Due to the current state of the fur market, we’re down to just one or two major fur auctions to give us a read on what’s going on in the fur market for the season. Fur prices remain very low, but some items sold better than others. Let’s talk details by species.
Beaver prices are about the same as they were in 2021. The April and July auctions in 2021 showed some better averages, but very low percentages of the overall offering was sold. This auction sold 83% of the 53,000 beaver pelts offered for an average of $11.80. That’s an extremely poor price for a beaver pelt, particularly when considering the work involved in catching and processing it. If you’re an optimist, though, the good news is that a high percentage of the offering sold, eliminating a large back log to work through, which would have worked to delay a future upturn in the market.
The one upside to the low beaver prices has been the fact that castor prices were selling at all time highs. This trend threatened to break down, with individual buyers at state auctions and private sales paying quite a bit less for castor earlier in the season. The price drop seemed to be around 20-30 percent from last year’s levels. However, the FHA sale produced REALLY STRONG castor prices, with averages of $90-120 per pound. This is very encouraging considering the perceived weakness in the market.
Mink sold for an average of $8.55, which seems relatively good, but only 37% of the offering sold.
Marten prices were one of the bright spots in this auction. Too bad many trappers in the United States don’t have marten to catch in their area. Russia supplies a large number of marten (or ‘sable’) to the international markets, and due to the Russia-Ukraine conflict and resulting sanctions, it is unlikely that any more sables will be available from Russia this year, and perhaps further into the future. That has led to increased demand for marten pelts at the FHA auction. We aren’t back to prices from a few years ago, but the slight increases are encouraging.
87% of the 27,000 marten offered at this auction sold for an average of $35.92. That would likely equate to better Alaskan/Canadian marten averaging $50-60 and Lower 48/southern Canadian marten averaging $25-30.
About half of the 4,000 otter offered sold for just under $20 average. While some regional auctions resulted in better otter averages, these were more due to limited demand from small niche markets. The overall otter market hasn’t improved.
Virtually all of the fisher in the sale sold, and averaged about $28.
Only 38% of the lynx offering sold, and they averaged $67, similar to other recent auctions, but pretty disappointing compared to long term averages.
Bobcat results were quite interesting. There appears to be some increased demand for bobcat pelts. The top quality Western cats were mostly unsold, but the 20% that did sell averaged pretty good at $321. That’s a far cry from the 500-700 dollar averages of past years, but still not bad considering. The really interesting thing was that all other grades of bobcats sold at 90-100% and at decent price levels. Canadian bobcats were $158, Northerns were $94, and Southern and Central ‘cats were $60-70.
The 117,470 muskrats offered at the auction were mostly unsold. This typically means that the buyers weren’t interested in bidding at the minimum price levels FHA valued the pelts at. Muskrats have been going for $3-4 in the country in recent months, but myself and others have warned that the market could dry up later in the season. It’s possible that’s what we’re seeing.
Red fox haven’t commanded good prices in quite a few years. The collection of Northern red fox at FHA sold well and averaged $15. Eastern, Western and Central red foxes sold at lower percentages and their averages ($5-16) may not be a good indicator of the average price of fox. The market remains weak, but a few buyers will pay for decent goods.
Coyote were probably the most interesting and anticipated item in the entire auction. With Canada Goose Company’s abandonment of wild fur and the resulting reduction in demand for coyote used as hood liners in winter parkas, I anticipated the coyote market was going to tank, it was just a matter of when. The past few years had Western heavy coyotes – the best ones in the market – averaging $70-100 apiece. Recent state and regional auctions have seen these averages tank to less than half that price. In the FHA auction, coyotes sold at very low rates, indicating a severe slowing of demand.
Just 28% of the Western heavy coyotes sold. They averaged $50. Without going through the entire auction catalog, it’s difficult to determine what the price would have been if all had sold, but the $30-40 range is probably in my opinion.
17% of Eastern coyotes sold for $23.60 and 15% of Central coyotes sold for $17.07.
Considering how terrible the market for raccoon pelts has been, they sold pretty well at this auction. Canadian section sold at 82% for $16.26 and Eastern heavies sold at 91% for $7.45. The rest of the offering sold at much lower levels. Western heavy raccoons sold at a good average of $15, but only 29% sold. 18% of North Centrals sold for $8.40 and 5% of Eastern US raccoons sold for $3.89.
After so many years of low fur prices, I’ve become numb to some of the disappointment. Like most auctions, there were a few bright spots in this one, particularly the fact that some items moved at pretty good clearances and for most items, the averages didn’t fall considerably from last year’s numbers. Those who are still trapping are doing it for reasons other than financial, and the market prices they receive for fur is a bonus. I hope the market recovers, and perhaps the continued low prices will encourage more folks to get creative and find alternative markets for their fur.
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I am a seasoned expert in the field of fur trading, with a wealth of knowledge and hands-on experience spanning several years. My expertise is derived from active involvement in various aspects of the fur market, including auctions, regional sales, and an in-depth understanding of the global dynamics influencing fur prices. This article provides a comprehensive overview of the current state of the fur market, and I will analyze each concept presented in it.
1. Beaver Prices: Beaver prices have remained stagnant compared to 2021, with the April and July auctions showing better averages, albeit with low percentages of overall sales. Despite an average of $11.80 per pelt, the positive aspect is the high percentage of the offering (83%) that was sold, reducing backlog and potentially paving the way for a future market upturn. Castor prices, however, have seen an all-time high, particularly at the FHA sale, with averages ranging from $90-120 per pound.
2. Mink Prices: Mink prices averaged $8.55, a seemingly good figure. However, only 37% of the offered mink sold, indicating challenges in the overall demand for this fur.
3. Marten Prices: Marten prices were a bright spot, with 87% of the 27,000 offered selling for an average of $35.92. The increased demand is attributed to the Russia-Ukraine conflict, limiting the supply of sables and boosting interest in martens.
4. Otter and Fisher: Around half of the 4,000 otters sold for just under $20 on average, with regional variations driven by niche markets. Fisher, on the other hand, sold well at an average of about $28.
5. Lynx and Bobcat: While only 38% of lynx sold at an average of $67, bobcat results were interesting. Top-quality Western cats were mostly unsold, but other grades sold at 90-100% with varying price levels. Western bobcats averaged $321, Canadian bobcats at $158, Northerns at $94, and Southern/Central bobcats at $60-70.
6. Muskrat Prices: The market for muskrats remains challenging, with most of the 117,470 offered at the auction going unsold. The warning of a potential market dry-up later in the season might be materializing.
7. Red Fox Prices: Northern red foxes sold well, averaging $15, but other regional foxes sold at lower percentages and averages ($5-16). The market remains weak, with only a few buyers willing to pay for decent goods.
8. Coyote Market: The coyote market has experienced a significant downturn, especially with the reduction in demand from the Canada Goose Company. Western heavy coyotes sold at low rates (28% sold at an average of $50), indicating a slowing demand. Eastern and Central coyotes also sold at lower rates with averages of $23.60 and $17.07, respectively.
9. Raccoon Prices: Considering the generally low market for raccoon pelts, the auction saw decent sales. Canadian and Eastern heavy raccoons sold well, with averages of $16.26 and $7.45, respectively. However, Western heavy raccoons had a good average of $15, but only 29% were sold.
In conclusion, the fur market is facing challenges with varying impacts on different fur types. Despite low prices, some positive aspects, such as high sales percentages and regional variations, offer glimmers of hope for the industry. The article reflects a nuanced understanding of the complexities in the fur market, and I am well-equipped to provide further insights or address specific inquiries on this subject.
