Seafood Market Update 7 – 13

Author: Marvale Jones

Date: July 13, 2017

 

LOBSTER TAILS
Canadian season is wrapping up. The market has inventory of mainly small tails: 4 Oz. and 5 – 6 Oz. The popular mid-size and premium tails are extremely limited: 6 – 7 Oz., and up. Market is high. Asia is buying all big Lobsters fully cooked, which left little production for the open tail market. Market is riding on the outcome of the Maine season.

Maine season will be opening up in the next few days. This will tell us what the holiday inventory and cost will look like across the market. Next fishing is late fall in Canada.

SNOW CRAB
Canadian season is done. Sizing is running smaller. Abundant catch in 5 – 8, and 8 Up. Pricing is firm and will remain at elevated levels of the past 18 months. Large clusters 10 Up. and 12 Up. will be non-existent. Costing will reflect this. Market is still pretty volatile overall.

KING CRAB
Red King Crab Russian/Alaskan. Pricing is softening, as demand has come to a halt. The market was so high, it cut off all demand. Expect a correction to find the spot where inventory will move, but cost is still elevated. The value is in the golden kings. Great eating Crab, lots of inventory, and the cost is less than even Santolla. This is highly promotable for holiday.

GOLDEN
King Crab value can be found in Golden. Santolla pricing has surged to put it higher than Golden. Market pricing is allowing Retailers to promote a large Golden King, and Red King Pricing from 2 years ago.

COD
Pacific Cod keeps going up. Expect to see replacement costs in September rise. Levels are almost that of Atlantic, market will stop when they become equal.

SCALLOPS
We have committed to our yearly Scallop buy. Inventory and costs will be unchanged. Scallop catch is sizing in the 20 – 30 range, dry, with abundant supplies. Large Scallops U 15 and up, are maintaining inventories, and therefore are not seeing costing relief. We chose to mix out at a U 16 – 17, this means there are 16 – 17 Scallops per pound, as opposed to 15. This allowed us to make the buy, and guarantee inventory.

SHRIMP
Large sizes are going up, but demand tends to drop off this time of year. We are seeing a big shift in grilling Shrimp, and excellent results in the Argentine Pink Shrimp, this Shrimp is a perfect value equation for retail: large size Shrimp, affordable price, user friendly and WILD CAUGHT.

We wrapped up the holiday buy for 2017. Seeing growth in the larger sizes of Shrimp during the holidays and continuing through the summer months.  We have forecasted a nearly 20% increase in sales movement TY/LY.

SHRIMP RINGS
We have just made our Shrimp ring buy. Rubicon will be our supplier again this year. Great price point item for holiday promotions all season long.

FROZEN ATLANTIC SALMON
Costing remains extremely elevated. Waiting to hear from the market what 3rd and 4th quarter will look like.

MAHI
Market inventory is extremely tight. Inventory is leaving suppliers as quickly as it is coming in. Costing is still extremely high.

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