The lobster industry was in crisis, as calls were being made July 3-10 for the Lobster Market Report. The crisis resulted from unexpectedly high and earlier than expected catches in Canada and the US, with no comparable surge in demand.
Besides more product being on the market than usual, US fishermen were paid prices they said were too low. But as long as dealers bought their enormous catches, they continued to fish even harder to offset the low price; their catches continued to flood the market, and, rather than helping raise the price, fishermen worked against their own best interest by helping to lower the price
Read the rest and much, much more in the August issue of Commercial Fisheries News.
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