Athena Market Buzz

1330 12072023 Athena Market Buzz Wednesday 


Dear readers,


Rm 4000 resistance for MDEX is taking time to break and it appears that may be this week we will see some consolidation but we have a chance to move towards RM 4150-4250 . Palm markets are surprisingly range bound as we expected some correction already towards RM 3550 and between RM 3450-3550 we would suggest our readers to make longs, on other hand one can exit their longs now when board is trading at RM 3912 +23 for Sept and can enter shorts when we cross RM 4000 mark. CPO India is offered around USD 930 for various positions and some trades are taking place. CBOT bean oil is showing bullish signs but with basis not following we do not see a massive rally. Palm when corrects to RM 3450-3550 will become very attractive to make longs and then we are targeting RM 4150-4250 for active month sept. This range should hold valid for a month and later as weather changes we could see a strong directional move. 


Bean oil settled lower last night with Aug -78 at 64.83 and Sept at 62.14 -73 which at the time of writing this report has recovered the last night losses and is trading Aug 65.37+74 and Sept 62.89+75. USDA may show bullish Soybean acreage and yield too should largely be between 51-51.5 making the market supportive in beans as well as Soybean oil. Bean oil should now start rising in flat price first before we could see more rally in CBOT. Basis are offered at -2100 and bids are as low as -2300. These are recent lows on basis and we are maintaining our stand to make longs in basis and avoid touching CBOT. Flat price bean oil is offered to India between USD 1050-1060 for various positions and its only sunflower oil which is keeping the over all market depressed. Talks about closing of grain corridor can have strong impacts on flat price and one can actually make some longs directly in flat price as well. Locally in India the offers on DEGUM are between INR 90,000-905,00 but most of the buyers are trying to increase the disparity and cover at 88,500/- these are very low and pressured prices which has a room to explode on the up side at least come at par with replacement soon. 


Ukraine sunflower oil is being offered to India at USD 950-955 and buyers are negotiating and trying to buy between USD 920-940. There is very good demand for sunflower oil and we will see more and more soft oil consumers switching to Sunflower oil. Russia has so far not confirmed about the extension on the grain corridor with Ukraine having about 1.2 million MT sun seeds , Russia about 5 million MT they can very well block the passage now and resume operations come October 2023. We would suggest all our readers to strictly cover their near by shipments and it will be even better for making some more spot long or even forwards with optional origin. 


  • Argentina SBO
  • Aug -2050/-2300
  • Sep -1800/-2050
  • OND -1600/-1950
  • JF ?/-1800
  • Mch -1300/?
  • AM -1600/-2100
  • Brazil SBO
  • Aug -2050/-2350
  • Sep -1750/-
  • OND -1550/-
  • JF -/-1800
  • Mch -1300/-
  • AM -1600/-
  • JJ -1500/-
  • 6 ports Europe Aug 1000 vs 980
  • OND 1015 vs -
  • Palm oil Midday Market Close 
  • Bmd : Sep 3929 (+40)
  • H 3945/ L 3889
  • Vol :  19,049
  • Oln   
  • Jul 870 vs 
  • As 875 vs 865
  • Ond 892.5 vs 887.5 trd 890
  • Jfm 905 vs 900
  • Amj 907.5 vs 900
  • Rbdpo: -5
  • Strn: Jul 825 (deld) 
  • Pfad: Jul 825 (deld)
  • Local Cpo: Jul 3880
  • Laurics
  • Cpko: Jul 233 (pk) / 233 (pg)
  • Rbdpko: Jul 900
  • Rbdpkoln: Jul 840
  • Rbdpks : Jul 1060
  • Sbo :  
  • Aug 6540 (+77)
  • Sep 6293 (+79)
  • Oct 6129 (+68)
  • Black Sea sunflower oil Aug 850 vs —
  • Russian sunflower oil Aug 840 vs —
  • Spain indicated for Aug 960 vs —
  • Italy indicted for Aug 955 vs —
  • CIF LW India indications Aug at USD 955 vs 940
  • Turkey indicated at USD 930 vs 900 
  • Currency INR 82.28, RM 4.64, Rub 90.34, and Euro 1.1025



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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