Canadian lobster season gets off to a bad start, prices rise

Published Dec 10, 2024

Tridge summary

Canada's largest lobster fishing season is underway, with high dock purchase prices making it profitable for local fishermen. The current price is nearly 50% higher than in 2022 and is causing challenges for processing companies due to high raw material costs. The sea temperature in Nova Scotia is also affecting the fishing progress. Additionally, the season has seen an increase in yellow crabs, which are not welcomed by the market. The market next year will depend on demand in the US and China, especially with potential tariffs from the US.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Canada's largest lobster fishing season (33/34 zone production season) has been going on for two weeks. The current dock purchase price is high, which is good for local fishermen. Heather Mulock, executive director of the Coldwater Lobster Association (CLA), told UCN: "In the days after the opening day (November 26), buyers on the southeast and southwest coasts of Nova Scotia purchased at CAD 11.50/lb ($8.18/lb)." Another Canadian wholesaler said that fishermen quoted CAD 12.00/lb, and the price in the 33/34 zone was comparable to the surrounding areas. The current price is more than 1 Canadian dollar higher than last year's opening price (CAD 10.50/lb) and higher than 2022 (CAD 7.50) is nearly 50% higher. Mulock said that according to the captain's report, the progress in the first few days of fishing was slow. So far, most fishing boats have only collected shrimp cages three times, and the market has not heard much good news. "One day, the sea was very rough and the waves were ...

Source: Foodmate