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Mississippi MarketMaker

Vol. 12, No.3 / Impacts of the Global Pandemic on Prices of Catfish Products In U.S. Domestic Markets

Abstract

  • In this issue, Dr. Posadas presents the nominal retail and wholesale prices of catfish products traded in the U.S. markets from January 2018 to January 2022.
  • Mississippi produces more than one-half of the farm-raised North American catfish in the United States.
  • This presentation compares nominal catfish prices by time period, type of product, size, market level, and country of origin.
  • Fresh, smaller, and U.S. domestic South catfish fillets are sold at higher prices than frozen, bigger, and imported catfish fillets.
  • Higher catfish prices were observed during the latter part of the pandemic.

Introduction

  • Fresh and frozen seafood sales in the U.S. expanded during the pandemic period.
  • Fresh seafood sales in 2021 rose 4% compared to 2020 and 30.8% versus 2019, reaching $7.1 billion.
  • Frozen seafood sales in 2021 rose 2.8% compared to 2020 and 40.8% versus 2019, reach $7.2 billion.
  • Source.

Methods

  • Nominal prices are in $/lb. Not yet deflated.
  • Time period covers before and during the Covid-19 pandemic, which started in March 2020.
  • Catfish fillets include 3-5, 5-7, 7-9, and 9-11 oz. 
  • Market levels include wholesale vs. retail.
  • Country of origin includes USA, China, and Vietnam.
  • Type of product is fresh or frozen.
  • Source of raw price data: Urner Barry Comtell 

Catfish Products

  • In Mississippi, the processing of catfish products generates about 100 million pounds of by-products.
  • Experimental results of seafood scientists at Mississippi Agricultural and Experiment Station showed that catfish heads and frames could be transformed into fish mince.
  • Catfish byproducts can be processed into fish meal.
  • Some of these byproducts are disposed at landfills.
Figure 1
  • In this issue, catfish products included the following:
    • Catfish fillets: 3-5-oz, 5-7-oz, 7-9 oz, 9-11 oz.
    • Country of origin: Southern United States, China, and Vietnam.
    • Type of catfish products: fresh or frozen fillets.
Figure 2
  • The source of retail prices of catfish fillets prices is Urner Barry Comtell.
  • The nominal retail prices of catfish fillets were very volatile during the pandemic.
  • The overall trend of the nominal catfish retail prices tends to be moving upwards but very erratic along the way.
Figure 3
  • The source of wholesale prices of catfish fillets is Urner Barry Comtell.
  • The average wholesale prices of 3-5 oz fresh and frozen catfish fillets were relatively flat before the pandemic.
  • The average wholesale prices of 3-5 oz catfish fillets jumped to higher levels later during the pandemic.
  • The average wholesale prices of fresh 3-5 oz catfish fillets were higher than the frozen 3-5 oz catfish fillets before the pandemic.
  • However, later during the pandemic, frozen 3-5 oz catfish fillets became more expensive.
Figure 4
  • The source of wholesale prices of catfish fillets is Urner Barry Comtell.
  • Fresh 5-7 oz domestic catfish fillets were sold at higher prices than the frozen 5-7 oz fillets, except between Oct. 2019 and Sep. 2020.
  • The price gap between fresh and frozen 5-7 oz fillets significantly contracted starting in Nov. 2020.
Figure 5
  • The source of wholesale prices of catfish fillets is Urner Barry Comtell.
  • Fresh 7-9 oz domestic catfish fillets were sold at higher prices than the frozen 7-9 oz fillets before and early pandemic.
  • However, relative nominal wholesale prices of 7-9 oz fillets shifted starting in Mar. 2021.
Figure 6
  • The source of wholesale prices of catfish fillets is Urner Barry Comtell.
  • Fresh 9-11 oz domestic catfish fillets were sold at higher prices than the frozen 9-11 oz fillets before and during the pandemic.
Figure 7
  • The source of wholesale prices of catfish fillets is Urner Barry Comtell.
  • The nominal wholesale prices of domestic catfish fillets varied by fillet size.
  • Smaller domestic catfish fillets tend to be more expensive than the larger domestic catfish fillets.
  • Wholesale prices of domestic catfish fillets rose starting Feb. 2021, except the 5-7 oz fillets.
Figure 8
  • The source of wholesale prices of catfish fillets is Urner Barry Comtell.
  • The nominal wholesale prices of frozen 3-5 oz catfish fillets varied by country of origin.
  • Catfish wholesale prices rose during the latter part of the pandemic.
  • The increase in prices started at different months.
  • Wholesale prices of domestic catfish fillets were higher than those coming from China and Vietnam.
  • Wholesale prices of Vietnamese Swai fillets were the lowest.
Figure 9
  • The source of wholesale prices of catfish fillets is Urner Barry Comtell.
  • The nominal wholesale prices of frozen 5-7 oz catfish fillets varied by country of origin.
  • Catfish wholesale prices rose during the latter part of the pandemic.
  • The increase in prices started at different months.
  • Wholesale prices of domestic catfish fillets were mostly higher than those coming from China and Vietnam.
  • Wholesale prices of Vietnamese Swai fillets were the lowest.
Figure 10
  • The source of wholesale prices of catfish fillets is Urner Barry Comtell.
  • The nominal wholesale prices of frozen 7-9 oz catfish fillets varied by country of origin.
  • Catfish wholesale prices rose during the latter part of the pandemic.
  • The increase in prices started at different months.
  • Wholesale prices of domestic catfish fillets were mostly higher than those coming from China and Vietnam.
  • Wholesale prices of Vietnamese catfish fillets were the lowest.
Figure 12
  • The source of wholesale prices of catfish fillets is Urner Barry Comtell.
  • The nominal wholesale prices of frozen 9-11 oz catfish fillets varied by country of origin.
  • Catfish wholesale prices rose during the latter part of the pandemic. The increase in prices started at different months.
  • Wholesale prices of domestic catfish fillets were higher than those coming from China and Vietnam.
  • Wholesale prices of Vietnamese catfish fillets were the lowest.
Figure 12
  • The source of wholesale prices of catfish fillets is Urner Barry Comtell.
  • The nominal wholesale prices of Vietnamese Swai fillets initially varied by fillet size.
  • However, the nominal wholesale price unified as one price starting Oct. 2019.
Figure 13
  • The source of wholesale prices of catfish fillets is Urner Barry Comtell.
  • The nominal wholesale prices of Chinese catfish fillets varied by fillet size.
  • There were only two wholesale prices for the large- and small-size catfish fillets from China.
  • The nominal wholesale prices of 3-5, 5-7, and 7-9 oz fillets unified as one price during the entire period.
  • The nominal wholesale prices of 9-11 oz catfish fillets were lower than the other three fillet sizes.

My Economic Outreach on Seafood Marketing and Prices

  1. Posadas, Benedict C. Impacts of the Global Pandemic on Prices of Catfish Products in U.S. Domestic Markets. Mississippi MarketMaker Newsletter, Vol. 12, No. 3. (April 6, 2022.)  .
  2. Posadas, B.C. Price Outlook of U.S. Catfish Products. Mississippi State University, Coastal Research and Extension Center, Virtual Presentation. (April 5, 2022).
  3. Posadas, B.C. Impacts of the Global Pandemic on Prices of Major Mississippi Seafood Products. Mississippi MarketMaker Newsletter, Vol. 12, No. 2. (February 25, 2022). 
  4. Posadas, B.C. Price Outlook of Mississippi Seafood Products. Producer Advisory Council Meeting. Poster presentation. Mississippi State University, Coastal Research and Extension Center, Biloxi, Mississippi. (February 24, 2022).
  5. Posadas, B.C. Price Outlook of Mississippi Seafood Products. Mississippi State University, Coastal Research and Extension Center, Virtual Presentation. (February 4, 2022).
  6. Posadas, B.C. Economic Impacts of the Global Covid-19 Pandemic on U.S. Retail Prices of Selected Shellfish Species. Mississippi MarketMaker Newsletter, Vol. 11, No. 1. (January 6, 2021). 
  7. Posadas, B.C. Economic Impacts of the Global Covid-19 Pandemic on U.S. Retail Prices of Selected Shellfish Species," Mississippi State University, Coastal Research and Extension Center, Virtual Presentation. (January 5, 2021).
  8. Posadas, B.C. Economic Impacts of the Global Covid-19 Pandemic on U.S. Retail Prices of Selected Fish Species. Mississippi MarketMaker Newsletter, Vol. 10, No. 11. (December 8, 2020). 
  9. Posadas, B.C. Economic Impacts of the Global Covid-19 Pandemic on U.S. Retail Prices of Selected Fish Species," Mississippi State University, Coastal Research and Extension Center, Virtual Presentation. (December 8, 2020).

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Vol. 12, No.3 / Impacts of the Global Pandemic on Prices of Catfish Products In U.S. Domestic Markets

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Mississippi State University Extension 130 Bost Drive Mississippi State MS 39762

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