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Crab Prices 2019

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Crab Prices 2019

The Standing Fish Price Setting Panel announced their decision on the reconsideration for snow crab, siding with the FFAW Snow Crab Negotiating Committee’s price of $5.07.

The price is a $0.17 increase from the Panel’s last decision of $4.90. The price is effective as of 12:01am on Thursday, Jane 6.

DateExchange RatePrice
April 8, 20191.33509$5.38
April 15, 20191.33433$5.38
April 22, 20191.33606$5.38
April 29, 20191.34328$5.38
May 6, 20191.34397$5.38
May 13, 20191.345047$5.38
 May 20, 20191.34526$4.90
May 27, 20191.34404$4.90
June 3, 20191.34886$4.90
June 10, 20191.33988$5.07
June 17, 20191.33162$5.07
June 24, 20191.33147$5.07
July 1, 2019
July 8, 2019
July 15, 2019
July 22, 2019
July 29, 2019

How the Currency Provision is Applied

In 2019, the currency provision will be applied on a going forward basis. What this means is that harvesters will know the exact minimum price at the beginning of the week in which they are fishing.

Example:

  • Harvester X is fishing the week of April 14th (Sunday) to the 20th(Saturday).
  • By noon, Monday, April 15th, the US-CAD exchange rate will be set by the FFAW and ASP using the average exchange rate of the previous week. The average exchange rate for the week of April 7-13 will set the minimum price for April 14-20.

Any changes to the US-CAD exchange rate during a particular week would not apply to the minimum price for crab caught during that week. Those changes would be reflected in the minimum snow crab price for the following week. This was requested from harvesters who felt it far better to know the minimum price before landing their catch.

However, any crab landed on a Sunday will be paid according to the minimum price set by noon on Monday, the next day.

How the Currency Provision is Calculated

The minimum snow crab price can fluctuate according to changes in the US-CAD exchange rate. The exchange rate is calculated on a weekly basis, with the week composing of Sunday to Saturday.

The average exchange for a week (e.g. April 7-13) is applied to the following week (April 14-20).

The minimum price will change either up or down by 7 cents for every 2.5 cent shift in the baseline US-CAD exchange rage.

The baseline US-CAD exchange rate will be set by noon on Monday April thth by using the average exchange rate for the week of March 31 to April 6, 2019.

The baseline Exchange rate is 1.335069 and the baseline Minimum Price is $5.38

Dr. Erin Carruthers

Dr. Erin Carruthers is the Science Director and Senior Fisheries Scientist with the Fish, Food and Allied Workers Union (FFAW-Unifor), which is the labour union that represents the owner-operator fleet in Newfoundland and Labrador. The FFAW is committed to research and management that supports healthy oceans, fisheries, and coastal communities. Dr. Carruthers received her Ph. D. in Biology from Memorial University in 2011 followed by a postdoctoral fellowship with the Centre for Fisheries Ecosystems Research. Before coming to Newfoundland, Erin worked as a Research Biologist with Fisheries and Oceans Canada at the St. Andrews Biological Station. Her current research program is co-constructed with fish harvesters and includes research on coastal fishing communities, collaborative longline and trap surveys, and best practices for the avoidance, handling and release of unwanted catch.