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Fish & seafood outlook

Fish & seafood outlook

What's happening in the market in November

NOVEMBER AT A GLANCE:

  • In season & at their best: Native Crab, Poole Manila Clams & Cockles, Squid, Octopus, Mussels, Oysters, line-caught Sea Bass, Scottish Megrim & Witch
  • Salmon – Norwegian and Scottish prices will start to rise in the run up to Christmas due to limited harvests and increasing seasonal demand.
  • Cod & Haddock – Most fishing boats are starting to ramp up days at sea and we should see increased landings over the coming weeks.
  • Sea Bass & Bream – Continued steady prices and good supply.
  • Tuna & Swordfish – Prices are improving due to increased availability following the end of monsoon season.

CURRENCY (as of 21st October):  With the encouragement around a Brexit deal being reached in October, Sterling has managed to strengthen against the major currencies. With a no deal exit still possible along with the potential for a general election in December we are still expecting some volatility over the coming weeks.

19th August vs. 21st October:

GBP–EUR down: 1.133 - 1.164

GBP-USD down: 1.252 - 1.299

GBP-NOK up: 11.271 - 11.840

FRESH SALMON

- Prices are expected to rise as demand starts to increase in the UK and across Europe; Norwegian farms are starting to manage their harvest volumes more tightly so there is also less availability in the market.

- There is also some uncertainty in the reported biomass figures for Norway in the first half of 2020 with several sources reporting that farmers may try to build biomass numbers, which will result in further reduced harvest.

- Similar to Norway, Scottish Salmon producers are following the traditional pattern for this period of the year and reducing harvest volumes. This will result in Scottish Salmon being less readily available on the open spot market and increased prices as demand rises.

FRESH COD & HADDOCK

- Increased days at sea by the Icelandic and Norwegian fleets should see availability improve and prices easing back in November.

- Quality remains very good with M&J continuing to work with our suppliers to ensure we have the first pick from the reputable boats.

Barents Sea quota update: The International Council for the Exploration of the Sea (ICES) has recommended the Cod and Haddock catches in the Barents Sea are set higher by 2% and 5% in 2020 comparing to this year’s levels. We are awaiting the official TAC decisions from the Norwegian and Russian fisheries commissions.

FRESH FARMED SEA BASS & BREAM

- Availability continues being stable with good supply across all grades and steady prices.

FRESH TUNA & SWORDFSIH

- We should see a small reduction in pricing due to supplies returning to full strength as the monsoon season has now fully subsided.

FRESH HAKE & COLEY

- The landings of both will start dropping due to the season finishing at the end of the month.

SEASONAL FRESH FISH

- Lobster - UK landings are decreasing as water temperatures rise so any catches will command a higher price. The new Canadian Lobster season has now started, but it may take some time before prices have stabilised.

- Mackerel – End of season for line-caught fish.

- Lemon Sole – End of season.

- Scallops - Poor weather and great popularity on Christmas menus will push prices up.

For the latest news & info follow @mjseafood

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.