On a percentage basis, lobster prices have come down 33% in the first two weeks of May since the season began in most Canadian Maritime provinces. However, prices paid to the fishermen for the first two weeks of May were too high for the processors to step in and buy raw material to make lobster tails and lobster meat.
This week, with the weather cooperating a little more and with the slowdown in sales post-Mother’s Day, dock prices for lobster should drop significantly in Canada. The lobster tail market is extremely tight, and customers need product quickly. CQH this week is still around $11 a pound, but that should drop to under $10 next week.
Prices are subject to change