | AIRED 04/18/2016

Seafood Market Trends Recap - Were we Accurate

April 18, 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 18th, 2016.

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--- Every week we discuss seafood market trends and project where we think pricing and supply is headed, so let's recap a few of our recent recommendations. --- Winter storms at the end of January indicated short supply of Tilapia after Chinese New Year, due to the species' susceptibility to temperature drops. We forecasted a 10 cent price increase by March on IVP Tilapia fillets, which was met and surpassed by recent quotes for April. 3-5oz fillets have climbed since December up to about $2.05 / LB in Seattle. This time last year we saw pricing drop steadily for 9 months after the market was saturated, which doesn't appear to be the case this year. As the 4th most consumed seafood in the U.S.A., domestic demand for Tilapia is still strong. --- At the beginning of the year it looked like Pacific Cod harvests would be slow and that small sized fish should be anticipated. Now that A Season fishing has ended in the Gulf of Alaska and the Bering Sea we have a clearer market picture. First of the season harvests were weaker but the Gulf of Alaska catch totals as of last week were 31,600 metric tonnes, up from 27,700 metric tonnes in 2015. Pricing in January was at a peak when fishing began and there was poor catch until the fish schooled up better in March. Seattle pricing for 16-32oz fillets range from $3.95 - $4.15 / lb if you can find truckload offers, and 32+ oz fillet offers are in the same range but volume buys are nonexistent. The next directed Cod fishery in the Gulf will open in September, but "B" season harvests typically amount to only 10 percent of the annual Alaskan fillet production, so we could see pricing creep up higher in the coming months as inventories clear. --- Of course, we can't be right every time. Chinese processing plants advised a 25 percent drop in Atlantic Cod raw materials pricing after Chinese New Year because of weak demand, especially in the European Union. However, raw materials to date this year still remain at the highest we have seen in a while. Finished goods are around $3.25 / LB in Boston on loins, with inventories high after a sluggish Lenten season. --- To wrap things up, our TradexLIVE offer of the week is for 16-32oz Single Frozen Pacific Cod Fillets. These are Shatterpacked, 3x15lb, trawl caught in the Gulf of Alaska and available in Seattle for $3.95/lb USD. 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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