Athena Market Buzz

1530 15062023 Athena Market Buzz Thursday 


Good morning,


Mdex opened marginally higher and with increased interest at lower prices we saw mid day close Aug at RM 3477+25. Post lunch there was more buying interest and palm rallied to days high of Aug 3536 +82 which at the time of writing this report is trading at RM 3518+66. MDEX has successfully crossed RM 3450 mark and now the next consolidation would be around RM 3750. We would suggest our longs made at RM 3250-3300 to hold tight and wait for prices to move towards RM 3650 and only then book profits. We repeat to short this market one needs to wait for palm to cross RM 3750 and can make shorts till RM 4000. Palm is once again cheapest oil with prices of about USD 850 India while sunflower oil on other hand has increased on the offer side to USD 910. Palm will be bought at current levels and we don’t see any major set backs here till RM 3750. 


Bean oil was very turbulent last night and with FED deciding to keep interest rate unchanged we saw slightly higher closing. Aug settled +35 at 54.92 and Sept settled +22 at 54.29 which at the time of writing this report is trading Aug +45 at 55.37 and Sept +47 at 54.76. Both the months are over resistance of 54.50 and if they manage to keep their head up we could see it rally further towards 59.00. Basis on the other hand showed correction and at the close the same was offered at -1280 for JJ and buyers were at -1320  putting flat price about USD 25 lower. Bean oil CNF India the offers today are at USD 1020 for most of the positions but we don’t see any major demand. Interestingly sunflower oil has jumped a little reducing spread and if it moves more we can see interest developing in bean oil as well. We would suggest our readers to start making longs in basis at current levels and wait for CBOT to correct for pricing. FLAT price bean oil India will be a buy if prices correct another 50 bucks and prices between USD 950-1000 could be owned. India has reduced the import duty on refine soybean oil to effective 13.75% compared to 5.5% In degum which could make some sense as there is no tariff on refine oils. 


Ukraine is seeing increase attacks and with civilian casualties and  with the Infrastructure damage it will hard for them to continue offering cheap. India was offered at USD 920 for most of the positions and now the spread between sun and soya stands at USD 100. We will see some resistance from destinations to pay up these prices but eventually they will pay and we expect the spread to further reduce to USD 50. We had mentioned before and we will repeat that at these levels sunflower oil is very attractive to buy and one should continuously keep replenishing the stocks. 


  • Argentina SBO
  • June -1280/-1320
  • Jul -1280/-1320
  • Aug -1200/-1270
  • Sep -1170/-1250
  • OND -1050/-1180
  • Brazil SBO
  • Jun -1250/-
  • Jul -1250/-1350
  • Aug -1130/-
  • Sep -1080/-
  • OND -970/-
  • JF-24 -/-1120
  • Mch-24 -800/-
  • AM-24 -/-950
  • 6 ports Europe June  $915 vs $870
  • JAS   $940 vs $910
  • OND $985 vs $930
  • JFM  $995 vs $940
  • Palm oil Market Close
  • Bmd : Sep 3506 (+67)
  • H 3519 / L 3419
  • Vol :  54,212
  • Oln:   
  • Jul 820 vs 
  • As 820 vs
  • Ond 830 vs 822.5
  • Jfm 845 vs 835 trd 830-842.5 
  • Amj 847.5 vs 840 trd 840-845
  • Rbdpo: -10
  • Strn: Jul 780 (deld) 
  • Pfad: Jul 760 (deld)
  • Local Cpo: Jun 3550
  • Laurics
  • Cpko: Jun 223 (pk) / 226 (pg)
  • Rbdpko: Jun 900
  • Rbdpkoln: Jun 840
  • Rbdpks : Jun 1105
  • Sbo :  
  • Jul 5627 (+31)
  • Aug 5533 (+41)
  • Sep 5476 (+47)
  • Dce :  
  • Sep 6808 (+74)
  • Jan 6800 (+76)
  • Black Sea Sunflower oil June 780 vs —
  • Russian sunflower oil June 770 vs —
  • Spain indicated for July at USD 900 vs —
  • Italy indicated for July at USD 890 vs —
  • CIF India indications for July at USD 910 vs — 
  • Turkey not offered at the moment last we heard traded on Tuesday at USD 790 for mersin 
  • Currency INR 82.17, RM 4.63, Rub 84.28 and Euro 1.0821



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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