Cod Price Trends
Cod
Price movements
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Norway | Cod Atlantic, Frozen, Export World
Month-on-month Change
Year-on-year Change
Norway | Cod Frozen 1-2.5kg, Gutted Headless, Delivered
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France | Cod Fresh Headless 3-4kg, Import
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UK | Cod Atlantic 49-63cm, Avg Auction Price, Peterhead
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Market watch:
- Indicators confirm that a price downtrend is now in force. Cod prices remain in a significant bubble, which could continue to put downward pressure on prices.
- Additionally, the price is at a premium to salmon, a historically unusual dynamic that indicates this is unsustainable. This could trigger a substitution effect in favour of salmon, causing a price decline for cod.
Cod
Price forecast
Cod fzn 1-2.5kg del NO
- Cod prices have recently declined after reaching a record high of NOK 105.9/kg in late December 2025 and our models indicate prices are likely in the early stages of a long-term downtrend.
- Cod prices remain significantly overvalued according to fundamentals, with cod prices at a premium to other proteins such as Norwegian salmon.
- Elevated cod prices are expected to negatively affect demand, as customers may switch to alternative proteins. Nevertheless, supply remains tight, which could result in some price fluctuation and volatility in the short term, until significant demand destruction is seen.
- Seasonally, we expect prices to decline to a low in March, followed by a temporary price increase going into Q2. This supports the idea of short-term price fluctuations and a potential price recovery going into Q2.
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