Market Report: Winter Markets 2010

In spite of the lingering recession, the price of a number of important seafoods has climbed sharply in recent months due to reduced supplies. Most notable has been the near doubling of farmed salmon prices due to widespread production problems in Chile, where the industry now readily acknowledges it grew too fast and harvests are down by more than half. The outlook is not that bright, either, although Norwegian producers have picked up some of the slack. Get used to the higher prices at your store, as they will persist at least through next year. In spite of the lingering recession, the price of a number of important seafoods has climbed sharply in recent months due to reduced supplies. Most notable has been the near doubling of farmed salmon prices due to widespread production problems in Chile, where the industry now readily acknowledges it grew too fast and harvests are down by more than half. The outlook is not that bright, either, although Norwegian producers have picked up some of the slack. Get used to the higher prices at your store, as they will persist at least through next year.

If you see a
good buy
don't wait! Now is a good time
to stock up.

King crab is another popular seafood that is experiencing a decline in supply due to sharp cutbacks in the Russian Barents Sea fishery. Prices will keep heading up, so if you see a good buy on some luscious legs don't wait! The snow crab market is also poised to head up, as Canadian catches in the Gulf of St. Lawrence have been slashed 50 percent this spring. If you can find some snow crab, now is a good time to stock up. Dungeness catches, on the other hand, rebounded sharply this winter and crabbers in the Pacific Northwest enjoyed their best season in years, so there are still some good promotions on this tasty crab.

Some lobsters are still a fairly good buy. Maine fishermen had a record year last year and mediocre demand from restaurants has kept prices below historical levels. Supplies of spiny lobster, on the other hand, are down due to quota reductions in Australia and that sent prices up steeply.

Shrimp remains a relative bargain compared to many seafoods. Harvests of farmed shrimp from Latin America and Asia remain near all time highs, while demand is weak in some big traditional markets like Spain, which is reeling from record unemployment. Producers have been helped somewhat by a stronger dollar, which means they get more money selling their shrimp in the U.S. market. So look for shrimp to remain a good buy for some time.

If you want a nice flaky whitefish,
cod is hard to beat and the price is right.

Cod is one fin fish that has been a great buy this winter, as some supermarkets have been promoting fillets for just $4.99 a pound. A 25 percent increase in the Barents Sea quota, which is shared by Norway and Russia, and weak demand in traditional salt cod markets like Spain and Portugal means more cod is being pushed to the U.S. If you want a nice flaky whitefish, cod is hard to beat and the price is right.

If you were looking for fresh wild salmon this winter, on the other hand, there were no bargains. Trollers in Southeast Alaska got a phenomenal $9-$10 a pound at the dock for their kings this January, pushing the retail price of fresh fillets to almost $30/lb. There may be some relief this spring as it looks like there will be a fishery for California kings.

Swai... popularity
has skyrocketed...
it's a welcome bargain.

You may have noticed a fish called "swai" in your seafood case lately. So what's swai? It's a species of catfish native to Southeast Asia that is now farmed on a huge scale in Vietnam. Because it's a very hardy fish that's easy to grow, it's popularity has skyrocketed in North America and Europe. Bland and white, it takes almost any sauce and makes a good fish and chips. Give it a try, as it's a welcome bargain these days.