Athena Market Buzz

1430 11042023 Athena Market Buzz Tuesday 


Good Morning ,


Mdex opened supportive and by lunch June was trading at RM 3878 +41 which at the time of writing t his report is trading at RM 3909+72. Market is expected to test the upper target of RM 4000 and may jump towards 4150 before it corrects back to 3450 support. As mentioned before these levels should be used to book profit and any thing higher could be used to make shorts. Indonesia will reduce the oil consumption and allow higher export into international market. This should increase the availability and reduce the dependence on Malaysian markets easing the MDEX. India is experiencing heat wave which could limit over all edible oil consumption impacting relatively costly palm oil more than other soft oils. India is offered CPO for. April at 1060, May 1035 and June 990 which is almost at par with bean oil and sunflower oil prices. Palm has overpriced itself and soon either the soft oils will rally or palm will have to come down. We expect palm to test 4150 mark and then retreat towards the supports of RM 3450. We would suggest our readers to make shorts at prices over 4000 and cover the same between RM 3450-3550. 


Bean oil market was volatile but settled mostly unchanged. Basis too for MJJ were offered at -1100 and buyers were looking at -1300. CBOT managed to keep the prices supported at 54.50 and now will try to jump towards 57.50 which is where we can expect strong resistance. With basis remaining unchanged it appears that we can ease towards -1400-1500 and then jump back up to -800 when CBOT corrects back to 52.50. On flat price basis India was offered April 1050 and MJJ at 1030 which is very close to palm oil prices and it appears that we will see good trades in bean oil. Locally in India may shipment soybean oil is trading around INR 950-960 duty paid and any thing over 1000 does not seem to be working. Exports of meal has reduced the over all crush resulting in lesser availability of solvent soybean oil. This is also resulting in fresh demand and we can expect bean oil to remain supported.


Ukraine is struggling with war and as Russia increases the missile attacks we are hearing more demands of peace from western countries. Over all it appears that the flow of cargo will remain uninterrupted and we can continue to export grains and edible oil even after May 2023. Ukraine will also plant a higher sunseed crop along with Russia but heat waves could limit the yields resulting in reduction in over all crop size. India which has done away with the TRQ system is poised to consume over 2.6 million MT of sunflower oil about 29% higher than the last financial year (period between April 2023-march 2024). USD offers into India are indicated at USD 1060-1070 against this best buyers are not over USD 1020. Locally we have seen some issues in clearing cargo under TRQ but soon the same is expected to get resolved. We would suggest our readers to maintain the buy ideas around USD 1020 and prices below 1000 will be excellent buy. 


  • Argentina SBO
  • Apr 23 –/-1200
  • May 23 -1100/-1320
  • Jun 23 –/-1350
  • Jul 23  –/-1300
  • AS 23 –/-1330
  • OND 23 –/-1270
  • Brazil SBO
  • Apr 23 -900/–
  • May 23 -1100/-1280
  • Jun 23 -1180/-1280
  • Jul 23  -1120/-1300
  • AS-23 -800/-1280
  • OND-23 -750/-1260
  • 6 ports Europe AMJ  1035 vs 1000
  • JAS   1045 vs 1010
  • OND  1040 vs 1010
  • JFM   1045 vs 1010
  • Palm oil Midday Market Close
  • Bmd : Jun 3878 (+41)
  • H 3892 / L 3810
  • Vol :  44,134
  • Oln:  
  • Apr 1050 
  • May 1005 vs 
  • Jun 940 vs 
  • Jas 890 vs 880
  • Ond 877.5 vs 865
  • Jfm 880 vs 
  • Rbdpo: -7.5
  • Strn: May 955 (deld) 
  • Pfad: May 795 (deld)
  • Local Cpo: Apr 4400
  • Laurics
  • Cpko: Apr 241 (pk) / 243 (pg)
  • Rbdpko: Apr 1015
  • Rbdpkoln: Apr 935
  • Rbdpks: Apr 1370
  • Sbo : 
  • May 5469 (+21)
  • Jul 5490 (+17)
  • Aug 5468 (+14)
  • Black Sea sunflower oil FOB 900 vs —
  • Russian sunflower oil FOB 900 vs —
  • Spain indicated May at 1045 vs —
  • Italy indicated May at 1040 vs —
  • CIF India indicated at USD 1070 may vs 00
  • Turkey indicated  at USD 1020 vs 990 
  • Currency INR 82.09, RM 4.41, Rub 82.02 and Euro 1.09



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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