Robust Asian demand for limited live lobster supplies see market prices creep up
SEAFOODNEWS.COM by Michael Ramsingh - August 22, 2014
Live lobster prices in New England ticked up a bit this week as reports are trickling in that Maine's lobster catch is falling below expectations at this point in the season. This lighter supply has been met with heavier demand from Asian buyers sending that market up, which has pushed production costs higher for processed tails along the way.
Over the last couple of years live lobster prices tended to trend downward on a glut of supplies. Warmer waters triggered an atypical early lobster molt that flooded the market with record volumes of "new" or soft shell lobster. Soft shell lobsters are not as durable and carry a shorter shelf life compared thier hard shell counterpart, and thus do not command the price premiums seen for hard shell product.
However, this lobster season has seen the return of a more "normal" catch pattern for New England lobsters...
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