Athena Market Buzz

1530 25042023 Athena Market Buzz Tuesday 


Good Morning ,


Interesting when markets are in a correction rarely any one wants to buy but every one wants to own veg oil in  a rally. This is happening with soft oils. Degum and sunflower oil both are marketed much below palm oils and still buyers are reluctant to own it. CBOT bean oil settled lower again last night with July down -81 at 52.76 and Aug -73 52.49 and with basis mostly unchanged we saw further correction in flat price. CNF India the offers for bean oil were at USD 990 for MJ and buyers are waiting for USD 950 to happen. Brazil is now exporting soybeans to USA as well and with this increased availability the prices are finding hard to rally. Indian market is trading at a discount to international offers and prices on beans too have reduced to pre harvest levels. Soybeans in India should find support at INR 5000 mark and increasing imports could push the rape seed prices lower. Locally in India sellers for May shipment are asking a price of INR 900 duty paid and we have not seen any major buyer. We expect the current prices to remain largely supported and one can start thinking of making longs with a possible 5% correction in Mind. CBOT has reached our target level of 52.50 here we expect it to consolidate a little move again towards 54.50 and then correct back . We maintain that basis should be the first sign of bull market and till we see basis recovering to -500 we can’t be very bullish current prices. 


Ukraine sunflower oil is offered to India at USD 1000 and we have not seen aggressive sellers. Situation around the grain corridor is confusing and pushing the destinations to look for alternate origins to secure oil. Ukraine is still to export close to 1 million mt of more cargo and with the current pace it appears that we may not see Sunoil exports from Ukraine by end July - early aug. Sunflower oil should gradually command premium over bean oil and prices of USD 930-940 should find strong support. Indian market is trading at a discount to bean oil, INR CSFO JNPT traded at 900 and May shipment bean oil is still asking 910. For turkey sunflower oil was offered CIF marmara at USD 945 ,  Mersin was indicated at USD 980 and Europe was indicated at USD 990 level for most of the positions. 


MDEX opened lower after long holiday. Panic sellers initially sold the market and by lunch July was trading at RM 3603 -102 which at the time of writing this report has recovered to RM 3638 -67. As mentioned before the prices on palm will remain range bound with supports at RM 3250 and resistance at Rm 4000 till Indonesia continues to export less. Once Indonesia opens export we will see increased availability of palm but with lower stocks in Indonesia its impact on prices could be less than expected. CPO to India is offered for June at USD 965 which is marginally lower to bean oil and sunflower oil hence very little to no demand. Flat price CPO should settle around USD 850 for June correcting about USD 110 PMT till than may not aggressive buyers. 


  • Argentina SBO
  • May 23 -1100/-1150
  • Jun 23 -1100/-1190
  • Jul 23 -1110/-1200
  • AS 23 -900/-1100
  • Brazil SBO
  • May 23 -1100/-1190
  • Jun 23 -1100/-1200
  • Jul 23  -1100/-1230
  • AS-23 -1020/1200
  • OND-23 -800/-1000
  • JF-24 –/-1000
  • Mar-24 –/-1200
  • 6 ports Europe MJ  $1,060 vs ??
  • JAS  $1,070 vs ??
  • OND  $1,055 vs ??
  • JFM  $1,060 vs ??
  • Palm oil Midday Market Close
  • Bmd : Jul 3603 (-102)
  • H 3621 / L 3562
  • Vol :  36,748
  • Oln:  
  • May 995 vs 
  • Jun 930 vs  
  • Jas 862.5 vs 857.5 trd 855-857.5
  • Ond 857.5 vs 852.5 
  • Jfm 867.5 vs 860
  • Rbdpo: -7.5
  • Strn: May 930 (deld) 
  • Pfad: May 777.5 (deld)
  • Local Cpo: May 4200
  • Laurics
  • Cpko: May 239 (pk) / 240 (pg)
  • Rbdpko: May1000
  • Rbdpkoln: May 925
  • Rbdpks: May 1365
  • Sbo : 
  • May 5268 (+12)
  • Jul 5283 (+7)
  • Aug 5260 (+11)
  • Dce :  
  • May 7474 (-94)
  • Sep 7016 (-46)
  • Black Sea sunflower oil FOB 870 vs—
  • Russian sunflower oil FOB 865 vs —
  • Spain indicated may  at USD 1000 vs —
  • Italy indicated May  at USD 995 vs —
  • CIF India no firm sellers today indicatively May 1010 vs —
  • Turkey marmara was offered at USD 945 vs — and Mersin offered USD 975 vs —
  • Currency INR 81.87, rub 81.45, euro 1.1030 and RM 4.44




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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