EP 338 | AIRED 06/05/2017

Where’s the Pink Salmon Market Headed

June 5, 2017 - Welcome to The Tradex Foods "3-Minute Market Insight" This is Robert Reierson and here is the seafood news for the week of Jun 5th, 2017.

Subscribe to our 3-Minute Market Insight

--- As the Pink Salmon commercial fishing seasons rapidly approach in Russia and Alaska, it's time to predict where the market is headed this year. Russian Fishing News recently reported that in 2016 Russia became the world’s largest producer of salmon, producing 53 percent of the global salmon production. A large factor was last year’s bumper crop of Pink Salmon in Russian waters, compared to the dismal year in Alaska. Pink salmon is typically stronger on odd-numbered years, which is why the Russian Pink salmon harvest of 245 thousand metric tonnes came as a surprise last year. Of the 113 million salmon harvested in Alaska in 2016, only 39 million were Pink Salmon, about 51 million less than forecasted by the Alaska Department of Fish and Game. The ADFG are projecting 204 million salmon to return to Alaska this year, with strong estimates for Pink Salmon of around 142 million fish. 2015 was the last bumper crop year in Alaska, with 191 million pink salmon returning, making up about 70 percent of the total salmon state forecast. It's no surprise that there have been limited offers on Pinks in the past few months, 2016 Headed and Gutted product from Alaska is currently around $1.67 per pound for 3 lb ups. We think there is room for the headed and gutted Pink Salmon market to soften this year, likely to the range of $1.00 to $1.20 per pound. --- In the twice frozen market, raw materials have held steady since last year, around $2,900 per metric tonne for Russian product, but we do expect this number to soften by August, when fishing efforts resumed in Russia in July will begin to reach cold storages. 2015 was the last bumper crop year, and Russian raw materials hovered between $2400 and $2500 per metric tonne. Compare this to Alaskan raw materials, which several Chinese processing plants quoted to be between $3100 and $3300 per metric tonne, depending on the catch area in Alaska. It’s too soon to make concrete predictions for new season pricing, but we do expect to see a drop in Pink salmon pricing by September, likely by 10 to 15 cents per pound. --- To wrap things up, our TradexLIVE offer of the week is for 7oz IQF Sinbad Atlantic Cod Loins. These are #1 Quality, 2016 product of China and sharply priced at $3.25 /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"

If you have a topic you'd like to hear on upcoming 3-Minute Market Insights, tweet us on Twitter @TradexFoods

Subscribe to our 3-Minute Market Insight