May 14, 2018 - In this week's episode we take a look at rising Atlantic Cod markets.
Before the Brussels Seafood Show, which ran from April 23rd to 25th, Atlantic Cod raw materials were around $4,200 per metric tonne CFR China. We have now heard that....
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headed and gutted Atlantic Cod is around $4,500 per metric tonne.
Several Norwegian boats speculated that less than 20 percent of the quota remained in Norway so they feel Atlantic Cod will be very strong for the remainder of the year.
The Norwegians split this quota with Russia about 45 percent to 55 percent, respectively.
--- For finished goods, we can see this reflected in twice frozen loin pricing over the past several months.
This market has been rising since last August, when loins were around $3.60/lb on the East Coast.
Price quotes show Atlantic Cod loins now at $3.95/lb just last week.
Although the quota has decreased, supply appears to be good with steady production on all major loin sizes from 3oz to 8oz.
A few years ago Atlantic Cod was landing quite large, producing limited small-sized loins, but that does not appear to be the case this year.
Buyers are advised to take an early position on summer and fall inventory as we believe this market will break $4.00 by September.
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