JULY AT A GLANCE:
CURRENCY: Sterling’s performance has been strongly driven by the Bank of England edging towards an interest rate rise in August, which would encourage a recovery. There is some uncertainty though as many experts are expecting the policy rate to remain unchanged in the near future. The GBP to EUR rate is currently quoted at an high of 1.14 and is also expected to attempt to reach the area of 1.15. The Pound to USD exchange rate had recently fallen to its lowest point in 7 months at 1.310 but managed to recover to 1.328. Against the Norwegian Kroner, GBP is currently seen at around 10.76 NOK. (as of 22nd June 2018).
- The start of the holiday season in Norway in July can result in reduced harvest schedules and higher pricing.
- Salmon prices from Norway reached an all-time high in recent weeks with a similar pattern seen in the US with Chilean products. Sharp drops seen in mid-June were followed by significant rises as the volume being harvested was restricted.
- Sea temperature continues to rise facilitating good growth rates.
FRESH FARMED SEA BASS & BREAM
- Bass and Bream markets are stable with good supply across both species and steady prices.
- Availability of larger fish over 1.5kg remains tight; these are not expected to be back in stock until September.
FRESH WHITE FISH
- Availability is very limited due to adverse weather continuing in Norway and boats that are out mostly fishing for more premium black Halibut throughout June. They should be switching gear back to targeting Cod and Haddock in July.
- Strong demand will remain meaning prices may rise and fall marginally throughout the month.
- Defrosted alternatives will continue to provide an excellent choice for periods when fresh supply is tight.
FRESH TUNA & SWORDFISH
- Changeable weather conditions caused by the summer monsoon season in the Indian Ocean are expected to continue in July causing prices to remain firm across all exotic species from that area, including Tuna and Swordfish.
- Tuna availability will also be further affected by the annual fishing ban in India moving from the East to the West Coast.
OTHER FRESH FISH & SEAFOOD
- Lobsters - Native season is now in full swing giving us good availability and easing pressure on Canadian Lobsters prices.
- Mackerel - UK season (Cornish & Scottish) slowly kicking in, we should see plentiful supply in July.
- Sardines - South Coast season has now started and there should be an abundance of Cornish fish.
FROZEN COD & HADDOCK
- International Council of the Exploration of the Seas is recommending that the Cod and Haddock quotas in the Barents Sea are reduced in 2019 by respectively 13% and 25%. This would have a significant effect on already rising headed & gutted prices.
- Frozen at sea (FAS) Cod continues to increase in price due to lack of smaller fillets in the market place and Europe willing to pay higher prices for FAS than the UK.
- FAS Haddock has been in shorter supply YOY. Demand remains strong so prices are expected to stay high.
- There has been significant decline in Scampi fishing around the British Isles since September 2017 due to poor weather conditions.
- We also see YOY decline in landings within the Northern Irish fleet.
- This has forced price increases in the prices paid to boats for Scampi tails.
- Scampi tails make up over 80% of the cost of making breaded Scampi therefore price mitigation is not possible through packaging and other ingredient savings.
From the latest updates on what's been landed where through to weather reports and customer reviews. M&J Seafood keeps you close to what's breaking in the industry.