If you’ve been keeping an eye on the fresh Venezuelan jumbo lump market lately, you might feel like you’re on a rollercoaster ride. The price has been fluctuating wildly over the past few months, making it hard to keep up. But what’s causing this crazy up-and-down?
Fresh seafood commodities, like Venz meat, are classic examples of goods whose prices are dictated solely by supply and demand, and boy, have we seen some demand lately! But when prices jump dramatically like they did in January, our customers quickly respond by decreasing their usage of that item.
Thankfully, there’s some good news for those who have been holding off on indulging in fresh Venz jumbo lump due to the high prices. This week, the price has dropped by a whopping 17% – that’s $5/lb – and is now selling at a much more reasonable $24.95. Catches in the Lake have been increasing as expected, with blue crab landings in Lake Maracaibo typically peaking in May. So, we do expect further price declines.
However, there is a wild card that could affect the market: the Venezuelan government. Last fall, they unexpectedly closed the fishery for three weeks due to low shore prices for crabs, causing chaos in the industry. It was the first time the government had ever intervened in this way, and it has left many wondering if they will do it again. If so, this could impact the prices of Venezuelan lump, which are also falling – but not as quickly as the jumbo.
Despite all this volatility, there’s one market that is going strong: pasteurized crabmeat. In fact, it’s been in such high demand over the past month that the market has shot up as well. So, if you’re looking for a more stable option, perhaps it’s time to switch to pasteurized crabmeat. Either way, we’ll be keeping a close eye on the Venz jumbo lump market, and we’ll be sure to keep you in the loop.
Prices are subject to change.
2/20/23
