Canary Seed was last discussed in detail on February 21, where we provided the following comments:
Canary has been sitting around $45/cwt for several weeks.
We can see that the average price is between the 40 and 50 Week Moving Averages at the 0.382 Fibonacci Retracement from the 2021 move.
Notice the confluence of the moving averages, the 0.382 Fib level and the yellow trendline from the start of the move.
Each of these on its own can offer support and provide a bounce in the price.
I will not panic sell and will instead monitor, looking for evidence of buyers stepping into the market.
We also included a brief discussion in the March 3 Special Crops Update.
Buyers have since stepped in with higher bids to stimulate selling.
Let us review the chart to prepare the reader for future price action.
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