US - A drastic price increase on Atlantic Haddock finished goods could hit North American markets as early as next April, report Rob Reierson and Kyla Ganton in the Tradex Foods 3-Minute Market Insight.
The Norwegian and Russian joint Barents Sea quotas were agreed upon several weeks ago.
The 2017 Haddock quota has been set at 233,000 metric tonnes, of which 114,000 metric tonnes is for Norway.
This is down marginally from last year's joint quota of 244,000 metric tonnes.
Latest data from NOAA show U.S. Imports of Twice Frozen Haddock Fillets up 32 percent over the same time last year at 15.8 million pounds imported.
It's obvious that North American demand is strong, but some buyers are trigger shy after Raw Materials reached $2,700 per metric tonne.
European demand has been sluggish during turbulent and rapid price increases as well.
--- Raw Materials began dropping in the spring this year, but have strengthen in the past weeks, with rumours of prices reaching $3,000 after the New Year.
Chinese processing plants are willing to pay this price tag, but
With limited fish in the raw material market, expect prices to hold firm.
--- In the finished goods markets, Current pricing for 85 percent moisture Haddock fillets are $2.55 / lb in Vancouver, and $2.60 / lb for Loins.
For those who did not make volume purchases before Chinese New Year plant closures, expect the Haddock market to be driven up by 40 cents a pound by next April or May.
Our advice to buyers in the meantime would be to buy a little long as Haddock is good inventory right now.