3MMI - The Wild Shrimp Markets - Quotas, Landings, Pricing, Outlook

EP 377 | Aired 03/12/2018

The Wild Shrimp Markets - Quotas, Landings, Pricing, Outlook

March 12th, 2018 - In this week's episode we will discuss the wild Shrimp markets. The Pandalus Jordani fishery in Oregon runs from April 1st to October 31st annually, opening the market to predictions for the fishery's opening in 3 weeks.

23 million pounds of Pink Shrimp were landed in Oregon in 2017, down 34 percent from the 2016 harvest of 35 million pounds. According to an infographic released by the Oregon Department of fish and Wildlife, the 2017 season was the lowest catch since 2009, with the fishery suffering from El Nino since the 2014/2015 fishery. Counts were lower last year, especially as many Shrimpers expected the beginning of the 2017 season to be comprised of two year olds, but catches were mixed with age one and age two Shrimp. Processors and fishery managers are expecting another declining harvest year. Pricing on cooked and peeled pink Shrimp finished at around $6 per pound in the fall, inventories have been bare in the meantime, awaiting landings for this year.

--- Many buyers are looking to Pandalus Borealis, East Coast or "Northern" Shrimp, as a replacement to west coast Jordani Shrimp. Quotas for the Northern fishery regions near Baffin Island were set at 13,250 tonnes this season, running annually from January 1st to December 31st. Newfoundland and Labrador encompasses Areas 4 to 6 in the Borealis fishery and run from April 1st to March 31st annually.

Area 4's quota in Northern Labrador increased marginally to 15,725 tonnes this year whereas Area 5 decreased 14 percent to 22 thousand tonnes this season. The southern region of the fishery towards Newfoundland saw a quota reduction of 62 percent this year to 10.4 thousand tonnes for Area 6 and a closure this year for section 7. There are around 8 plants in Eastern Canada processing Borealis Shrimp, so quota reductions do not bode well for contract business. Pricing on cooked and peeled IQF atlantic Shrimp rose from $6.70/lb in Boston in December to around $7.10 per pound at the beginning of this month. We project strong pricing on the horizon as supply tightens.

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