Canada NL snow crab price agreement reached, fishing season starts immediately

On April 14, an agreement was reached between the Fish, Food and Allied Workers Union (FFAW) and the Seafood Producers Association (ASP) to set a minimum price of CAD 3.00/lb ($2.18/lb) for the 2024 snow crab fishing season in Newfoundland and Labrador, initially set to start on April 6 with a quota of 57,568 tons. The settlement price will be based on the FOB Boston price for 5-8 ounces, determined by an independent third party, with the Canadian dock price set at 38.5% of the Boston price. The agreement includes a provision for price reconsideration when the price reaches $6.50/lb. FFAW President Greg Pretty and NL Premier Andrew Furey both expressed satisfaction with the agreement, highlighting its historic nature and its role in ensuring fair trade and a commitment to fishermen, facilitating a prompt start to the fishing season.