Experts expect a decrease in lobster prices in Primorye

Paul Farrah, a lobster buyer who specializes in selling live lobsters to Asia, says his company’s exports, Seafood partnerfell by 50% compared to the same date last year.

According to him, this does not bode well for the new season. Lobster markets are volatile.

Partner Seafood s’attend à des prix payés aux pêcheurs malheureusement plus bas qu’au printemps et un marché plus frileux au niveau de l’importation du homard”,”text”:”Partner Seafood s’attend à des prix payés aux pêcheurs malheureusement plus bas qu’au printemps et un marché plus frileux au niveau de l’importation du homard”}}”>Seafood partner expects, unfortunately, lower prices for fishermen than in the spring and a more cautious market in terms of lobster importshe says. I don’t have the price in mind, but I know it will be lower than in the spring. It is impossible to be on the same level.

Export to Asia

Seafood partner had many orders in Asia for spring lobsters. We currently have no orders for Fall Lobstersays Paul Farrah.

According to the latter, this situation is partly explained by the health measures against COVID-19 in China, as well as the current instability in the region with tensions related to Taiwan.

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A medical worker cleans a street where citizens are queuing for testing for COVID-19, China.

Photo: afp via getty images / NOEL CELIS

mois. Pékin et la plupart des marchés chinois qui tiraient les exportations vers le haut ont été fermés à cause de la COVID. Quand on a un lockdown, les restaurants ferment. Tout ferme. Donc la demande était beaucoup plus faible”,”text”:”Cette année, le bémol c’est que la Chine a fermé ses marchés pendant troismois. Pékin et la plupart des marchés chinois qui tiraient les exportations vers le haut ont été fermés à cause de la COVID. Quand on a un lockdown, les restaurants ferment. Tout ferme. Donc la demande était beaucoup plus faible”}}”>This year, the downside is that China closed its markets for three months. Beijing and most of China’s export-boosting markets have been closed due to COVID-19. When we have a closing, restaurants close, everything closes. Therefore, the demand was much lowerhe explains.

Also CEO companies Extreme coldof huge cold storage, Paul Farrah says more and more processors are leasing space to store seafood because of the uncertain market and prices.

American market

The United States, which is Canada’s largest seafood buyer, also appears to be holding off.

According to the CEO of the Lobster Board of Canada, Jeff Irvineconsidered a luxury item, seafood is not currently a priority for American consumers.

Americans faced very high food inflation […] plus inflation for everything. So they had to make a choice about what to spend their money on.he says. This is what has affected the market prices and what affects the price, from the boat to the manufacturer.

As markets are more diversified, Jeff Irvine does not believe that the price of lobster will fall as sharply as it did for snow crab last spring.

Jeff Irvine smiles, outside.

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Jeff Irvine, CEO, Lobster Council of Canada.

Photo: Lobster Council of Canada

Crab is more affected because the market is mainly Americanhe explains.

We have other markets where we can sell lobster products. This just underscores the importance of business diversity.

For example, European buyers support fall lobster.

Jeff Irvine however, believes the market is adjusting and we should expect pre-pandemic prices.

Concerns of fishermen

The lobster season in Zone 25, between New Brunswick, Prince Edward Island and Nova Scotia, is scheduled to open Thursday morning. It was supposed to start on Tuesday, but was postponed due to adverse weather conditions.

For fishermen, a possible drop in the price of lobster does not bode well. They are also experiencing an increase in the cost of living. The price of lobster is likely to decrease, while the cost of fishing equipment and fuel will increase.

Last year, anglers in Zone 25 were paid $7 per pound at the beginning of the season and $9.75 at the end of the season.

Uncertainty reigns on the wharves this year, as fishermen do not yet know what price they will receive for their catch.

The markets are now falling for the last six [derniers mois]emphasizes Luc LeBlanc, Fisheries Advisor of the Marine Fishermen’s Union. We don’t have a lobster price. Usually we would have a price a day or two before fishing. Well, we don’t have them. This is complete silence from the processors. We are told to carry on as if nothing had happened.

A man in front of a pier where fishing boats are moored.

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Luc LeBlanc, Fisheries Advisor, Marine Fishermen’s Union.

Photo: Radio Canada

At the moment, the Sea Fishermen’s Union has not yet discussed the rate of catch with its members.

Therefore, fishermen will not be required not to go out to sea on certain days due to excess stocks.

NoUPM no experts are talking about the collapse of the markets, but everyone agrees that there is some uncertainty.

As reported by Nicolas Steinbach

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