EP 288 | AIRED 06/13/2016

Tight Argentine Hake Supply; Strong Summer Pricing Expected for Canadian Snow Crab

June 13, 2016 - Welcome to The Tradex Foods "3-Minute Market Insight This is Robert Reierson and here is the seafood news for the week of June 13th, 2016.

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--- Argentine Hake continues to come up short in the market, as buyers offer smaller sizes with precommitments selling weeks before containers even land in North America. Current harvests along the Argentine Coast are 108,000 metric tonnes, a minor increase of 9 percent over this time last year. We watched prices rise last summer, reaching and maintaining a peak price of between $1.90 to $2.00 / lb for a 4-6oz skinless shatterpack fillet. The Fishery is in an Improvement Project for eventual MSC certification, which will likely boost demand. --- The very first MSC certified Hake fishery was actually off the coast of South Africa, and just re-certified this year for the 3rd time. Annual South African harvests of 145,000 metric tonnes are mainly exported to France, Portugal, and most importantly Spain. The USA imported 920,000 lbs of frozen hake fillets from South Africa last year. --- Hake, or, Whiting is harvested domesically too, in a fishery split between Canadian and American allocations. The overall preliminary quota of 430,000 tonnes for 2016 includes a 13 percent increase over last year. According to Chris Grandin at the Department of Fisheries and Oceans, Canadian harvests are up 6,500 tonnes this year, over last. Biomass estimates show a projected increase of nearly 10 percent for the stocks in this fishery in the next two years. Pacific Whiting has had price stability for the past six months, with Ocean Run Block frozen HG&T Whiting around $0.65 / lb in Vancouver. All indicators point to healthy harvests this year with steady pricing ahead. --- Our TradexLIVE Offer of the week is for 8-10oz and 10-12oz Skinless Boneless Haddock Fillets. These are packed 1x10lbs in our premium quality Sinbad Brand. We have 3,000 lbs available of each size in Boston for $2.55/lb USD. Click or tap the icon above to view this offer. If you haven't been to the TradexLIVE Seafoood Offers Portal before, go check it out for the latest offers on Commodity, H&G, and Value Added Seafood Products, updating LIVE and in real-time. --- Over to Kyla now for an update on Snow Crab. --- Canadian Snow Crab prices have been on the rise since late April, reaching $6.35 last week in the Mid-Atlantic. Japanese demand has been strong on inventories from the Gulf of St Lawrence, pressuring the market upwards. The fishery in the Gulf had a late opening in April but current harvests show nearly 90 percent of the 26,000 tonne quota captured. A majority of the harvests come from Newfoundland and Labrador's zones, and our contact at the Department of Fisheries and Oceans informed us that 62 percent of the 46,000 tonne quota has been caught. Strong catches this early on could lead to an early closure in August instead of September. Buyers should prepare for strong pricing for the balance of the summer. 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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