June 25, 2019 — Spot prices for Norwegian farmed salmon continue to come down, according to the latest update from SpareBank 1 Markets’ Tore Tonseth, though he is more bullish on the longer-term outlook.
For this week coming — week 26 of 2019 — should see average prices come down to NOK 54-57 per kilogram, from NOK 59-62/kg, he wrote.
“Spot prices going into a new week seem to have fallen further, and we are currently talking about prices in the NOK mid-50s. The large volatility in price seen over the past few weeks has probably created some uncertainty in the market, and combined with higher volumes, the spot price has been pushed further down.”
Predicting salmon prices from one week to the next is difficult at the moment, he said, but biomass numbers in Norway show very little harvest growth potential in the coming few months.
“Our base case continues to be spot prices in the low-mid NOK 60s in the next two or three months, which means that we expect prices to recover relatively soon.”