Russian salmon catches are tracking to see a harvest over 400,000 metric tonnes with over 70% of the revised forecast already harvested, however roughly 90% of Russian salmon is said to be sold into the domestic market - a direct consequence of U.S. sanctions. This has effectively removed Russia as a low-cost option and aligned its pricing with Alaska. In Alaska, pink salmon landings have surpassed 100 million fish, with chum near 7 million and sockeye just over 50 million. While these volumes are in line with forecasts, global supply will likely fall short of peak years like 2023, however they have already surpassed last year's record low.



Atlantic cod remains the most expensive and volatile whitefish category. Russian prices continue to climb while Norwegian levels hold at historic highs. Harvests are noticeably lighter with Norway/Russia landings tracking about 40% below last year's harvest, while Iceland’s catch is similar to the pace of previous years, currently around 145,000 metric tonnes. Reduced catch levels reinforce the persistent tightness in cod supply for North America.

Pollock is stable but costly as Russian pollock prices have eased slightly from earlier highs but remain historically firm. Harvest progress is slightly ahead of last year’s pace at around 1.6 million metric tonnes. In Alaska, catches are just shy of 1.2 million, putting them slightly behind last year’s pace but broadly in line with recent averages. With both regions tracking close to normal, buyers should not expect meaningful downward pressure on prices.

For Haddock, a rare price softening is offering one of the few openings for buyers. Although prices have softened, catches may end the year a little shorter than previous years. Norway/Russia landings are tracking about 30% below last year’s harvest, while Iceland’s catch is similar to the pace of previous years, currently around 55,000 metric tonnes. Despite current easing, overall supply is still limited, suggesting this relief may be temporary.

Pacific cod prices continue to firm as both U.S. and Chinese processors compete for supply. Alaska has landed just over 110,000 MT - trailing slightly behind 2024 levels, while Russia landings are tracking at a similar pace as last year. With potential for less landings than in previous seasons, Pacific cod remains an expensive substitute for Atlantic cod.



Pacific halibut landings are now about 2.7 million pounds behind the pace of last year running parallel with a fishery limit 5 million pounds lower as well. Harvest is just under 13 million, about half of 2024’s total, and three months remain in the season. The halibut market faces tight supply, high dock prices, and pressure to substitute with Atlantic halibut or other whitefish.

Our recommendation is to secure Q4 (and holiday) supply early, leverage haddock’s softness, and diversify sourcing. Expect sustained high prices as pollock stays firm, Atlantic cod remains at record highs on reduced catches, Pacific cod firms with U.S./Russia behind past harvests, salmon stays constrained by Russia’s domestic focus and lower Alaskan landings, and Pacific halibut’s record-low harvest tightens availability further.

--- If you’re not already, be sure to subscribe to our 3-Minute Market Insight for seafood updates and insights delivered right to your inbox.