Crab Prices 2023
On April 6 2023, the Standing Fish Price Setting Panel announced their decision on the 2023 minimum price for snow crab, siding with the ASP’s price of $2.20/lb.
On May 19, 2023, ASP and FFAW agreed to a price agreement which included price increases to the minimum price is certain UrnerBarry price levels were achieved.
Currency Provision for 2023
| Effective Date | Exchange Rate | Price to Harvester | |
| 09-Apr-23 | 1.34817 | $2.20 | |
| 16-Apr-23 | 1.343646 | $2.20 | |
| 23-Apr-23 | 1.344087 | $2.20 | |
| 30-Apr-23 | 1.358086 | $2.20 | |
| 07-May-23 | 1.353164 | $2.20 | |
| 14-May-23 | 1.342934 | $2.20 | |
| 21-May-23 | 1.349687 | $2.20 | |
| 28-May-23 | 1.3561 | $2.20 | |
| 04-Jun-23 | 1.35431 | $2.25 | **UrnerBarry 5-8 oz index reached $4.85 USD** |
| 11-Jun-23 | 1.338745 | $2.25 | |
| 18-Jun-23 | 1.329047 | $2.30 | **UrnerBarry 5-8 oz index reached $4.95 USD** |
| 25-Jun-23 | 1.31946 | $2.23 | **Currency has dropped more than 2.5 cents below base.** |
| 02-Jul-23 | 1.32127 | $2.23 | |
| 09-Jul-23 | 1.32745 | $2.30 | |
| 16-Jul-23 | 1.32194 | $2.23 | **Currency has dropped more than 2.5 cents below base.** |
| 23-Jul-23 | 1.3194 | $2.23 | |
| 30-Jul-23 | 1.32099 | $2.23 | |
| 06-Aug-23 | 1.33048 | $2.60 | **UrnerBarry 5-8 oz index reached $5.50 USD** |
| 13-Aug-23 | 1.34157 | $2.60 | |
| 20-Aug-23 | 1.35027 | $2.60 | |
| 27-Aug-23 | 1.35619 | $2.60 |
In 2023, 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.
How the Currency Provision is Applied
Example:
- Harvester X is fishing the week of April 16th (Sunday) to the 22th (Saturday).
- By noon, Monday, April 17th, 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 9-15 will set the minimum price for April 16-22.
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.
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 Exchange rate is 1.34817 and the Minimum Price is $2.20.