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Buy signal for Mexican canary seed importers validated

The average price for Mexican canary seed imports saw it's third monthly increase in December, coming in at above USD 41.00 CWT DAP Laredo/Eagle Pass with more than 5000 tonnes imported during the period. What's more interesting to us is that when you extract the imports that were clearly the benefit of "positions" (i.e. product purchased on a forward basis before the drought situation/impact was priced into the market), the average import price actually jumped to USD 45.75 CWT. We are anticipating both of these numbers to increase again when January imports are known. From our desk we are anticipating a substantial reduction in canary seed acres for 2022/23 and we won't rule out a possible short squeeze before new crop is available either. It's only February 10 and we are long way from new crop canary being available. Canary seed is currently offered at USD 44.50 CWT DAP Eagle Pass for nearby shipping.

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