EP 341 | AIRED 06/26/2017
Russian Pollock Pricing On The Rise; Here Is Our Crystal Ball Outlook
June 26, 2017 - Welcome to The Tradex Foods
"3-Minute Market Insight"
This is Kyla Ganton and here is the seafood news for the week of June 26, 2017.
--- Russian Pollock pricing is starting to increase amidst strong demand following several months of great fillet pricing.
The fishery is inactive at the moment; however, opportunity buys in January and February has left large inventories in China and Russia.
Last year this time, Russian Pollock pricing was around $1,080 to $1,100 but raw materials dipped down to between $950 and $980 during the Spring this year.
Just last week Russian Pollock raw materials jumped $100 per metric tonne from $920 to $1,020 CNF China.
This is unlikely to have a strong effect on the North American market, but we have seen several Chinese vendors take advantage of the recent demand spike as production begins to fill before Chinese New Year.
Historically, domestic pricing on twice frozen Russian Pollock fillets has been relatively steady.
Last fall, twice frozen Pollock fillets were at $1.25 per pound in Boston, dropping to $1.20 in the Spring, and back up to around $1.24 per pound just last week.
--- In the twice frozen market, Russian raw materials make up the majority of production, with Alaskan Pollock raw materials comprising only 10 percent or less.
Most Chinese processing plants purchase Alaskan fish to process larger sized loins.
However, this year's dismal Pollock fishery in Alaska produced small sized fish that were not suitable for most loin production and produced mainly 2-4oz fillets.
For comparison, Alaskan Pollock raw materials are around $1,200 - $1,350 per metric tonne CNF China, but again, sizing is not suitable for most of the current demand.
--- Our crystal ball outlook for Pollock pricing is perhaps another $75 increase on Russian raw materials by Chinese New Year, but steady fillet pricing through until November and December, given the strong raw material inventories abroad.
--- To wrap things up, our TradexLIVE offer of the week is for IQF Sinbad Pollock Fillets.
We have a National special on 2-4oz and 4-6oz fillets, packed 4x10lbs in our premium Sinbad brand spec.
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 Kyla Ganton - “BUY SMART” and “EAT MORE SEAFOOD"
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