From snow crab, to pasteurized Indonesian crab, to domestic crab, producers are finding it painful to sell volume coming off a year (2021) of record-breaking prices in each category.
Snow Crab – About 50% of the quota has been caught off Atlantic Canada. The market seems to have hit bottom with 8 up clusters selling in the mid $14 range, 5/8’s about $1.25 less. The first Right Whale was spotted last week, so the potential to close areas from fishing, regardless of how much quota is left, is very real. If large areas start to close, large buyers will swoop in and scarf up any remaining inventory.
Pasteurized Indonesian Crabmeat – The first receivers of product in the US are in full panic mode. This year is not about making money; it is all about losing as little as possible. Everyone is sitting on high-priced inventory with very low demand. Venezuela is “eating their lunch”.
Domestic Crab Meat – What a difference a year makes. This time last year, the market was smoking hot and over $50 per pound. This year it is a daily struggle to find a market for $40 jumbo and $30 lump. The price of picking crabs is slowly getting more reasonable each week, so there is hope. (Full Newsletter)
Prices are subject to change.