Weakness in Ecuador 26-30 Count Shrimp in US Suggests Premium for Latin America Shrimp May Ease
Over the past year the price spread between 26-30 headless shell-on Latin American and Asian shrimp has grown to the highest on record, with the price differential now around $1.00. This has largely been driven by the lack of supply for Ecuador shrimp in the US market. However, buyers may now be reacting to this high premium, and there are signs it may decrease.
The Alaska Department of Fish and Game predicts next year’s Bristol Bay red salmon harvest will be 27.5 million fish, about ten million less than this year’s 37.3 million sockeye. The total run projected for 2017 in the Bay is 39.93 million sockeye in the nine river systems. That compares to the 2016 season of a 51.4 million fish return. The announcement describes the run as “virtually identical to the most recent 10-year average of Bristol Bay total runs and 27 percent greater than the long-term mean."
In other news, the Nova Scotia broker that took out an advertisement for foreign investors to buy lobster licenses in LFAs 33, 34 and 35 is denying involvement. The advertiser behind the classified was identified as Novi Marine Brokers in Yarmouth. But Tammy Ward, the director of operations at that company denied any knowledge of the advertisement. The Canadian fishers’ federation fears that foreign buyers will scoop up inshore lobster fishery licenses to ensure a steady supply of lobsters for their processing plants.
Meanwhile, Icewater President Alberto Wareham explains how quality is the only way Newfoundland can get value from cod as it comes back. Icewater is the only large producer of cod loins in Newfoundland. Wareham said it's better to get best practices in place now to create a global demand for Newfoundland and Labrador's fish. "You've got to have the top quality and the supply to compete in those markets but we are not there today," Wareham said.
Finally, Pope Francis spoke out in support of stiffer anti-IUU regulations across the global fishery sector. Pope Francis spoke on the topic as part of his message to the Pontifical Council for the Pastoral Care of Migrants and Itinerant People, in honor of World Fisheries Day, which is next week. Pope Francis applauded the expansion of the Port State Measures Agreement and of other efforts to combat IUU fishing practices, particularly measures to fight labor abuse. ”Human trafficking is a crime against humanity," said Pope Francis. "We must unite our efforts to free the victims and stop this increasingly aggressive crime which threatens not only individuals but the basic values of society and of international security and justice, to say nothing of the economy, and the fabric of the family and our coexistence."
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