EP 337 | AIRED 05/29/2017

Pacific Cod Prices Skyrocketing Closing In On Atlantic Cod Pricing

May 29, 2017 - Welcome to The Tradex Foods "3-Minute Market Insight" This is Robert Reierson and here is the seafood news for the week of May 29th, 2017.

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--- Poor Pacific Cod harvests pressure single frozen fillet availabilty, as strong raw materials approach price points comparable to their Atlantic counterpart. 2016 ended with major Cod suppliers depleted of Cod fillet inventories since mid-October and so far the 2017 fishery has been an unusual year for Alaskan Cod. Initial "A" season offloads in January indicated an optomistic outlook, but by March fishermen began to focus on Pollock instead after adverse weather conditions. The fishery is still open for Pacific Cod but is acting as more of a "by-catch" fishery than a targeted one. Prices increased with larger sizes of Pacific Cod shatterpack fillets to around $4.25 for 32 ups and $4.10 for 16-32s. Smaller sizes are still sparse, it's nearly impossible to find 4-8oz fillets in the market. If the "B" season is a bust then inventories will be short in all sizes by the Fall. --- In the twice frozen market, Pacific Cod prices have been strengthening since last December as a result of raw material shortages. All throughout 2016 twice frozen loin pricing on the West Coast held steady at $2.75 per pound until Chinese New Year when we saw loin pricing rise to around $2.90 per pound. Fishing has been poor in both the Russian and Alaskan fishery, as mentioned, so current pricing is around $3.05 per pound. Many vendors are booking up production through until next February, and are asking for a further 5 to 10 cents on finished goods as demand continues to strengthen. This would put the twice frozen market on Pacific Cod at $3.15 per pound, incredibly strong pricing if you compare to Atlantic Cod Loins at $3.22 on the West coast. We are not seeing any inconsistencies in sizing, but inventories are booking several months in advance, so buyers should take a look at their requirements for the summer and begin making purchase decisions now, especially if prices do rise another ten cents by September. --- To wrap things up, our TradexLIVE offer of the week is for 8-16oz IQF Sinbad Platinum Alaska Cod Fillets. We have a Full truckload available in Seattle for $3.89 /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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