Canadian Salmon Production Recovery Pushes 2015 US Imports Past 400 Million Lbs; Market at 3-Yr Low
The return of Canadian whole salmon production and the growth of fresh Chilean salmon fillet exports to record levels has pushed US salmon imports over 400 million pounds for the first time. At the same time wholesale prices are near three-year-lows in 2015. In our view, the crux of lower wholesale prices in 2015 was the return of Canadian whole salmon production and imports to their normal levels in the US market while Chilean imports continued to increase to record volumes year by year. If anything Canada’s two-year production decline appears to have kept US prices higher even as import volumes set record levels, a situation that has now reversed.
Vietnam’s government agreed to postpone the implementation of limits on ice and moisture content ratios in exported pangasius. Vietnamese producers and exporters will have an additional three years to adjust their operations to produce pangasius fillets with ice ratios not more than 10 percent; with a maximum moisture ratio of 83 percent net weight.
In other news the International Finance Corporation will provide a $10 million loan to Ecuadorian shrimp producer OMARSA to assist with its expansion plans. “IFC’s investment in Omarsa will allow us to continue our expansion plans and will add to the economic growth of the country, creating 400 new jobs for Ecuadorians in 2016,” said Sandro Coglitore, the General Manager of Omarsa.
Meanwhile, the trucking industry in Nova Scotia is requesting additional ferry crossings between Saint John and Digby to alleviate a backlog of commercial traffic, which includes an increase in lobster shipments.
Finally, the first crab harvests from Oregon’s delayed commercial Dungeness season have some fishermen predicting the season will trend below average. “It’s a decent first pull,” said Willy Goergen of the Catalyst fishing vessel. “I think it’ll be below average, though. We’re getting about 10 crab per pot on the first pull. This port, in the past 10 years, has averaged 2 million pounds a year, and about 15 crab per pot.”
Have a great weekend.
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