With the lobster season starting next week across most of the Canadian Maritime provinces, many fishermen got in one last trip catching halibut. That resulted in much more fish being caught than the market could absorb at the current price level.
The good thing about the seafood industry is that the price goes down when supply exceeds demand. We are under $1 per ounce for halibut fillet this week. To put that in perspective, halibut is expected to be cheaper than rockfish!