GSMC: Strengthening US dollar means more competition among proteins
The U.S. dollar is expected to stay strong in 2016, but with that comes mroe growth domestically and, in turn, more competition among seafood and other proteins.
During a keynote at the Global Seafood Marketing Conference in Miami, Wells Fargo VP, Ag Economist Michael Swanson and Icicle CEO Chris Ruettgers discussed how the strengthening dollar will impact seafood.
Speakers reviewed outlooks for competing proteins like poultry, dairy, and beef. Competing proteins tend to respond slower to the higher dollar, they said.
However, as proteins will without a doubt flood the US market, domestic growth won't absorb the loss of export growth. In turn, seafood will once again see itself up against familiar competing proteins and could experience headaches in 2016.