Athena Market Buzz

1530 26042023 Athena Market Buzz Wednesday 


Good Morning ,


Mdex opened lower and by lunch July settled at Rm 3597 -38 which at the time of writing this report is trading at Rm 3573 -62 and it appears that we will be testing the support of RM 3450 soon. Palm is already over priced and with increased supply of soft oils things are not looking bullish at all. Its remarkable that palm is holding the current levels too well but it will just the matter of time when we break supports of Rm 3450 and trade towards RM 3250. We will suggest our readers to make longs once we touch the levels of RM 3450 and below with a stop loss at RM 3250. In a rally one should be ready to book profits when MDEX crosses RM 3750 and go short if prices rally over RM 4000. CPO to India was offered for May at 1010, June at 960 and these prices are more or less equal to bean oil offers hence no demand. 


Bean oil settled -62 for July at 52.14 and -58 for aug at 51.91 which is marginally up at the time of writing this report. Banks increasing interest rates , Brazil exporting cheaper oil, China cancelling some corn contracts are all adding to bearishness. Soft oil flat price India has reduced to USD 980 for may shipment and we have started seeing some buying interest. It appears that basis should now start improving and board to remain mostly unchanged. If CBOT manages to remain over 51.50 for July till end of this week then we will be seeing some consolidation and positive price action but if we remain below 51.50 for two sessions then the chances are that CBOT could slip to 47.50. Indians who are owning the current price on bean oil should not lose hope as on flat price basis the down side looks protected till USD 900 CNF India for near by. We would not suggest our readers to make longs for forward month still. Locally bean oil is trading in India for May shipment at INR 880 and few trades were reported even for June. 


East Europe has announced a ban on imports of sunflower oil from Ukraine. On one hand Russia is sanctioned and on other hand a ban on import of Ukraine sunflower oil  and other commodities to follow. This is being done as farmers in Poland and other countries are protesting while transshipment of cargo to other destinations will be permitted. This move should put little more pressure on existing stocks of Ukraine sunflower oil and now the grain corridor deal becomes all the more important for Ukraine. CNF India and West Europe is being offered at USD 1000-1010 and is now costly to soybean oil. 


  • Argentina SBO
  • May 23 -1100/-1150
  • Jun 23 -1120/-1200
  • Jul 23 -1120/-1200
  • AS 23 -900/-1150
  • Brazil SBO
  • May 23 -1100/-1190
  • Jun 23 -1100/-1190
  • Jul 23  -1150/-1200
  • AS-23 -1020/1150
  • OND-23 –/-1000
  • JF-24 –/-1100
  • Mar-24 –/-1300
  • 6 ports Europe MJ   1050 - 
  • JAS  1055 - 1010
  • OND 1045 - 1000
  • JFM  1060 – 1000
  • Palm Market Close
  • Bmd : Jul 3571 (-64)
  • H 3630 / L 3563
  • Vol :  59,318
  • Oln:  
  • May 980 vs 
  • Jun 920 vs 910
  • Jas 855 vs 847.5
  • Ond 850 vs 842.5
  • Jfm 860 vs 
  • Rbdpo: -7.5
  • Strn: May 920 (deld) 
  • Pfad: May 785 (deld)
  • Local Cpo: May 4200
  • Laurics
  • Cpko: May 237 (pk) / 238 (pg)
  • Rbdpko: May 995
  • Rbdpkoln: May 920
  • Rbdpks: May 1360
  • Sbo : 
  • May 5171 (unch)
  • Jul 5222 (+8)
  • Aug 5202 (+11)
  • Dce :  
  • May 7442 (-32)
  • Sep 7044 (+10)
  • Black Sea sunflower oil FOB 875 vs —
  • Russian sunflower oil FOB 870 vs—
  • Spain indicated for May at 1000 vs —
  • Italy indicated for May at 995 vs —
  • CIF India indicted at USD 1000 vs —
  • Turkey sellers are at USd 935 vs —
  • Currency INR 81.76, RM 4.45, Rub 81.50 and Euro 1.1035



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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