Chilean salmon farmer Salmones Camachaca is abruptly reversing its coho salmon production strategy because rising prices for the fish in its key market in Japan are stifling demand.

"In light of weaker than expected demand and a stronger supply on the coho side, the company is now reducing its stocking of coho for 2024 to one site," Salmones Camanchaca CFO Daniel Bortnick Ventura said during the company's third quarter results presentation.

Camanchaca produced 4,028 metric tons of coho in 2022, but anticipates it will harvest around 12,000 metric tons of coho in 2023, two-thirds of which will be harvested this year and the remainder into 2024.