EP 540 | AIRED 05/31/2021
Snow Crab Update: Book on Futures, and Book It Now
May 31st, 2021--- This week we provide a Snow Crab update as we pass the 2 month mark of the Canadian Fishery which is the World's Largest Snow Crab Producer - responsible for supplying up to 150 million lbs of Chionoecetes opilio every year.
--- The three major Canadian fisheries kicked off around the same time this year with the Gulf Fishery starting 3 weeks earlier and already has over 90 percent of the 24,000 tonnes Total Allowable Catch harvested.
The Newfoundland and Labrador fishery is the other large fishing area in Canada with about 64 percent of the 38,000 tonnes Total Allowable Catch already harvested.
In total, about 70 percent of the combined TAC of 71,000 tonnes has been harvested from the 3 fisheries translating to about 49.8 thousand tonnes (or 110 million lbs) of Snow Crab that has already made its way through the market.
Our sources have advised us that there will not be too many more Snow Crab offers coming from Canada.
As such, our recommendation is that if you need Crab, and you can find it, to keep buying it while also trying to book on futures as well.
As the Canadian fishery slowly winds down with about 20,000 tonnes left in the TAC, all eyes turn to the Russian Snow Crab fishery which is expected to produce up to 44.4 thousand tonnes (or 97.9 million lbs) this year.
We should expect to see some Russian Snow Crab offers coming in soon.
Inline with our recommendation earlier, if you need crab, book on futures, and book it now.
We have our foot in the door for the next availability of Russian supply, so we recommend that you get a hold of your Tradex Rep to secure your future supply now.
--- And lastly, the Alaskan Snow Crab fishery finished around mid-May with 44.6 million lbs harvested of the 45 million lbs TAC.
The new season does not start back up until later in the year in October.
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