February 25, 2014 — Strong markets and a weak Canadian dollar are tepidly raising hopes for a better lobster price this spring than last.
“Cautiously optimistic,” said Stewart Lamont, managing direc-tor of Tangier Lobster Co., of what the spring bodes for lobster prices.
For three years, Lamont’s company has been buying lobster at the wharf and flying them live to customers around the world. On Tuesday, they were sending lobster to Seoul, Las Vegas, Brussels, Winnipeg and Edmonton.
The price for lobster at the wharf on the South Shore was $7 a pound and the Canadian dollar was trading at 90 cents American.
“That’s like found money,” Lamont said of the exchange rate. “And analysts predict the Canadian dollar to continue its slide against the American.”
The strengthening greenback is a reflection of a perhaps haltingly rebounding American economy. More people with jobs in the industry’s largest market means more people might go out and celebrate a special moment with lobster.
Read the full story at The Chronicle Herald