EP 423 | AIRED 02/04/2019
2019 Halibut Limit Increase, How Will This Affect The Market
**Corection Notice** - In the video, we reported a 2019 Halibut quota increase of 38%. The announcement from the Conference was the TCEY (which increased only 3.76%).
February 4, 2019 - The International Pacific Halibut Commission concluded the 95th annual meeting last Friday in Victoria BC.
At last year's annual meeting, stakeholders and scientists discussed quotas and bycatch with much contention, resulting in a stalemate without a quota...
The 2017 total allowable catch of 40.75 million pounds was adopted for a few months before reaching an agreement of 27.93 million pounds for the 2018 season.
A reduction of 38 percent year-to-year followed a "more restrictive" approach across all areas from both NOAA and the Department of Fisheries and Oceans in Canada across.
--- Inventory holdings are still quite high, several processors indicate holding product from even as far back as 2017 production.
Pricing trends have had no particular pattern this season, hovering between $11.00 and $12.00 per pound since August for single frozen 1-3 pound deep skinned halibut fletches.
--- This is considerably lower than the same time in 2017 when prices were between $14.75 and $15.25 per pound on the West Coast.
Pricing this year is still indicative of too much supply in the market, and with increased supply potential from a higher quota, the market will be difficult to predict.
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