Stormy seas in March drove Atlantic Canadian lobster prices sky-high, according to Scotiabank’s commodity price index released Monday.
The wholesale price at auction in Boston last month was US$9.97 per pound. That is the second-highest price recorded since the bank started tracking Atlantic Canadian lobster prices in January 1972. The record occurred in April 2007 at US$12.54 per pound.
“The reason turns out to be that the weather was quite stormy in the Atlantic in March and it kept fishing vessels from going fishing, essentially,” said Patricia Mohr, Scotiabank’s vice-president of economics and commodity market specialist.
“So the supplies tightened enormously.”
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