A real bloodbath is getting ready to unfold, right in front of our eyes, in the next few weeks in the snow crab world. The market is awash with millions of pounds of snow crab left over from their season last year. With this year’s quota increasing by 8%, a whopping 140 million more pounds of snow crab will hit the market by June. Blood will be running in the streets of several Canadian maritime provinces.
The problem is the price paid for product caught last year. Two years ago, clusters were over $20 a pound. Last year, selling prices started out just under $15, and product stopped selling everywhere. Even with Alaska closing its season last summer, snow crabs still didn’t move. The volume drivers of this seafood commodity are retailers, cruise ships, casinos, and buffets. Pre-COVID, the snow crab market was always under $10 and frequently under five dollars. Prices have already fallen below $10, even though this year’s fishing season has not yet begun. Fasten your seatbelt; it’s going to be a wild summer.
Prices are subject to change.