Low lobster prices keep concerns high

The 2012 season with its excess inventory and resulting low prices has been a reminder for the North American lobster industry that yes, you can have too much of a good thing.

As much as diners love lobster and relish an abundant supply, those who catch and distribute it are struggling to come to terms with this summer’s supply glut and what it means for their businesses.

The reason for this year’s banner catch goes back to last winter’s mild weather, says Tom Adams, president of Maine Coast, a seafood distributor in York, Maine. The higher-than-average temperatures kept the water warmer and influenced when lobsters began shedding their shells.

“Usually we don’t see shedders until July,” he says, but this year lobsters began molting in late May, about four to six weeks early.

Additionally, says Adams, those same mild temperatures influenced the Canadian catch, raising harvest numbers in late spring and contributing to the glut.

Prices fell as a result, with U.S. fisherman getting on average about USD 2.25 a pound, he says, though some claimed boat prices were as low as USD 1.70. Adams pays between USD 2.50 and USD 3 a pound, and then has to grade the catch to find what is shippable.

Click here to read the full story, which ran in the September issue of SeaFood Business >

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