MARCH 2016
WHEN IS THE LOBSTER MEAT MARKET GOING TO DROP?
CK, TCK and CKL have been at all-time highs, 50% ABOVE their highest prices ever recorded.
This is fueled by a large scale increase in demand for lobster meat in the US food service market.
Lobster is now on the menu in 34% of all full service, midscale and casual dining restaurants, and
55% of all fine dining restaurants in the US. Expansion of the food truck lobster roll concept has
gone national. It is no longer a New England regional item. Limited service concepts such as
Luke Lobster have enjoyed rapid expansion, focusing primarily on cooked lobster meat as a sales
driver. There has been significant expansion of demand for lobster products in Europe and Asia.
The imbalance of demand has pushed lobster meat pricing to historic highs while lobster tails
remained at historic norms.
WHAT IS GOING TO HAPPEN WHEN MOST OF CANADA OPENS
FOR LOBSTERING IN THE LAST WEEK OF APRIL?
With record warm winter temperatures throughout New England and the Canadian Maritime
Provinces, live lobsters are going to be much more active on the ocean floor than last year. This
means that catches should be higher right from the start of the season. Another positive development towards lower lobster prices is the new labor policy. Last year the percentage of freight
workers in each plant was restricted but those restrictions have been lifted for this summer. So
each plants’ capacity to produce picked lobster meat should be greater than last year.
Since the lobster processing business is an equation that a lobster is equal to the sum of its parts,
picked lobster meat prices will continue to subsidize the glut of lobster tails on the market. You
see for every pound of CK you get TWO POUNDS of lobster tails. Currently all major producers
are hung on major inventories of lobster tails. So much so the banks are unwilling to lend many
processing houses any money until they
liquidate some of their inventory on tails.
In 2015, Lobster Meat exceeded historic highs and
Conventional wisdom would dictate that
continued to climb, pushed by heavy demand. Lobster
the price of lobster meat would be based on
tails remained within normal range.
the price of live lobsters but that's not the
case now. Yes, raw material prices (live
lobster) has been high over the last 12
months but the excess demand for picked
lobster meat has thrown the equation all
out of whack. In the rush to satisfy their
orders for CK, producers have frozen more
lobster tails than they could sell. Look for
tail prices to fall even more this summer.
Lobster tails will be the real value in 2016.
The following chart summarizes some of
the different aspects of the lobster industry.
WHY ARE SALMON PRICES
JUMPING DRAMATICALLY
GREAT WICOMICO OYSTERS
El Nino this year has had profound effects
throughout the seafood industry. El Nino is a
phenomenon of unusually warm ocean
temperatures in the Equatorial Pacific,
occurring irregularly every two to seven
years. The warm temperatures have caused
massive algal blooms in the salmon growing
regions of Chile. Problems arise when the
algae die and the decomposition of the algae
create zero dissolved oxygen areas (dead
zones). Farmed Atlantic salmon mortality has
been massive, 24 million fish so far,
representing 15 percent of Chile's production. Chile is the world's second largest
producer of farmed salmon, right behind
Norway, accounting for approximately 33%
of all farmed salmon imported annually.
Chile's salmon problems don't end there.
Juvenile salmon (smolts) are scheduled to be
"seeded" (transferred from the mountain
lakes to the ocean cages) very soon. These
fish will be of harvestable size in late 2017.
So as the seafood industry is the classic case
of the law of supply and demand, Chile's
15% reduction in supply will cause an
immediate increase in price next week.
Supply disruption will last at least 90 days.
The next generation of fish should start to
come on line after that. Hopefully, things will
return to "normal" soon after.
Pan Seared Royal Bass with Shiitake
and Asparagus Tips Ragout
Recipe from David Fye, Corporate Chef
Serves 2
Ingredients:
2-6 oz. Filet Royal Bass, Skin Scored
Salt and Pepper to taste
1 Tbs Olive Oil
Directions:
1) Lay fish on paper towel and make sure it is dry.
2) Heat medium size fry pan to medium high heat.
3) Season fish on both sides.
4) Sear fish, skin side down, for 3-4 minutes until skin is
crispy and golden brown.
5) Flip over and cook appox. 2-3 minutes more, until done.
6) Pour ragout onto plates and place fish crispy skin side
up on top.
Ragout Ingredients:
1/2 Tbs Olive Oil
1 Clove Garlic, Minced
2/3 Cup Shiitake Mushrooms, Stems Removed, Cleaned
and Sliced
1/2 Cup Chicken Stock
1/4 Cup White Wine
1/2 TSP Fresh Thyme, Chopped
1 TBS Minced Chives
2/3 Cup Asparagus Tips
4 TBS Butter, Unsalted Chilled and cut into small chunks
Directions:
1) In a large fry pan heat oil to medium high heat.
2) Add garlic, thyme and mushrooms and sear for 3
minutes.
3) Bring wine and chicken stock to rolling boil, add
asparagus and cook until liquid is reduced by half.
4) Whisk 1 cube of butter until incorporated. Repeat
process until all butter is used.
5) Add chives and season with salt & pepper to taste.
*NOTE: Make Ragout and set aside before you cook
Royal Bass
CONGRESSIONAL IS
NOW ACCEPTING
BLUECART ORDERS !
BlueCart is a free app that saves
restaurants hours by allowing them
to place all their orders to all their
suppliers in one click.
With BlueCart, you can place orders
to not only Congressional, but also
your alcohol supplier, paper supplier,
produce supplier, and more--all in one
click. Since BlueCart is free for both
buyers and suppliers, we are now
inviting all our restaurants to join
the platform.
Many Congressional customers are
already using BlueCart.
To get started yourself, simply let
your Congressional sales rep know
you'd like to use BlueCart, or
email [email protected]
for more information.
ORDERING MADE SIMPLE
www.bluecart.com.
CALENDAR
2016
March
Virginia Food & Beverage Expo
Wednesday, March 23
Good Friday
Friday, March 25
Easter
Sunday, March 27
National Clams on The Half Shell Day
Thursday, March 31
April
Blue Crab Season Begins
April Fool’s Day
Friday, April 1
Taste of the Nation
Monday, April 4
Earth Day
Friday, April 22
National Shrimp Scampi Day
Friday, April 29
Coming Up :
RAM Gala
May 1
NMSF Ocean Awards Gala
June 7
RAMMYS
June 12
IN SEASON

Albacore Tuna

Amberjack

Baramundi

Black Bass (RI)

Black Cod

Blue Catfish (VA)

Catfish, Cod (East Coast)

Crab (Venezuela)

Fluke (RI)

Halibut (East Coast)

Halibut (West Coast)
Year of Hire:

John Dory (Domestic)
2000

Mahi (South America)

Monk
Role at Congressional:
Sales

Oysters (Chesapeake)

Pollock
Favorite Fish:
Dover Sole, for its great flavor

Razor Clams

Sea Bass (Chilean)
Favorite Sport:
Kayaking

Shad

Snapper
Dream vacation:
Fishing in the Florida Keys

Striped Bass (Rockfish)

Sword (Domestic)

Tilapia

Tuna (Yellowfin)
Name of Employee:
Liam Forristal
Congressional Seafood Co.
March 2016 Newsletter
Produced by KSM Marketing
Contributing Writers: Tim Sughrue, David Fye
March 6 & 7 2016
ORP Names Congressional Seafood one
of their Top 10 Oyster Shell Recycling
Contributors in 2015!
The Oyster Recovery Partnership's Shell Recycling
Alliance (SRA) collected a record 26,000 bushels of
oyster shell from 300 member establishments in
2015, a number that reflects an accelerated
commitment by restaurants and other businesses
to restore the Chesapeake Bay oyster population.