Athena Market Buzz

1500 16032023 Athena Market Buzz Thursday 


Good Morning ,



Financial turmoil in west is causing jitters in commodities market as well. On one hand we see a jump in Gold , Silver and safe heaven commodities on the other we are seeing strong selling pressure in Equities, banks, crude oil etc. Correction in crude oil prices should not impact much to palm but its surely bearish. Funds are holding on a tight rope and keeping MDEX still over RM 3900. MDEX opened lower and by lunch it had recovered a little with May at RM 3997 -20 and at the time of writing this report we are touching RM 4000 -17 almost the days high. Indian market is riddled with poor performance, high stocks and lack to demand. Domestic oils like cottonseed oil, rice bran oil are pushing the prices lower and with high temperatures the over all consumption is also coming down. We don’t expect the current prices on MDEX to sustain and its only a matter of time that we test RM 3750 for May and June. We would suggest our readers to keep their position fully hedged and trade only within limit. Current levels are surely not worth making long and we would suggest longs to safely exit. India is offered CPO at USD 1000-995, ROL indication are around USD 970 but we don’t see any major demand. 


CBOT bean oil was very volatile last night and slipped down in 3 digits , later news about FED possibly not raising interest rates and credit Suisse bank getting support from Swiss bank helped the market get back in to green only to see profit taking again but still settle May at 56.34 +16 and July at 56.48+8 which at the time of writing this report is trading May 56.47+13 and July 56.60 +12. We maintain that the market should technically slip lower and supports of 54.50 will be tested first eventually we should head towards 52.50. Levels between 54.50-52.50 could become interesting levels to own bean oil and basis of -900-850 is already attractive to make longs. With CBOT correcting we expected basis to improve but that has not happened which resulted in only marginal rise flat price. CNF India MJJ price offered are at USD 1125-1115 and as mentioned before we expect these levels to be good levels to make longs but since basis is not moving higher with the CBOT correction one should wait and look to price CBOT only. 


Ukraine sunflower oil is the most aggressive on the offer side. April shipment to India was indicated at USD 1110-1100 but with little to no demand. Stocks in India are high and sunflower oil is finding competition from Cottonseed oil and domestic Rice bran oil. War is pushing Ukraine to export maximum and this would result in very tight situation with sunflower oil availability come JAS. Indians have already differed some purchases of Feb shipment and with slow off take it appears that west coast India may import lesser for March shipment too. Turkey yesterday purchased small volumes at USD 1045 and today the offers are around USD 1030 already. Egypt will tender for sunflower oil soon and we expect it also to trade around USD 1030-1040 mark. 


  • Argentina SBO
  • Apr-23 -850/-1000
  • MJJ-23 -900/-950
  • ASOND-23 –/-820
  • Brazil SBO
  • Apr-23 -900/-940
  • May-23 -900/-980
  • JJ-23  -920/-980
  • AS-23 –/-800
  • OND-23 –/-800
  • Palm oil Midday Market Close 
  • Bmd : Jun 3944 (-23)
  • H 3949 / L 3892
  • Vol :  35,881
  • Oln:  
  • Apr 970 (pg) vs
  • Mj 940 vs
  • Jas 912.5 vs 910 trd 910
  • Ond 905 vs 897.5
  • Rbdpo: -10
  • Strn: Apr 927.5 (deld) 
  • Pfad: Apr 722.5 (deld)
  • Local Cpo: Mar 4200
  • Laurics
  • Cpko: Apr 246 (pk) / 248 (pg)
  • Rbdpko: Apr 1040
  • Rbdpkoln: Apr 960
  • Rbdpks: Apr 1390
  • Sbo :  
  • May 5624 (-10)
  • Jul 5643 (-5)
  • Aug 5592 (-11)
  • Dce :  
  • May 7708 (-114)
  • Sep 7514 (-132)
  • 6 ports Europe AMJ 1055 vs -
  • JAS 1065 vs -
  • OND 1055 v -
  • Black Sea sunflower oil April 1000 vs 950
  • Russian sunflower oil April 990 vs —
  • Spain indicated for April at USD 1070 vs —
  • Italy indicated for April at USD 1065 vs —
  • CIF Lw India indications are at USD 1110 vs 1070 buyers
  • Turkey after trading yesterday is now offered at USD 1030 vs 1000 buyers
  • Currency INR 82.61, Euro 1.0610, RM 4.50 and Rub 76.40



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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