Snow crab prices likely higher than Japanese expect, say Newfoundland processors
SEAFOOD.COM NEWS April 7, 2014
With the snow crab season opening in Newfoundland today, Newfoundland processors expect it will be a few weeks before Japanese contract prices are settled, and they also feel they will be above the price ideas recently floated from Japan.
Speaking after a meeting of the Association of Seafood Producers, one packer said there was a general agreement that the market will support a higher price than last year. Most also expect the Japanese will purchase 10,000 tons from Newfoundland, based on a global shortage of snow crab and lack of alternatives.
Japanese traders were saying that due to the currency rates, Canadian packers could afford to pay more for snow crab, and not change their US price.
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