SEAFOODNEWS.COM by Michael Ramsingh — February 25, 2015 — New England live lobster prices are climbing this month with supplies short as ice has hampered Maine and Canadian fishing efforts in February.
Yesterday, live lobster boat prices reached $8 per pound traders told Urner Barry. These higher dock prices were reflected in yesterday's wholesale market, which climbed $1.00 per pound from last week's price for live half-pound Selects in New England. Since the start of the month Live Lobster prices are up nearly 30 percent. These are high historical prices for February.
Live lobster prices in New England shot up over 12 percent in trading this week according to Urner Barry.
Source: Urner Barry
Normally in late February Valentines day and Chinese New Year are passed, and demand is light. So traders said it was supply shortages rather than increase in demand that has sent the market higher this month.
Over the last three weeks winter weather has prevented fishing efforts in Maine and Canada. In New England, bitter cold weather and ice has shut lobstermen out of the fishery with boats frozen in their harbors.
Supply issues were also reported late last week when traders in Nova Scotia told Urner Barry they were holding off on stocking lobster pounds because of ice and cold temperatures.
The long range weather forecast does not show any break from the cold weather for at least another ten days.
This story originally appeared on Seafood.com, a subscription site. It is reprinted with permission.