News Summary December 7, 2022
Today's Top Story: Crab Demand Remains Behind Supply
It looks like we are in for a bumpy road. If the U.S. economy shrinks in 2023 no one should be surprised. The Fed has raised interest rates six times in 2022 and is expected to increase another 0.50% at the December meeting. The regular Wall Street Journal survey finds economists think there is a 63% chance of a recession next year. The October NOAA Census data released today tells a compelling tale on both snow and king crab. U.S. snow crab imports continue to disappoint. October imports from all sources are down -20.8% from September and this makes the fourth month in a row of decline. The import trend-line from snow crab producers is not improving as one would expect with the closure of the U.S. market to the second largest exporter. Food service and retail demand has not recovered from the excess high priced 2021 inventory...
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