SNOW CRAB SERIES: UNDERSTANDING PRICING AND MARKETS [POST #1 of 3]

Over the next week, we will delve into the 2025 snow crab fishery – pricing in particular. We’ll talk about this year’s pricing structure and how it works, review crab export data, Urner Barry (UB) price quotes, and other factors at play during this season.

On April 10th, the Standing Fish Price-Setting Panel selected the FFAW crab price offer for the 2025 season. The components of the pricing structure are as follows:

Initial Start Price: The price paid to harvesters at the time of landing was set at $4.97. This was calculated at 40% of the UB price projections (NL snow crab was not being quoted on UB during negotiations or at the time of the Panel hearing). USD 8.75 (projected price) * 1.42 (exchange rate in the week prior to the hearing) = CAD 12.43 * 40% = $4.97 to harvesters.

Year-End Settlement: The final settlement price at the end of the year is based on how the market performs over the season and is based on sales receipts of all 5-8 oz sections, up to the end of October. Last year, the year end settlement was based only on sales of 5-8 oz sections to Boston, for three weeks after the fishery closed.

Another gain this year is that the percentage share to harvesters increases as the sales price increases, and ranges from 40% at the low end of the market, up to 48%. Last year, the share to harvesters was 38.5%, with no increase as the sales price increased (also referred to as a sliding scale).

Another important change this year is that crewmembers will be paid directly from the plant.

Additional Information:

Panel Decision on Crab: https://www.gov.nl.ca/ecc/fishpanel/pricing-decisions/