ANALYSIS: Chilean Salmon Squeezed as Tariffs, Fuel Costs and El Niño Risk Converge

According to SUBPESCA, accumulated Chilean Atlantic salmon harvest volumes from January to August were 15.4% higher YTD at 523,474 metric tons (mt) (Figure 1). August harvest reached 78,588 mt, up 14.7% month over month (MOM) but down 5.4% year over year (YOY). Market participants doubt this pace continues through Q3 and Q4: lower YOY live biomass in sea cages reflects precautionary destocking tied to El Niño risk, detailed below...
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