Global fishmeal markets may have already priced in a deep cut to Peruvian fishmeal supplies, but it is unclear even whether the 1.09 million tons quota announced on Friday for the all-important first season in north-central waters will be caught.

Despite this, the announcement is a relief to the industry after widespread concern the season might not take place at all.

"The most optimistic that the markets expected was a quota of 1 million tons, and what was announced is within this expectation," Raul Briceno, chief financial officer at Peruvian harvesting and processing firm Exalmar, told IntraFish.