SEPTEMBER AT A GLANCE:
CURRENCY: The Sterling exchange rate is currently mostly driven by Brexit negotiations. There are growing concerns about a ‘no-deal’ outcome as the negotiations are entering the final stages and the uncertainty is keeping pressure on the relationship between the Pound and all the major currencies. The GBP to EUR rate is currently quoted at around 1.112, having been as high as 1.123 mid-August. The Pound to USD exchange rate had recently fallen to 1.267 but has managed to recover to 1.288. Against the Norwegian Kroner, GBP is currently trading down and is seen at around 10.74 NOK. (as of 23rd August 2018).
- The market is expected to see additional volume harvested as the Norwegian holiday season draws to an end in September.
- Global demand remains high and is likely to meet levels of supply negating any potential price reductions.
- Scottish supply remains extremely tight with UK retailers and export markets taking the majority of volume.
FRESH COD & HADDOCK
- We are now at the end of the quota season in Norway and Iceland, and the new Haddock and Cod quotas will start at the end September.
- This, combined with the holiday season in both countries will result in less fish being available and prices rising in September.
- It’s a good idea to use defrost or similar species as alternatives during this period.
FRESH FARMED SEA BASS & BREAM
- Continued steady supply of both species and majority of grades.
- Sea Bass over 1.5kg should start coming through in September.
- There are concerns regarding the unstable economic situation in Turkey and its direct impact on the Turkish Lira, which has recently hit an all-time low against the US Dollar.
- As a result, it may have an effect on Bass and Bream prices in the future.
FRESH TUNA & SWORDFISH
- Monsoon season will come to an end by the beginning of September, resulting in more boats being able to get out to sea and more fish being available from the Indian Ocean area.
- Prices should soften as a result of this.
OTHER FRESH FISH & SEAFOOD
- Crab – Prices are impacted by the continued low landings and high quayside prices, combined with the added pressure from inflated export prices, especially to China.
- Langoustines - Lower landings are predicted and pushing prices up.
- Lemon Sole - End of the summer season traditionally sees prices rising.
- Megrim – Significant pressure from export sales will push prices higher than the domestic market is willing to pay.
- Monkfish - Seasonal reduction in landings is expected, which will put pressure on price.
- As not many boats in Canada are out fishing, producers are already using stored supplies they would normally reserve for winter months.
- This is putting upward pressure on prices but Native Lobsters are in season and in plentiful supply.
CHILLED BLUE SWIMMING CRAB
- Blue Swimming Crab prices remain high due to poor weather in Indonesia earlier in the year, resulting in Crabs being smaller than usual and not large enough to harvest, which leads to a shortage of Crab meat in the market.
- Demand and price of claw meat has also increased as some US market users are trading down from the preferred, yet expensive, jumbo lump meat to standard claw meat.
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.