Mintec Norwegian cod prices have been rising since May 2019, driven by strong demand amid limited supply as a result of reduced quotas. Norwegian cod catches continue to fall, with about 243,850 tonnes of cod estimated to have been caught until the first week of July 2019. This is 33,540 tonnes less cod compared to the corresponding period last year, down 12% y-o-y.
Norway’s harvest is likely to be lower this year, with expectations for fishing to end earlier than 2018. Moreover, the European Commission (EC) has in July banned cod fishing for most of the Baltic Sea until the end of the year, due to stocks being in danger. Therefore, global cod prices are likely to be further supported as cod availability continues to reduce.
From weather to political, all the factors impacting the cod market have been analysed to provide a market outlook for the next three months. Mintec’s market outlooks (schedule) provide insights on factors shaping the market dynamics of various commodities, providing the opportunity for market participants to stay ahead of factors that will impact procurement decisions. Please visit our Mintec Analytics platform to find out more.