Weekly Seafood Report

Tim Sloan V.P. Sales & Marketing E.Frank Hopkins Co.,Inc. 215-468-9190 215-468-9189 Fax 215-588-8017 Cell Tsloan@hopkinsseafood.com

Tim Sloan
V.P. Sales & Marketing
E.Frank Hopkins Co.,Inc.
215-468-9190
215-468-9189 Fax
215-588-8017 Cell
Tsloan@hopkinsseafood.com

1) Are you promoting seafood this month? Take advantage of all the different tasting species & wonderful health benefits seafood has to offer to hook your customer.
2) Here are some Reasonably Priced Seafood Species to Menu or Feature: Salmon, Albacore Tuna, Mako Shark, Monkfish, Bluefish, Rainbow Trout, Lake Victoria Perch, Tilapia, Hake, Pollock, Mackerel, Skate, Squid, Clams, Mussels, Oysters, refresh Cod & Flounder & Ahi Tuna Steaks & most sizes of Shrimp.
3) According to a study by JP Morgan Chase, 25 million customers are spending 18% of their savings due to lower gas prices at restaurants & 10% on groceries.
4) SHRIMP-Prices for Farmed Whites from India have gotten so low that farmers & exporters are looking to set minimums for their product. Global farm raised shrimp production is expected to end 2015 down roughly 9% mainly due to farmers limiting 2nd half production due to falling prices. Meanwhile Ecuador’s processors are raising their prices on increased demand. The above information I had prepared before Hurricane Patricia came on the scene, what a difference a day makes. Hurricane Patricia became the strongest Pacific hurricane on record Thursday evening. The hurricane is forecasted to make landfall in Mexico Friday evening with winds reaching an unprecedented 200 mph. Prices started to climb today due to the expected catastrophic damages along the Mexican coast & then moving into Texas. Common belief is with the Mexican season just underway any damage to their infrastructure will cause an uptick in price for Mexican as well as domestic shrimp. Many customers look to secure product in November for the holidays & with 2 markets being negatively affected product may become scarce. My advice is to have the conversation with your customer & secure the product now. We have plenty of inventory currently but who knows how long that will last due to this unfortunate circumstance. Obviously our thoughts & prayers are with the people of these regions.
5) The quality & availability of our Long Line Fish (Locally Caught Swordfish, Mako Shark, Albacore Tuna & Imported Yellow fin Tuna) should be excellent due to the boats returning to the docks after fishing off the full moon that occurs on Tuesday Oct 27th.
6) Availability & variety of Live Oysters from both the Atlantic & Pacific sides of Canada has improved. It is expected to remain this way until mid-November when the beds start to ice over. Remember Aquaculture Raised Shellfish is very important to the entire Seafood Industry as they help clean the Bays & Oceans where they are raised. Popularity of Oysters is on the rise, they are offered on close to 10% of casual & fine dining restaurant’s menus. Oysters are very versatile & can be offered numerous ways, Raw for an Appetizer, used in Stews & Chowders, Breaded & Fried, Po-Boy Sandwich, etc… Remember to keep your shellfish tag for 90 days, if you are buying them Live. We offer roughly 40 different Oysters from the Atlantic & Pacific on a daily basis.
7) Farmed Salmon prices remain very favorable for food service operators due to high production levels. I expect it to remain an outstanding value in the 4th Quarter.
8) The Central & Western Hawaiian Big Eye Tuna Fisheries has reopened after closing for 2 months for sustainability reasons.
9) The 2014 Maine Lobster season was worth a record $460 million, higher asking prices in 2015 may surpass that record. Strong global demand, good fishery management & warmer water temperatures are the main reasons.
10) Estimates are that Total Global Seafood consumption will reach 230 Million Metric Tons in 2030. The question is how are we going to get there in a Sustainable, Eco-Friendly & Economically suitable way.
11) Crabmeat-we have plenty of our Bay Colony (Colossal down to Claw) from Indonesia & VIP (Colossal down to Lump) from Vietnam. Supplies & pricing of both remain steady.
12) Landings of Groundfish in New England are keeping up with current demand. Prices remain stable & product availability remains steady. At the Groundfish Forum expectations are for Pollock landings to slightly increase in the US in 2016.
13) The market for all forms of Chilean Sea Bass, (H&G, fillets & portions), remains virtually unchanged as replacement costs are up.

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