Tuna prices have topped $1,000/tonne due to continued poor fishing in the three main areas - the Indian Ocean, Western and Eastern Tropical Pacific.
Sources in Bangkok forecast the rise to continue, which will result in higher retail prices across Europe.
Some of the increase is blamed on fuel costs, but the scarcity of fish is the main problem. February/March is the main period for negotiating summer promotions, but with the threat of even higher fish costs, factories are wary of giving forward prices.
The market is firming faster than any previous year, and may well go over the record price reached in 2004 of $1,200/tonne.
A promotional switch to pink salmon could be an option since US canners are expected to have another good pack, adding to carryover stocks of 213g cans packed last season.
Thank you, Britain
Support from the UK has boosted attempts by the Philippines to gain lower duty concessions from Brussels for tuna, said trade and industry minister Manuel Roas.
“The UK’s support will be of great help in convincing other EU members that there is a genuine case to help promote the sale of tuna in Europe.”
Spain and France are opposed to any further reduction to safeguard their own industries in former colonies.
Facts of the Mato
Brazil is expected to resume exports of fresh and frozen beef to Russia and Chile following a ban due to the foot and mouth outbreak in the Mato Grosso do Sul region. Brussels vets will give an opinion on export safety in due course.
Corned beef processors are warning of price increases when shipments are resumed as demand for raw material soars.
Argentina now has foot and mouth in Corrientes province. But any ban will have little effect on corned beef prices, as Argentina has been priced out of the market for months.