The Standing Fish Price Setting Panel announced their decision on the reconsideration for snow crab, siding with the ASP’s price of $6.15/lb.
The price is effective May 16th at 4pm.
Currency Provision for 2022
|Effective Date (Monday-Sunday)||Exchange Rate||Price to Harvester|
In 2022, 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 10th (Sunday) to the 17th (Saturday).
- By noon, Monday, April 11th, 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 3-9 will set the minimum price for April 10-17.
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 1.250054 and the new Minimum Price is $6.15.