US shrimp market weakens as buyers remain on sidelines The US shrimp market has lost steam over the past six weeks, and prices have resumed a downward trend. The Urner Barry white shrimp index has fallen 4.2% since the beginning of October. We analyze the reasons behind the price weakness, which is partly driven by buyers waiting for the market to move more in their favor, not by a lack of interest in shrimp. International factors also are contributing to making the US the most attractive market for exporters. Total US shrimp imports may reach a record high this year. The cod closure and also the shut down of inshore fishing grounds mean a bleak future for Massachusetts dayboat fishermen depending on groundfish. Some are getting out of the business; others are getting smaller boats. It is not acceptable that at the doorstep of the largest fresh fish market on the continent, fishery management has had such failures. A new paradigm and new leadership is needed both for the inshore sector in New England, and for NOAA. The 30 year war between Massachusetts fishermen and NOAA has got to end with changes on both sides before New England can rebuild an iconic inshore fishery. The AP has called Dan Sullivan, the republican Senate candidate, the winner in Alaska replacing Mark Begich who has had a leading role in fisheries issues during his term in the Senate. How this will affect Magnuson reauthorization is unclear. Halibut prices have risen in the second half of this year, and one reason is a doubling of retail promotions. Through November, retail promotions of halibut (both fresh and frozen) are up 123% over 2013. This is likely contributing to the higher prices at the end of the season. The Christian Science Monitor has a nice overview of the success of US fisheries. Good management and a willingness of fishermen to accept cutbacks when needed (and also I would add rationalization of many key fisheries) have led overall to great rebounds in US sustainable fish stocks. Within this general pattern of success, the failures like New England cod stand out even more. Once you have proved you can have a sustainable fishery, it hurts even more when you don’t. Who said fried fish is dead? British fish and chip shops are having a revival, with over 2000 new locations opened in the last decade. Chippies outnumber McDonald’s and KFC outlets 5 to 1 in the UK. Part of the revival has been from celebrity chefs who have embraced traditional fried fish. And of course all that garbage about cod disappearing from the UK is out the window as some European stocks -notably the Barents Sea- are now as healthy as they have ever been. -SeafoodNews
Posted on: Thu, 13 Nov 2014 01:51:22 +0000