Athena Market Buzz

1600 01022023 Athena Market Buzz wed

Mdex is closed today and will open only tomorrow. We expect the market to open positive now that it has already corrected from RM 3990 to about RM 3813 for April month. Buying in current market could result in a bounce back up towards RM 4000 or higher. India in todays budget kept the duties unchanged on palm and this could boost the prices in Malaysia. Short sellers could come back to buy back their positions and may even build fresh longs. Indonesia and Malaysia both are trying to make more stocks available for local market thus that will also have impact on over all exports. India was busy in listening to popular budget and we are seeing some support to INR after it.  Flat price CPO continued to be offered around USD 1000 however we have not heard any major trades. 


Bean oil CBOT performed better last night with March up 101 points at 62.33 and May up 94 points 62.49. Interestingly basis have started improving as well resulting in much higher offering on the flat price. Basis improvement confirms our view of a rally towards -500 which is -780 for feb and -900 for march on the offer side. Board might get some correction at 62.50 level but we don’t see any major sell off. Farmers are reluctant sellers in Brazil and we also hear that China is buying some more feb shipment from US. Bean oil flat price India for near by has jumped to 1285 for feb, 1260 for march and 1225 for April month against this Local market sellers are still looking to sell at INR 1100-1110 and bids are at INR 1070-1080 with no trades. Current levels of bean oil should find support in INR and we expect that levels over INR 1000 will be largely defended. Flat price bean oil as mentioned before becomes a good buy between USD 1150-1200 for April -may month and we will continue to see trade happening around there. 


Black Sea Ukraine sunflower oil to India was offered at USD 1250 and with bean oil trading higher we once again find supports to sunflower oil. Locally sunflower oil is cheaper to bean oil and in India the consumption of sunflower oil is likely to increase. Not many buyers have covered Jan shipment looking at the existing stocks and this could result in a short rally some where in late feb. Russia - Ukraine war the status remains the same. New orders of weapons keeps going to west and Russia keeps increasing the offensive. Its only a matter of time that we will see its impact on the grain corridor which could result in logistic issues. We would suggest our readers to maintain longs for spot month and if they can source sunflower oil cheaper to bean oil then they can buy for forward months as well. 


  • ARG SBO
  • Feb -780 vs -830
  • Mch -900 vs -1000
  • MJJ -1150 vs -1230
  • BR SBO
  • Feb - vs -850
  • FM – vs -850
  • Mch -950 vs -1020
  • Apr -1050 vs -
  • AM -1100 vs -1220
  • JJ -1120 vs -1250
  • 6 ports Europe SFO 6 ports
  • Mch  1200 vs 1175
  • AMJ   1200 vs 1180
  • JAS    1210 vs 1180
  • OND  1200 vs  1175
  • Palm oil closed today 
  • Black Sea sunflower oil FOB March 1130 vs —
  • Russian sunflower oil FOB march 1125 vs -
  • Spain indicated for March at USD 1240 vs —
  • Italy indicated for March at USD 1235 vs —
  • CIF India indicated for March at USD 1250 vs 1220
  • Turkey indicated March at USD 1225 vs —
  • Currency INR 81.85. RM 4.25, Rub 70.09 and Euro 1.0891 



Vivek Pathak 

Athena Tradewinds 

(All views are personal and we do not claim to be 100 % correct. Trade very carefully and at your own risk) 

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