Newfoundland Keeps its Lobster Price Formula for Another Year, in Victory for Harvesters
SEAFOODNEWS.COM by John Sackton April 19, 2018
The Provincial Price Panel in Newfoundland has elected to keep the lobster price formula in place. This was the outcome supported by the harvesters, represented by the FFAW.
For the past seven years, lobster prices in Newfoundland have been adjusted based on a formula for live lobsters derived from the Urner Barry market quotations.
Processors have argued that this puts them at a disadvantage, as it results in lower margins for Newfoundland processors than achieved elsewhere.
This year, the processors association, represented by SPONL proposed replacing the system with one that relied on actual price data from a group of processors. They argued that if this had been in place payments would have been as much as $1.00 less to harvesters.
The panel, and both the processors and the union, agreed that some changes may be warranted
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