The Venezuela market fell this week for the first time since the beginning of June. Production of crabmeat out of Lake Maracaibo is falling, but demand is slowing quickly post 4th of July, and there is increasing competition for market share from other crab-producing areas. Even our local Maryland suppliers have dropped their fresh lump price to under $20 per pound for the first time since October of 2020! We will start the week at $23.95 a pound on jumbo lump ($2 drop from last week) and $12.95 on lump.
Generally speaking, all crabmeat prices in every category will trend lower for the remainder of 2022. We are returning to the “traditional” price ranges of the pre-pandemic period. There may be a temporary price rise when Venezuela goes completely offline in late August, but there seems to be enough crabs in Mexico and the Gulf to prevent that from happening.
Prices are subject to change.