Athena Market Buzz

1530 26062023 Athena Market Buzz Monday


Good morning,

The trading day started on a positive note for Mdex, opening approximately 1.74% higher at RM 3683 (+63). However, profit taking occurred during the lunch period, leading to a market settlement at RM 3652 (+32). As previously mentioned, we continue to maintain our trading range for the time being. Once the market breaks RM 3750 for the September month, we may observe some selling pressure. We recommend long positions to be exited above RM 3750, while short positions should be initiated after reaching RM 4000.


At the time of writing this report, there is an increased interest in India, and CBOT has experienced a 1.5% uptick. Improved liquidity in China has also contributed to Mdex trading at a day's high of RM 3722 (+102). In the morning, CPO to India was offered at USD 880 for most positions, but later there were price adjustments and increased offers. India has seen a reduction in temperatures, with scattered rains in most regions, leading to an increased demand for vegetable oil.


Friday proved to be another bullish day for bean oil, with CBOT settling at +174 for August (at 56.57) and +149 for September (at 55.66). At the time of writing, August is trading at +87 (57.44) and September at +74 (56.40). On the basis side, corrections have occurred, with sellers in July asking for -1330 and in August asking for -1200, while buyers are aiming for -1400 to -1500. If the weather remains hot and there is no rain in the next two weeks, we might witness CBOT rallying past 62.50. Basis, on the other hand, may show signs of stress and start to recover. We suggest readers consider long positions in basis and also consider buying CBOT during dips. CNF offers for bean oil to India were around USD 1060 for most positions, but no major trades have been reported. Sunflower oil, however, remains available at USD 960, which is driving increased demand towards it. It's important to note that the bean oil market is expected to be highly volatile, so caution is advised. Currently, prices over USD 1100 on a flat price basis do not make sense, but with the weather situation, higher prices are possible. In the Indian market, there is a disparity, with degum prices at around INR 92,000/- and refine oil prices at about INR 94,000/- in the hinterland.


The Black Sea region experienced heightened activity last night due to confusion over a possible mutiny in Russia. However, everything has returned to normal, at least for now. There is a lot of speculation and information circulating, but since it does not impact the upcoming crop or current exports, we are avoiding any significant discussion. Ukraine is returning with renewed energy, giving hope for a potential solution to the ongoing war. India witnessed substantial trading volumes in sunflower oil, with strong demand still present. Sunflower oil is currently the most affordable soft oil, and even Europe is looking to make purchases around USD 910-920. Today, offers in India increased to USD 960, while buyers are currently around 920, but we anticipate that some trades may occur around USD 940. Locally in India, sunflower oil is trading at INR 85,000/- with limited sellers. We recommend Indian buyers to consider purchasing this oil, as we expect lower shipments in June.



  • Argentina SBO
  • Jul -1330/-1550
  • Aug -1200/-1400
  • Sep -1130/-1300
  • OND -1050/-1250
  • Brazil SBO
  • Jun -1000/-
  • AS -1250/-
  • OND -1050/-
  • Mch-24 -950/-1300
  • AM-24 -900/-1350
  • 6 ports Europe RSO FDM (€)
  • Jul-23 935/880
  • ASO-23 895/870
  • NDJ-24 905/880
  • FMA-24 920/890
  • MJJ-24 930/895
  • ASO-24 930/
  • Palm oil Market Close
  • Bmd : Sep 3716 (+96)
  • H 3722 / L 3630
  • Vol : 35,003
  • Oln   
  • Jul 852.5 vs 
  • As 852.5 vs
  • Ond 855 vs 847.5/50? trd 847.5-50
  • Jfm 875 vs 865/67.5 trd 865-70
  • Amj 880 vs 870/72.5
  • Rbdpo: -10
  • Strn: Jul 795 (deld) 
  • Pfad: Jul 795 (deld)
  • Local Cpo: Jul 3750
  • Laurics
  • Cpko: Jul 232 (pk) / 232 (pg)
  • Rbdpko: Jul 920
  • Rbdpkoln: Jul 860
  • Rbdpks : Jul 1100
  • Sbo :  
  • Jul 5895 (+101)
  • Aug 5731 (+74)
  • Sep 5626 (+60)
  • Dce : 
  • Sep 7122(+54)
  • Jan 7108 (+54)
  • Black Sea sunflower oil 
  • Russian sunflower oil 
  • Spain offered for July at USD 920 vs 
  • Italy offered for July at USD 915 vs -
  • CIF India indicated at USD 960 vs —
  • Turkey indicated at USD 870 vs —
  • Currency INR 82.04, RM 4.67, Rub 82.63, and Euro 1.0906.

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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