Alaska snow crab is already in short supply, and buyers are facing the same situation for the Canadian snow crab season, which starts in early April.
Because of the favorable exchange rate on the Japanese yen versus the U.S. dollar, Japanese buyers are contracting a large portion of the Alaska snow crab fishery this year, said buyers. “Japanese buyers are going to buy between 65 and 75 percent of the market. I got every major foodservice house in the country looking for [5- to 8-ounce sizes] and I have nothing to sell them,” said one buyer.
However, snow crab sizes are running large this year, with many in the 8-10 range. “Japanese buyers are taking mostly 5-8s. Buyers in the U.S. will have to look at 8s and higher,” says the buyer.
One buyer said he has never seen Alaska snow crab in such short supply. “It started with king crab. Russia finally clamped down on illegal fishing, then the resources got tight and prices skyrocketed,” said the buyer.
Frozen snow crab is selling for USD 6 to USD 6.15 a pound, f.o.b. West Coast, for 8s and larger sizes. Opilio crab is going for between USD 5.70 and USD 5.85 for 5-8s.
Meanwhile, Japanese buyers are already visiting eastern Canada, looking to contract Canadian snow crab earlier than uasual. The Canadian government is not expected to issue a quota for this year’s landings until later this month. “That is absurd — they never show up this early. It will be a very active season in Canada, which will put additional pressure on snow crabs for the U.S.,” said one buyer.
Newfoundland crab exports increased in 2010 to about 75.7 million pounds from 75.1 million pounds in 2009, according to a report from Fisheries and Oceans Canada.
