Athena Market Buzz

 1530 04042023 Athena Market Buzz Wednesday 


Good Morning ,


Mdex opened marginally lower but by lunch profit taking kicked in and we traded June at RM 3910 -56. Second half of the say saw some recovery but later the same was also used to book profit on long and we settled day -100 at RM 3866. As mentioned before prices touching RM 4000 should be used to book profits and price over RM 4000-4250 should be used to make fresh shorts. CNF India the offers started at USD 1060 for April, 1035 forMay and 1005 for June. These prices are mostly in line with sunflower oil and limits consumption. We should see a healthy USD 100-150 spread between Palm and Soft oils in order for it to work for food consumption. On other hand Crude oil Brent jumped again to 85 and with the surprised production cut we could see it going to 90. This will prompt fed to come with one more interest rate hike sucking liquidity out of system and this could push soft oils lower. Palm will become buyable only between 3450-3550 with a stop loss at RM 3250. 


CBOT bean oil settled lower at 55.74 -94 for may and -88 55.90 for July which at the time of writing t his report is trading May at 55.48-26 and 55.59 -31. As mentioned before we don’t see CBOT rallying beyond 60.00 in near term with 58.50 as a strong resistance. On the down side we are seeing supports at 52.50 but it has possibly to even break 50.00 mark. Countries are still worried about inflation and how Fed will react will decide the direction of current bean oil complex. Recently good demand pushed the prices up on CBOT but basis failed to rally resulting in narrow range market. Bean oil to India is offered for April at USD 1092, May at 1070 and June at 1068 while in InR indications were at 985 + bond with not much trading today. We maintain our view that price of 1100-1150 for MJJ should prove profitable however current levels are offered below our support price of 1100.


Ukraine sunflower oil is finding resistance as less and less farmers selling sun seeds. Sellers have increased the cnf india prices to USD 1080 and offers to CIF Marmara are at USD 980. European destinations are indicated at USD 1060 mark with little buying interest. Ukraine continue to keep the pace of export and with the prices currently at discount to bean oil we can expect good business. Sunflower oil buyers today are silent as good business happened over past few days. Currently India is importing around 150-160k of sunflower oil on average and if the prices remain at a discount to bean oil we should soon go back to 200-250k monthly imports. We will suggest our readers not to panic and continue to make longs in sunflower oil as long as its available at a fancy discount over bean oil. 


  • Argentina SBO
  • Apr 23 -950/-1050
  • Mar 23 -1050/-1200
  • MJJ 23 -1070/-1250
  • AS 23 –/-1200
  • Brazil SBO
  • Apr 23 -850/–
  • May 23 -1000/-1260
  • Jun 23 -1020/-1250
  • Jul 23  -1050/-1300
  • AS-23 -850/-1240
  • OND-23 -750/-1160
  • 6 ports Europe AMJ   1075 vs 1055
  • JAS    1090 vs -
  • OND  1080 vs 1055
  • JFM   1090 vs -
  • Palm oil Market Close 
  • Bmd : Jun 3866 (-100)
  • H 3965 / L 3864
  • Vol :  72,890
  • Oln:  
  • Apr 1035 (deld) vs
  • May 985 vs 
  • Jun 960 vs 
  • Jas 905 vs 895
  • Ond 885 vs 880
  • Jfm 890 vs 
  • Rbdpo: -7.5
  • Strn: Apr 955 (deld) 
  • Pfad: Apr 775 (deld)
  • Local Cpo: Apr 4250
  • Laurics
  • Cpko: Apr 240 (pk) / 242 (pg)
  • Rbdpko: Apr 1015
  • Rbdpkoln: Apr 935
  • Rbdpks: Apr 1370
  • Sbo :  
  • May 5555 (-19)
  • Jul 5569 (-21)
  • Aug 5533 (-22)
  • Dce :  closed
  • Black Sea sunflower oil May FOB 880 vs-
  • Russian sunflower oil May FOB 870 v —
  • Spain indicated for May at USD 1060 vs—
  • Italy indicated for may at USD 1055 vs-
  • CIF india offered at USD 1080 for April and May vs 1045 buyers
  • Turkey indicated at USD 1000 for mersin vs —
  • Currency INR 82.01, RM 4.39, Rub 79.33 and Euro 1.0935






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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