Lake Maracaibo, at certain times of the year, can produce a staggering amount of fresh crabmeat. Over the last two weeks, more than 200,000 lbs of fresh crabmeat have been shipped into Miami. Even at the busiest time of the year, the market cannot absorb that amount of meat. After rising for the last two weeks of May, jumbo lump prices fell back almost to the lows of this year. That’s why the Venezuelan government has stepped in and instituted weekly quotas for each picking house on the lake. If they can be enforced (which isn’t totally clear yet), the quotas will mean about a 20% reduction from the current volume. Prices should rise, but not dramatically.
We believe the suppliers would be content if the selling price of fresh jumbo lump rose slightly to just under the $20 mark. Even at that price point, it would still be an extreme value when compared to Indo pasteurized jumbo selling in the low $30 range.
Prices are subject to change.