As predicted, we are starting to see an increase in the pricing of domestic scallops. Daily auction reports show that less and less mid-sized scallops (10/20) are being caught.
As we have mentioned in previous issues of this newsletter, quotas have been cut over 50% from prior years, and most of the boats have met their annual quota until the new season starts April 1st.
With the inflated prices of larger scallops (u/10 & u/10) over the past 24 months, more and more people have shifted their scallop usage to smaller sizes. That has put tremendous pressure on the resource, and now we are finding that there aren’t enough mid-size scallops to fill all the demand. The few 10/20’s being caught are sold at auction to the highest bidder.
What does that mean to you? We can expect 10/20 prices to rise steadily over the next few months to get us back to where we were in the winter of 2021. Experts in New Bedford are predicting U/10s to hit the $30/lb. mark, and 10/20s will get close to if not hit $20/lb. by Christmas time. Once the new season starts in the spring, prices will most likely decrease.
Make sure to reach out to your sales rep with any questions.