ANALYSIS: Shrimp Demand Normalizes as Inventories Tighten
Through October 2024, U.S. shrimp market dynamics reflect significant structural adjustments affecting supply and demand fundamentals. Total imports reached 164.7 million pounds, down 2.2% year-over-year, with year-to-date volumes contracting 4.2% to 1.376 billion pounds. November imports are projected at 162.6 million pounds, suggesting a 4.3% year-over-year increase. While this forecast might appear optimistic, the counterbalancing effect of October's decline could support some volume recovery, particularly given typical seasonal strengthening during this period. The October volume decline has been accompanied by strengthening replacement values, which advanced to...
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