Note on New Minimum Crab Price
May 19, 2022
As a result of the change in minimum crab pricing announced on May 16th and the currency provision in the pricing agreement, the revised minimum price for crab is currently $6.22/lb.
As agreed to by the parties, the baseline currency exchange rate was 1.250054 at the start of the season. The minimum price changes either up or down by 7 cents for every 2.5 cent shift in baseline US-CAD exchange rate.
For the week of May 15th, the currency exchange rate was calculated at 1.29683. This produces a 7 cent addition over the base minimum price.
Therefore, the minimum pricing for this week is:
May 15 12:01am – Monday May 16 4:00pm = 7.67
May 16 4:01pm – end of week = $6.22