P.E.I. lobster fishers seeing low prices despite strong catches
With only a few weeks left in lobster season on Prince Edward Island, fishers are seeing lower prices.
New London, P.E.I., lobster harvester Peter Pidgeon said harvesters were hearing about the big prices in Nova Scotia and getting excited for the season.
“All winter we were hearing big prices in Nova Scotia and you’re kind of like a kid in a candy store. Your eyes get a little bigger as you start to think, 'Well this could be a big year price wise and hopefully catch wise,'” Pidgeon said in an interview with CTV’s Josh Smith on Friday.
Pidgeon said prices are currently sitting a little lower.
“We’re at $6.25 a pound and $6.50 a pound right now,” he said.
Nat Richard, the executive director of the Lobster Processors Association, said the association is in the midst of the largest catch year ever in Canada.
“The cost to hold inventory just went through the roof. That’s always a concern when you have an imbalance in terms of the supply and demand picture and that’s very much what we are dealing with this year,” he said.
Richard said he understands harvesters want to get the maximum price of their catch.
“We're paying our harvesters every week. As processors, we're buying millions of dollars in lobster every week in the hopes that we can sell it over the coming months at a certain price. So there is fair amount of risk involved in that.”
“It is what it is and we need marketing people, we need people to buy our lobster,” said Pidgeon. “Not everyone can come to P.E.I. and get a lobster from a fisherman.”
With files from CTV's Josh Smith.
For more Prince Edward Island news visit our dedicated provincial page.
CTVNews.ca Top Stories
EXCLUSIVE Canadian lawyers play key role in money laundering, says financial intelligence report
A report by Canada's financial watchdog obtained by the Investigative Journalism Foundation working in collaboration with CTV News looked at Canadian lawyers' potential role in money laundering schemes, including those by organized crime groups like biker gangs and drug cartels.
Biden, Trump square off tonight in first U.S. presidential debate
Joe Biden and Donald Trump are preparing to square off in their first presidential debate of the campaign tonight as the tight race for leadership of the United States begins to ramp up.
How to watch the Trump-Biden CNN Presidential Debate
U.S. President Joe Biden and presumptive Republican nominee Donald Trump will go head-to-head on Thursday, June 27 in the first-ever debate between a sitting and former U.S. president. Here's how to watch the CNN Presidential Debate, follow along in a live chat with expert analysis on CTVNews.ca, and CTV News Channel's pre- and post-debate specials.
Genes known to increase the risk of Alzheimer's may actually be an inherited form of the disorder, researchers say
Alzheimer’s disease may be inherited more often than previously known, according to a new study that paints a clearer picture of a gene long known to be linked to the common form of dementia.
WATCH Massive sinkhole swallows soccer field in Illinois
A 30-metre-wide sinkhole, caused by a nearby mine collapsing, swallowed part of a soccer field in Alton, Ill., on Wednesday.
He flipped off a trooper and got charged. Now Vermont is on the hook for US$175,000
Vermont has agreed to pay US$175,000 to settle a lawsuit on behalf of a man who was charged with a crime for giving a state trooper the middle finger in 2018, the state chapter of the American Civil Liberties Union said Wednesday.
'Really disappointed': Painting at Winnipeg Art Gallery found to be a forgery
The Winnipeg Art Gallery- Qaumajuq recently discovered that one piece in its collection is a fake and part of a massive art forgery ring that included more than 1,500 pieces.
BREAKING Nunavut judge sentences Toronto woman to 3 years prison for Inuit identity fraud
A Nunavut judge has sentenced a Toronto woman to three years in prison in a case of Inuit identity fraud.
Calgary mayor pleads with residents to keep saving water as repairs progress
Calgary Mayor Jyoti Gondek issued a stern warning to residents on Thursday morning about curbing their water use, saying consumption levels have continued to creep up over the past several days.