Aquatic / Fishing
- Producers are seeing some of the highest demand in a long time. Not just in the fresh (live) lobster market but particularly the processed/prepared product market.
- This demand is leading to record high prices, price per pound new shell lobsters is around $7.25-10.50/lb., depending on size and location, a historically high level.
- Shedders/soft shells will emerge fairly soon which will likely start bringing prices down, but at the current price level even the normal expected seasonal drop will keep prices high through the summer
- Lobster roll shortages are real if food vendors are unable or unwilling to adjust pricing to meet the higher price of raw product, this has drawn some media attention.
- If price levels are sustained throughout the season this should lead to good earnings for producers even with rising expenses such as fuel and bait.
- Scallop pricing is off the charts at 52-week highs for all sizes. Open Days-At-Sea are the same as the last fishing FY but there was a reduction in lbs. for the closed areas. Prices have climbed due to high restaurant demand after COVID restrictions were lifted.
- Pricing is higher 18% across the board year-over-year.
- In our territory, these producers are highly dependent on foodservice sales and thus have suffered due to COVID-related restaurant closures. Restaurant sales are beginning to come back, but slowly.