Athena Market Buzz

1500 28022023 Athena Market Buzz Tuesday 


Good morning,


The opening of Mdex saw a 0.8% decrease due to a triple digit correction in rival bean oil. However, the correction was controlled by news of firming up basis and by lunchtime, May settled at RM 4184 -41. Despite limited supplies from Indonesia and forecasted heavy rains in Malaysia, Palm is holding tight. However, prices are already near resistance at RM 4250, making profit-taking a lucrative option. Additionally, crude oil prices are trading at 75 as inflation concerns reduce overall consumption. Although China has recovered from Covid, demand and overall consumption have not seen the expected rise. Our long-term view remains to make longs around RM 3550-3750 and shorts between RM 4250-4450. For the mid-term, one can even play within a very narrow range of RM 3850-4250. In India, offers for CPO are at 1030-1040, and we heard India priced some ROL also at 1020 for ECI. Locally, Olein prices are indicated at INR 975 with not much trade today.


-Bean oil settled much lower last night with March at 60.04 -107 and May at 60.34 -88, which, at the time of writing this report, is trading marginally lower with March at 59.93-11 and May 60.24 -10. The basis, on the other hand, saw improvement for MJJ, and the flat price in India for bean oil is indicated mostly unchanged at 1175. India is having rumours about lesser rape crop than expectation, and with this, there is good demand for MJJ month. Buyers are currently waiting for prices to touch 1150 or lower, which is where we already see a lot of interest. Although it does not appear that flat price bean oil can collapse internationally, if the prices do come within the band of USD 1100-1150 CNF India, it will become attractive to make longs. With inflationary measures in place, prices have not declined and will rally once there is no more room to increase rates. Locally in India, the offers for beans have corrected towards INR 5300, and rape seed arrivals have started coming in at INR 5500/-, which is already 23% lower than last year's same time, and we are already seeing some resistance to this price correction.


  • Ukraine sunflower oil was indicated at USD 1200 for April month India, with buyers not very keen over USD 1150 at the moment. The Russia-Ukraine war continues to churn oil at aggressive prices, which may change once the agreement for grain corridor ends in March. Buyers are advised to buy optional origin contracts to have uninterrupted edible oil supply. Locally, there is too much sunflower oil in India at the moment, and there is no buying interest. We expect things to remain under pressure until we see any supply issues. India is not looking to change the TRQ policy on sunflower oil, though falling prices on rape seed and soybean seed should result in the cancellation of TRQ and further increasing import duties. Buyers are advised to make longs only when prices on sunflower oil trade below bean oil for MJJ months, and a level of USD 1050-1100 CNF will insulate them from unwanted volatility. Locally, enough oil is available, and one can continue consuming the same and keep replenishing their requirements.



  • ARG SBO
  • Mch -820K vs -950K
  • Apr -1000 vs -1150
  • MJJ -1050 vs -1200
  • BR SBO
  • Mch - vs -1050
  • Apr -1000 vs -1150
  • AM -1000 vs -1170
  • May -1000 vs -1180
  • MJJ -1100 vs -1170
  • JJ -1100 vs -1180
  • AS – vs -1120
  • OND – vs -1080
  • 6 ports Europe Spot 1165 vs 1156
  • AMJ 1170 vs 1160
  • JAS 1185 vs 1770
  • OND 1180 vs 1160
  • Palm oil Midday Market Close 
  • Bmd : May 4184 (-41)
  • H 4234 / L 4164
  • Vol :  21,840
  • Oln:  
  • Mar 977.5 (pk) vs 
  • Amj 977.5 vs 970
  • Jas 967.5 vs 962.5 trd 967.5
  • Ond 960 vs 952.5
  • Rbdpo: -10
  • Strn: Mar 950 (deld) 
  • Pfad: Mar 732.5 (deld)
  • Local Cpo: Mar 4200
  • Laurics:
  • Cpko: Mar 242 (pk) / 242 (pg)
  • Rbdpko: Mar 1040
  • Rbdpkoln: Mar 960
  • Rbdpks: Mar 1390
  • Sbo :  
  • Mar 5998 (-6)
  • May 6017 (-17)
  • Jul 5993 (-13)
  • Dce :  
  • May 8232 (-38)
  • Sep 8056 (-44)
  • Black Sea FOB Sunflower oil March 1050 vs —
  • Russian sunflower oil indications March 1040 vs —
  • Spain Indicated March April at USD 1170 vs -
  • Italy indicated April at USD 1165 vs —
  • Turkey not offered at the moment 
  • India CNF Indicated today Black Sea origin at USD 1185 vs 1150
  • Currency INR 82.62, RM 4.48, Rub 74.68 and Euro 1.0617





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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