Athena Market Buzz

1430 21032023 Athena Market Buzz Tuesday 

Good Morning ,



Mdex opened 1.5% higher in the morning with May at 3907 +54 and June at 3836  +51 which was almost the days high and by lunch we settled May at RM 3896 +43 and June at RM 3826 +41. MDEX is trying to recover from losses and as mentioned before if it reaches RM 4000 again we can sell back the longs made to book some profits. During the day we saw the same reaction and at the time of writing this report May is trading at RM 3871 +18 and June is Rm 3799 +14. We expect the market to once again test the supports of RM 3750 for both the months. Palm is very costly at the moment with CPO CNF India offered at USD 985-975 compared to Sunflower oil which is still offered at USD 1060 and may trade even lower. If India does not consume more palm in summer months than come winters we will have higher end stocks and probably then we see lot of resistance in prices going up. We expect palm to be more competitive and drop towards RM 3450-3550 range which is where we suggest our readers to make longs with a stop loss at RM 3250. For flat price India could look to own CPO once it breaks USD 900 mark. A spread of 200 between sunflower/soybean and palm looks fair anything lower works in favour of soft oils. 


Bean oil settled just about 1% higher last night May at 57.99+53 and July at 57.94 +46 in the hopes that fed might reduce the interest rates tomorrow. The excitement still remains  and we are marginally higher in the projections as well. Soybean oil CNF India is offered for MJJ at 1143-1145 compared to this we have sunflower oil offers at 1060 making traders avoiding soybean oil. Important to note that cheapest oil today is perhaps the rape seed oil in Europe which is trading at USD 885 FOB Antwerp and soon we can see aggressive offers in rape oil too pushing soybean oil to fight for market share. We expect bean oil to correct on board towards 54.50 only then one can assume buying it that too with a stop loss at 52.50. Basis on the other hand could remain largely flat at -900 to -950 which could push flat price FOB bean oil 980 or CNF India to USD 1070. MJJ now becomes worth owing only between 1000-1050 mark else one should wait. Locally in India degum is offered at 980 with little trades in Kandla and JNPT. 


Sunflower oil is aggressively offered at various destinations as sun seeds correct CIF Romania. Ukraine FOB prices are roughly at USD 930 and one can bid around 900 to own it. Europe is struggling with very cheap rape seed oil hence not buying sunflower oil at the moment. Nearer destinations are getting traded at USD 1000 CIF while Europe offered at USD 1040 and India at USD 1060 with some pricing for April. War does not look like ending soon and need to export agricultural produce will push Ukraine to keep dumping the cargo.  Next year we may get some respite due to weather issues and less planting but till then one should make longs carefully. 


  • Argentina SBO
  • Apr-23 -900/-1000
  • MJJ-23 -950/-1030
  • AS -650/-800
  • OND-23 –/-730
  • Brazil SBO
  • Apr-23 –/-930
  • May-23 -900/–
  • JJ-23  -900/-1000
  • AS-23 -650/-800
  • OND-23 –/-710
  • 6 ports Europe AMJ 1010 v 975 
  • Jul 1000 v 980 
  • JAS 1000 v 975 
  • OND 995 v 975
  • Palm oil Midday Market Close 
  • Bmd : Jun 3826 (+41)
  • H 3854 / L 3809
  • Vol :  29,026
  • Oln:  
  • Apr 965 vs
  • May 950 vs
  • Jun 930 vs
  • Jas 895 vs 890 trd 887.5
  • Ond 890 vs 887.5 trd 887.5
  • Jfm 897.5 vs
  • Rbdpo: -10
  • Strn: Apr 917.5 (deld) 
  • Pfad: Apr 715 (deld)
  • Local Cpo: Mar 4150
  • Laurics
  • Cpko: Apr 244 (pk) / 246 (pg)
  • Rbdpko: Apr 1035
  • Rbdpkoln: Apr 955
  • Rbdpks: Apr 1385
  • Sbo :  
  • May 5785 (-14)
  • Jul 5776 (-18)
  • Aug 5709 (-20)
  • Dce :  
  • May 7622 (-98)
  • Sep 7414 (-84)
  • Black Sea sunflower oil April FOB 930 vs —
  • Russian sunflower oil April FOB 930 vs—
  • Spain offered for May at 1045 vs—
  • Italy offered for May at USD 1040 vs—
  • CIF India indicasted at USD 1060 vs 1040 
  • Turkey indicated at USD 1000 vs —
  • Currency INR 82.63, RM 4.47, Rub 77.52 and Euro 1.07





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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