Lobster glut keeps N.S. prices low
CBC News
Posted: Dec 5, 2012 2:47 PM AT
Last Updated: Dec 5, 2012 2:46 PM AT
Too much of good thing is plaguing Nova Scotia's lobster fishery.
Thousands of pounds of live lobster are sitting in crates floating in the holding bays at Newell Lobster in Yarmouth.
Fishermen have been hauling in a record harvest since the winter season began last week, but the large catches are flooding the market and driving down prices.
The glut has pushed down the price paid at the wharf. This week it sits at $3 a pound.
Captains said at that price, they can't even pay the bills, but a call for an industry shut down to force prices up drew little support on the wharf on Wednesday.
Plant supervisor Stephen Saulnier said both his workers and the market can't handle the catches from the first week of the season.
The plant is running 24 hours a day, with workers weighing and grading lobster for export. About 80 per cent of the catch ends up on tables in the Unites States.
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