Minimum shrimp prices reach new highs

On June 21st, the Panel selected the FFAW minimum summer shrimp price submission of $1.64 per pound. The ASP submission was $1.35. As the Panel noted at the hearing, the value of the difference of the two prices was $19 million, and the FFAW managed to secure that amount for its harvesters.

This summer’s price is 88% higher than the 2014 shrimp price and 17% higher than the spring 2015 price.

While the price is high, it is supported by, and in-line with, the market. Shrimp prices have been high for more than year, covering times of high supply and low supply. Harvesters need to benefit from market gains. That is an issue of fundamental fairness that the FFAW stands behind.

The minimum 2015 summer shrimp price is also more agreement with the prices paid on the wharf. The discrepancy between wharf prices and minimum prices has been an ongoing issue because wharf prices are inconsistently paid and benefit some more than others. For summer shrimp, the FFAW thought it imperative to secure a minimum price that would help level the playing field between those that receive higher wharf prices and those that may not.