WEEK OF June 02, 2014
DEMAND is light to moderate at best. There isn’t a lot of market activity. Restaurants are starting to add lobsters to their menus because the price is reasonable to encourage market demand.
SUPPLY is adequate to more than adequate for the market demand. There are plenty of lobsters available. Most inventories are being maintained using local product and by bringing in Canadian fresh caughts from the Canadian areas that are open plus what is still available from Western Novi even though their season is now closed. Suppliers in Western Novi have not started to release their pounded product. Also, it has been reported that some Canadian areas have closed down their landings for a few days or have put “quotas” on their fishermen to allow the market to absorb what has been landed. It is reported that landings in these areas have been heavy. These areas are reported to be Cape Breton, the Eastern Shore of Novi, PEI and the North Shore of New Brunswick. This has not been confirmed. It apparently was done by the dealers and perhaps the Canadian DFO. Maine product is also available to the Boston market. Local landings have started to drop off. Very little offshore product has been landed.
QUALITY of the available product is still very good to excellent. Just about everything is shippable and hard shelled. Get them while you can!
PRICE should hold at current levels. There is no need to drop the price to fishermen at this time.
Demand, although not great is still at a reasonable level for the market. The quality is still at its’ peak. Local landings are not heavy and are starting to drop and the Canadian price delivered into Boston is still relatively high. All this should hold local boat prices steady.