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3-Minute Market Insight

EP 702 | AIRED 08/05/2024

2024 Summer Salmon Update: CHUM

August 5th, 2024 - Here is your Summer Chum Salmon update as we pass the midpoint of the summer salmon season.

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Last year, the global harvest of chum salmon amounted to just over 200,000 metric tonnes from approximately 71 million fish. Russia consistently contributes the largest share, followed by Japan and then Alaska.

For 2024, based on a combination of forecast and catch data, the global chum salmon harvest has the potential to reach similar levels as last year.

While no clear cyclical patterns are evident for predicting the final catch, one noticeable trend is that chum salmon are generally getting smaller globally, except for those from British Columbia, Canada. In B.C., the 5-year average size has increased compared to the 10-year. While averaging 12.56 pounds last year, B.C. chum salmon are nearly twice the size of those from Russia and Alaska, though B.C. harvest totals are extremely low.

2024 Summer Salmon Update: CHUM

In Alaska, although the peak weeks of keta landings have likely passed and only slightly over 40 percent of the forecast has been met, harvesting of this species will continue into the fall. Last year, the average size of keta in Alaska was 6.47 pounds - lower than both 5 and 10-year averages. Over the past decade, final harvest totals for Alaskan Keta have varied significantly, ranging from 30 to 140 percent of preseason forecasts.

In Russia, although the pace of fishing this year is much slower than in previous years, landings seem to be picking up. This year’s Russian chum salmon forecast aligns with the previous three years, and the final harvest totals have also remained consistent during this period. The average size of Russian chum last year was 6.06 pounds - lower than both 5 and 10-year averages. It is important to note that Russian-origin salmon continues to be banned from entering the USA.

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Now to touch briefly on the fall chum salmon fisheries.

In Japan, this year's Hokkaido Fall Chum Return Forecast is even lower than last year's, potentially leading to the lowest chum salmon harvest since 1969, with levels comparable to those seen in 2019 and 2020. The average size of Japanese chum last year was about 6.66 pounds - lower than both 5 and 10-year averages.

2024 Summer Salmon Update: CHUM

Lastly, in Washington state, fishery managers have issued a run size forecast totalling approximately 1 million fish for 2024. While this is 30 percent higher than last year's forecast, final catch totals were dismal and may have been the worst in the state's history. The average size of Washington state chum last year was about 8.92 pounds - slightly higher than both 5 and 10-year averages.

For chum salmon, it’s anyone’s guess where final landings will end up, but one thing is clear: Globally there will be less salmon overall than last year.

Chum Salmon pricing continues to go up as supply is relatively limited and there continues to be a higher ration of pales to GMC’s.

Our recommendation is to make your commitments as soon as possible on your chum salmon requirements. For specific pricing, please contact a Tradex Foods representative.

2024 Summer Salmon Update: CHUM

--- 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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