Athena Market Buzz

1530 08052023 Athena Market Buzz Monday 


Good Morning ,


Mdex opened firm and with the news about lower stocks in Malaysia, El Niño possibility , Increased temperatures across Asia helped the market to settle July +66 at RM 3667 by lunch.  Shorts are panicking and post lunch we saw good buying interested pushing the markets over our technical resistance of RM 3750. At the time of writing this report Mdex is trading July at RM 3773 +172 and is almost at the days high. As mentioned in our earlier report we were targeting such a move when we proposed our readers to cover their shorts between RM 3450-3250 and make further longs around RM 3250. This jump should now be capitalised by selling longs and booking profit. We maintain that longs can be liquidated between RM 3750 to 3950 range and further shorts should only be initiated when MDEX crosses RM 4000-4150. CPO in the morning was offered around USD 1005 June and USD 960 JAS which is still cheaper compared to Bean oil. Palm will start getting resistance if the price correct another 50 hence we would not suggest our readers to make longs at current levels. One should wait for a correction to buy and utilise current levels to liquidate their longs. India today has reportedly bought good volumes in palm and China too was seen as very active buyer. 


Bean oil settled on a very firm note on Friday which is followed up even today. Rival palm oil is rallying and is pushing the bean oil complex as well. July settled +185 at 54.33 and Aug settled +174 at 53.98 which today is trading up 40 points again. Basis slipped slightly but not enough to check the flat price. CNF India the offers for bean oil were USD 1053 for May and about USD 1050 for June where we don’t see activity like we see in Palm. These prices will also be booked and next offer could be USD 20-30 higher. We will repeat that flat price bean oil between 1000-1050 is good to go long and if prices correct even lower then one can increase forward longs. Indian market still has some cheap Soybean oil hence local sellers at JNPT look to sell at INR 93,500/- disparity of USD 20-22 PMT. Sunflower oil in India is still available cheap and this is holding the run up for bean oil. We would suggest our readers not to miss opportunity to make longs if prices correct and refrain from pricing once the market crosses USD 1100 mark. 


Ukraine sunflower oil to India too jumped to USD 1000 for most of the positions. Buyers in India are pricing their space booking and we heard good interest around USD 980 mark. Grain corridor is creating fear in ship owners and we see less less ships agreeing to enter the region. 18th May if the deal collapses then a lot of ship may get stuck hence we already see a reduced traffic. Destinations like India and China too may get impacted by the same hence its wise to hold near by long and keep buying afloat unsold. Sunflower oil prices will start going up only after resolution of the conflict and till then both sides will liquidate all the stocks before the next crop is harvested. 


  • Argentina SBO
  • May 23 -970/-1050
  • Jun 23 -1000/-1050
  • Jul 23 -1010/-1090
  • AS 23 -880/-1100
  • OND 23 -700/-850
  • Brazil SBO
  • May 23 -900/-1100
  • Jun 23 -900/-1100
  • Jul 23  -900/-1100
  • AS-23 –/-1080
  • 6 ports Europe JAS 1000 vs 965
  • OND 975 vs 960
  • Palm oil BMD (3rd Month) Jul +157 3758 
  • Hi 3788 Lo 3625
  • Vol 84,004 lots 
  • MSIAN OLN
  • Jun 970 v 947.5
  • JAS 897.5 v 892.5
  • OND 885 v 877.5s
  • JFM 890s v 880
  • LCL MSIA CPO
  • May DLVD 4150
  • LCL MSIA STEARIN
  • May DLVD 942.5
  • LCL MSIA PFAD
  • Jun DLVD 790
  • Black Sea sunflower oil FOB 880 vs —
  • Russian sunflower oil FOB 870 vs—
  • Spain indicated May at USD 1000 vs —
  • Italy indicated May at USD 995 vs —
  • CIF Lw India no firm offers Indicative May 1000 vs —
  • Turkey CIF Izmir offered at USD 910 vs — 
  • Currency INR 81.78, RM 4.43, Rub 75.90 and Euro 1.104

Thanks and regards 


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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