Fishmeal prices soften on a restored Peruvian catch
We usually take pride in making predictions that are correct but half of all wisdom comes from humility. In our last fishmeal report several months ago, we anticipated that Peru's ban mid-way through the early year fishing season could make prices skyrocket.
Instead, a coincidence of circumstance made fishmeal prices visibly soften. Below, we examine the conditions that led to this market break and what price and supply conditions aquaculture stakeholders can expect going forward.
Peru accounts for over half of the fishmeal caught by the top five producers and over half of world fishmeal exports. Hence, the Peruvian catch drives the market more than any other supply-side factor. According to the International Fishmeal and Fish Oil Organisation (IFFO), from 2006 to 2010, Peru caught an average of 669.8 thousand tonnes of anchovy during in the January to April fishing period.