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Higher losses for farmed salmonids confirmed in both Chile (Q1 2024) and Scotland (Q4 2023).

Harvest volumes in Norway first week of January 2024 starts at a slow-pace.

In our Weekly Salmon Outlook, our analysts gives you weekly updates and outlooks from the salmon industry.

Summary - Week 2, 2024:

Chilean losses due to algae bloom is revised up to 5 000 tonnes wfe for farmed salmonids in January 2024. Preliminary estimated split between the two species are 60-65 % for Atlantic salmon, and the residual for Coho. In addition, Chilean feed consumption in December 2023 is revised up by 2-3 000 tonnes. We currently don't expect mass mortality events in other regions in Chile but were final loss-count could increase another 2-3 000 tonnes (our best estimate).

Scottish losses in November was higher than envisage. In addition, confirmed feed consumption in Q3 2023 has been revised somewhat down this week. This corresponds to trend seen in export statistic - low sales i October 2023. Base case harvest scenario is therefore revised and adjusted down further for both 2024 and 2025 – incl. assumption of higher losses and lower average harvest weight (smolt yield).

On the Faroes, harvest in December 2023 ended marginally lower (-100 tonnes) compared to base case. Furthermore, feed consumption seems to end marginally higher. Stocking, however, in November 2023 is revised down and impact harvest potential in 2H 24/25 1H.

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