Market Report

October was National Seafood Month

October is National Seafood Month for a reason. Fishing is still good, while demand is not as high as it is during the summer, when many people head to the coast to enjoy local seafood delicacies. That's why the seafood industry tries to give sales a boost when the leaves start to fall. This year, though, consumers may find the growing demand for many seafoods has kept prices at unusually lofty levels.

Look around the seafood case and try something new, including high quality frozen fish, which is almost always cheaper than fresh. Fortunately there are still some pretty good buys out there.

Take Pacific halibut, for example. Wholesale prices this October were averaging $5.50 a pound, about $2 a pound more than last year. Salmon prices have also been on a steady upward climb. Fresh farmed salmon fillets were wholesaling this fall for more than $4 a pound – about $1 a pound more than a year ago. And then there's cod. Fresh cod fillets were wholesaling on the East Coast this fall at almost $6 a pound, more than $1 a pound higher than last fall. The price of frozen cod fillets, meanwhile, soared past $3.50 a pound. So what's a savvy seafood shopper to do?

Look around the seafood case and try something new, including high quality frozen fish, which is almost always cheaper than fresh. Fortunately there are still some pretty good buys out there. Tilapia is one of them. Fish farmers in Latin American and China keep cranking out tilapia and U.S. imports this year are up another 20 percent. That's keeping a lid on prices, making tilapia a good buy. Shrimp is another seafood staple that remains a great deal. Imports of America's favorite seafood are up another 11 percent this year due to a continued surge in farmed shrimp production from Latin America and Southeast Asia. That has kept shrimp prices at very low levels and that is unlikely to change for the foreseeable future.

King crab is another great buy these days. Wholesale prices are running more than 20 percent below last year, so look for some attractive pricing on these big, succulent legs this fall in your local supermarket. Off northern Norway and Russia, catches of red king crab ,which were transplanted from the Bering to the Barents Sea in the 1960s, have more than doubled the last two years and that fishery is now larger than the fabled Alaska red king crab fishery. Not surprisingly, with that much extra king crab on the market, prices have taken a tumble.

Later in the fall, look for some good buys on mahi mahi when the fish start running off the west coast of Costa Rica and Ecuador. Prices for fresh mahi fillets should start dropping in late November and December. Mahi is a great eating fish, so keep your eyes open for some tasty fish at a great price.