Athena Market Buzz

Good Morning, 


Magic figure of RM 4250 is breached and around lunch May was trading at Rm 4267 +85 which at the moment is trying around days high of Rm 4309+126. India has removed the TRQ on sunflower oil making it inline with other oils which is expected to give some benefit to palm oil, Destination demand from China also resurfaced today and this is also a reason for markets to move up. Current prices are also getting support from Weather with  heavy rains and flooding the availability of the cargo is getting reduced. With current prices inching towards RM 4450 one can now look to make some shorts. These are attractive levels not to make longs and once the price correct again one can buy back the same.  CPO prices in India are offered at USD 1050-1060 against this locally ROL is indicated at INR 980-990. Price have jumped significantly and the next correction the market will come if India increases duty on ROL. We would suggest our readers not to get too excited in palm and try to sell the same first with the stop loss of RM 4500 as if it crosses RM 4500 the room towards 5250 will open up. 


Bean oil settled higher last night with March at +79 60.54, and may at +79 at 60.83 and basis were mostly unchanged with MJJ offers at -1050 pushing FOB prices about USD 15-20 higher than the previous close. CNF India the offers on Soybean oil are indicated at 1190 for MJJ and has a potential to rally slightly more due to the threats by Russians towards the Grain deal. Weather is already bad and if the shipments get stuck we should see a rally. Basis which are currently offered at -1050 should improve as supplies get tighter. We suggest Indians to cover flat price bean oil MJJ between 1100-1150 and don’t be overly bearish. Locally in India some sellers are offering oil at 104-105, refine oil hinterland is being offered at INR 1100 and soybean seeds in Indore India is trading between INR 5250-5350. 


Ukrainians are once again offering oil as they fear a closure of grain deal by end march 2023. Russians have expressed their displeasure on the treatment from west and have threatened to move away from Grain deal. We clearly feel that this will be the case and at least for some time there will be no exports allowed. India and other destinations should look at alternate source of sunflower oil like Argentina and continue to keep replacing the requirement. FOB sunflower oil prices are indicate around 1050-1040 and Spain is offered for April at USD 1170 , on the other hand India the offers in the morning were at USD 1190 for Russia/Ukraine origin with buyers looking to buy some volumes around USD 1160. With the rally in Soybean oil and Palm oil we can still find sunflower oil attractive and come March once the export from black sea faces issues we will see rally in destination markets. 


  • ARG SBO
  • Mch -850K vs -950K
  • Apr -1000 vs -1080
  • MJJ -1050 vs -1130
  • BR SBO
  • Mch -850 vs -1000
  • Apr -980 vs -1080
  • May -1040 vs -1160
  • JJ -1040 vs -1160
  • AS –980 vs -1060
  • OND – vs -1070
  • 6 ports Europe AMJ 1140 vs 1115
  • JAS 1147.5 vs 1125
  • OND 1145 vs 1115
  • Palm oil Midday Market Close 
  • Bmd : May 4267 (+85)
  • H 4274 / L 4187
  • Vol :  31,669
  • Oln:  
  • Mar 995 (pk) vs 
  • Amj 995 vs 990 trd 992.5
  • Jas 980 vs 975 trd 977.5
  • Ond 970 vs 962.5
  • Rbdpo: -10
  • Strn: Mar 970 (deld) 
  • Pfad: Mar 740 (deld)
  • Local Cpo: Mar 4300
  • Laurics:
  • Cpko: Mar 245 (pk) / 247 (pg)
  • Rbdpko: Mar 1050
  • Rbdpkoln: Mar 970
  • Rbdpks: Mar 1400
  • Sbo :  
  • Mar 6054 (unch)
  • May 6063 (-20)
  • Jul 6040 (-14)
  • Dce :  
  • May 8352 (+152)
  • Sep 8096 (+66)
  • Black Sea sunflower oil April 1050 s —
  • Russian sunflower oil April 1045 vs —
  • Spain indicated for April at USD 1170 vs —
  • Italy indicated for April at USD 1165 vs 00
  • CIF India offers for Russian origin April at 1190 vs 1160 buyers 
  • Turkey not offered at the moment
  • Currency INR 82.54, RM 4.47, Rub 75.28 and Euro 1.0640



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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