Pink salmon futures traded at Saint Petersburg Stock Exchange
At the beginning of April, two lots of 1000 tons each of Kamchatka pink salmon from the first catches of the future summer season have been put up for sale at the Saint Petersburg Stock Exchange. The terms of the transaction are to be fixed by a forward contract with deferred delivery and payment adjustment according to the market situation in the future, reports Megafishnet.com.
According to the auction organizer JSC "Far Eastern Auction Fish House" (DARD), at the conclusion of the transaction, a forward contract will be signed, which involves the delayed delivery of the goods and payment in two stages with the adjustment of the amount of the second payment. The lots are follows:
* Lot # 1: 1000 tons of pink salmon, delivery basis Arkhangelsk (delivery from Kamchatka by the Northern Sea Route), price 175 rubles/kg, delivery time August 2021.
* Lot # 2: 1000 tons of pink salmon, delivery basis Petropavlovsk-Kamchatsky, price 135 rubles/kg, delivery time July 2021.
The seller company Koryakmoreproduct expects to use the funds received from the sale of the future catch to prepare for the upcoming season. In addition, the funds will be instrumental in completing the construction of a second fish processing plant in Kamchatka.
The most difficult issue for the fishermen was the pricing as it is very difficult to predict anything in the fish market.
The first forward transaction for the sale of fish at the St. Petersburg Stock Exchange (BSP) was concluded in July 2019. The buyer received 1000 tons of Kamchatka pink salmon in August. The payment was made in two stages, and the final price was reduced taking into account the actual market situation.
At the beginning of April current, the list of lots for sale on the stock exchange apart from pink salmon includes frozen pollock (several lots with a total volume of about 400 tons), yellowfin flounder (150 tons), Greenlandic shrimp (about 180 tons), as well as canned fish in the assortment, Omega-3 fish oil and other fish products.
The Far Eastern Fish Auction House has been organizing auctions of seafood at the exchange for 7 years. Buyers of Russian fish are both domestic and foreign companies.