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Virus Makes Lobsters So Cheap That Sellers Face a Fatal Blow
By Jen Skerritt
March 6, 2020, 3:56 AM GMT+7
Lobster Flights
Canada typically sent about nine charter flights a week, with a total of 1.5 million pounds of the shellfish, from Nova Scotia to South Korea and mainland China for everything from restaurants and markets to business meetings and weddings.
But as restrictions were placed on the borders of Asian nations including China to contain the spread of the virus, Canadian product began flooding the U.S. market. That pushed prices lower, said Liz Cuozzo, seafood market reporter at research company Urner Barry, which has been tracking food prices since 1858.
Prices for New England halves -- a whole lobster weighing 1.5 pounds -- have tumbled 17% since Jan. 20 and are currently at $8.10, the lowest for the period since at least 2016, she said. They typically rise this time of year as supplies are tighter before the main fishing season begins. Last year, they cost $10.70, with the 10-year-average at $9.85.
Demand for live Canadian lobster has dwindled to 5% of normal volumes since the Chinese New Year when restaurants started canceling reservations and people stayed home, said Stewart Lamont, managing director of Tangier Lobster Company in Nova Scotia.
Inventory Swellslimitedvirus spreads
By Jen Skerritt
March 6, 2020, 3:56 AM GMT+7
Lobster Flights
Canada typically sent about nine charter flights a week, with a total of 1.5 million pounds of the shellfish, from Nova Scotia to South Korea and mainland China for everything from restaurants and markets to business meetings and weddings.
But as restrictions were placed on the borders of Asian nations including China to contain the spread of the virus, Canadian product began flooding the U.S. market. That pushed prices lower, said Liz Cuozzo, seafood market reporter at research company Urner Barry, which has been tracking food prices since 1858.
Prices for New England halves -- a whole lobster weighing 1.5 pounds -- have tumbled 17% since Jan. 20 and are currently at $8.10, the lowest for the period since at least 2016, she said. They typically rise this time of year as supplies are tighter before the main fishing season begins. Last year, they cost $10.70, with the 10-year-average at $9.85.
Demand for live Canadian lobster has dwindled to 5% of normal volumes since the Chinese New Year when restaurants started canceling reservations and people stayed home, said Stewart Lamont, managing director of Tangier Lobster Company in Nova Scotia.
Inventory Swellslimitedvirus spreads
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