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3-Minute Market Insight

EP 700 | AIRED 07/22/2024

2024 Summer Salmon Update: KING (CHINOOK)

July 22nd, 2024 - Here is your Summer King Salmon update as we approach the midway point of the summer salmon season.

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Last year, the global harvest of king salmon totaled just over 4,500 metric tonnes from approximately 834,000 fish. Of this, around 45 percent came from the combined regions of Washington, Oregon, and California (or WOC), 31 percent from Alaska, 13 percent from Canada, and 10 percent from Russia.

Last year’s global harvest of king salmon was the lowest since 2018, falling below both the previous 5-year and 10-year averages.

Aligning with reports that Alaska salmon are getting smaller, Alaskan king salmon have continued this trend averaging 11.81 pounds in 2023, which is below both the 5-year and 10-year averages. In contrast, king salmon in WOC have slightly exceeded their 5-year and 10-year averages, placing them in the middle size range for the Pacific Northwest. The largest king salmon on average are found in Canada, where they averaged 13.35 pounds in 2023, which is below the 5-year average but above the 10-year average.

2024 Summer Salmon Update: KING

In Alaska, over 70 percent of the 233,000 king salmon forecast has been realized and timing charts are showing that we have now crossed the peak landing weeks of this fishery. The troll king salmon fishery started July 1st with landings to date of around 60,000 fish, with an average weight of 10.9 pounds, and dock prices about $5.99 per pound.

In Canada, king salmon supply has continued to remain lower, with last year’s harvest totaling 660 metric tonnes from 109,000 fish, which is about 5 percent below the 5-year average, and 35 percent below the 10-year. Although forecasts are a mixed outlook, historical catch data may suggest 2024 catch will be slightly below 2023. Although most B.C. king salmon still remain non-MSC status, Ocean Wise recently announced new recommendations for wild-caught B.C. salmon, including some king.

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For WOC, when combined, supply the lion’s share of king salmon for the market. Last year’s combined total harvest was just over 2000 metric tonnes from 373,000 fish which is 23 percent below the 5-year average, and 46 percent below the 10-year. Overall, the forecast is predicted to be similar to or slightly lower than previous years as Washington and Oregon are predicted to be stable, while California faces more challenges.

2024 Summer Salmon Update: KING

Our recommendation is to make your commitments as soon as possible on your king salmon requirements. The smaller fish may create upward price pressure on larger sizes. For specific pricing, please contact a Tradex Foods representative.

2024 Summer Salmon Update: KING

--- Keep tuned-in to our 3-Minute Market Insight by subscribing as we deliver updates on all salmon species as the season moves along.

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