Lobster Meat Prices at Record Highs with Seasonal Demand in Full Swing for Limited Supplies
Lobster meat prices have reached record levels this summer according to Urner Barry prices. Traders are reporting good seasonal demand for claw and knuckle meat, but supplies are more limited this year compared to past seasons. Both live lobster and lobster meat inventories have been wracked this year from fishing delays to the Canadian seasons in PEI and New Brunswick, along with labor shortages among some Canadian processors. Meanwhile, the industry continues to hold out for Gulf of Maine lobsters to plug supplies, which should happen once waters warm up enough for the fishery to really get going.
Shrimp prices in China are falling with inventories reportedly well-supplied. Producers say disease-related production issues in the Southern part of the country have mostly been alleviated and harvests have rebounded. Reports are indicating that farmers are starting to hold off harvesting shrimp from the ponds in hopes of getting higher prices.
In other news the government in the Indian state of Odisha has signed an agreement with global aquaculture and genetic improvement organization Worldfish to double the region’s fish production in the next five years through tilapia farming. The project will initially seek to boost Odisha’s fish production by 20 percent in the next year.
Meanwhile, Whole Foods’ co-CEOs John Mackey and Walter Robb admitted the grocer was overcharging its customers at its stores in New York City. The two executives issued an apology in a video and said the issues was an accident and that if it ever happened again Whole Foods would reimburse shoppers with free food. "Straight up, we made some mistakes," said Robb, framed by containers of sliced strawberries, kiwis and pineapples. "We want to own that and tell you what we're doing about it,” Robb said in the video.
Finally, Russia has passed a law to limit fishery quota transfers to companies that do not own their fleet. Russian officials said the decision is part of a plan to consolidate its fishing industry and eliminate smaller companies, many of which are thought to be involved in illegal poaching.
We will be closed tomorrow July 3 in observance of the July Fourth holiday. We’ll return to our normal publishing schedule on Monday July 6. On behalf of John, Peggy, Ken, Linda and the rest of our team we wish all of our readers a safe and happy Fourth of July.
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