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 $7.60/lb.
The price is effective April 26th.
Currency Provision for 2021
|Effective Date (Monday-Sunday)||Exchange Rate||Price to Harvester|
|April 11, 2021||1.256548||$5.73|
|April 26, 2021||1.251211||$7.60|
|May 3, 2021||1.236549||$7.60|
|May 10, 2021||1.223994||$7.53|
|May 24, 2021||1.208185||$7.46|
|May 31, 2021||1.207508||$7.46|
|June 14, 2021||1.2106||$7.53|
|July 13, 2021||1.2429||$7.60|
In 2021, 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
- 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 12th by using the average exchange rate for the week of April 4-10, 2020.
The baseline Exchange rate is 1.258273 and the baseline Minimum Price is $7.60