Market Report

The challenging economic situation in the U.S. is beginning to have an effect on market prices for more and more seafood. Although their fuel costs have soared, fishermen are learning that they can’t always keep raising prices to cover their higher fuel costs in a weak economy.

Dungeness crab is a good case in point. Earlier this spring, West Coast fishermen were getting more than $3 a pound for their crab. At that price, though, sales slowed to a crawl and processors were forced to lower the price to the boats to keep crab moving. This summer, processors are telling crabbers they’ll be lucky to get the same price they got for their catch as last year.

Prices are up only moderately from last year.

Meanwhile, up in Alaska, sockeye salmon fishermen in Bristol Bay, site of the state’s largest and most valuable salmon fishery, are only getting about a nickel a pound more for their fish than last year, which isn’t enough to cover their increased costs. Fortunately, at least in Alaska, salmon catches appear to be relatively plentiful, so prices are up only moderately from last year.

On the West Coast, king salmon catches are off dramatically due to restrictions designed to protect weak runs in California. That has made fresh king salmon a very pricey entrée. For a better value this summer, try one of the other wild salmon species.

Imports from Vietnam and China are up another 20 percent so far this year, which is keeping prices at relatively stable levels.

After years of very stable pricing, tilapia wholesale prices this year have suddenly jumped more than $1 a pound. That’s because unusually cold weather in China last winter decimated tilapia farms in China’s more northerly southern provinces. By some estimates, Chinese tilapia production, much of which is exported as frozen fillets to the U.S., may be off by as much as 70 percent this year. That has made fresh tilapia fillets from Latin America more expensive, much to the delight of tilapia farmers there. Since it takes about 10 months to raise tilapia to harvestable sizes, prices should come down late this year when new production from China starts to reach the U.S. market.

If tilapia hasn’t gotten too pricey, consider catfish. Imports from Vietnam and China are up another 20 percent so far this year, which is keeping prices at relatively stable levels.

Cod, traditionally America’s bread-and-butter whitefish, is becoming an increasingly scarce commodity. Catches of cod throughout the Atlantic continue to decline and very little of that fish is ending up in the U.S. As a result, imports of cod are down another 30 percent so far this year. Meanwhile, stocks of Pacific cod from Alaska are still in relatively good shape, although this year’s quota has been cut about 10 percent (Alaska’s longline cod fishery has been certified as sustainable by the Marine Stewardship Council). Unfortunately, however, most of the Alaska cod catch is exported, which means cod prices will stay high for the foreseeable future. Short term, there may periodically be some relief in the Northeast when cod catches are good, which can drive fresh prices down from time to time.

Some supermarkets have been running specials on bays for just $3.99 a pound. That’s a great deal for a great tasting shellfish.

If you live in the Northeast, keep an eye on haddock. This is a good news story, as haddock stocks off New England have recovered and are at record high levels. That should mean some good buys on fresh haddock this summer.

If you want a seafood bargain, try some bay scallops. A big harvest last fall in China has driven prices down to the lowest level in more than five years. Some supermarkets have been running specials on bays for just $3.99 a pound. That’s a great deal for a great tasting shellfish.