Athena Market Buzz

1400 24072023 Athena Market Buzz Monday  


Dear readers,

Today, we turn our focus to the Sunflower oil market first as recent developments have been influenced by Russia's increased actions in the port cities of Ukraine. Significant damage has been reported in the port cities of Odessa, Reni, and Izmail, resulting in the closure of ports that were major hubs for sunflower oil movement. This closure has raised concerns about the willingness of shipowners to navigate towards these ports, potentially leading to increased insurance and freight costs.

In trading, Turkey has seen transactions at USD 1000, while India witnessed pricing between 1020-1030 last week, later escalating to USD 1060. Notably, there have been no sellers at the current prices, and it is expected that offers for sunflower oil may reach around USD 1100 to align with bean oil offers. The infrastructure damage caused by the conflict has created uncertainty, resulting in a scarcity of offers.

Meanwhile, in India, the demand for sunflower oil remains robust, leading to the rapid depletion of stocks. Chennai has recorded trades as high as INR 92,000/-, with small volumes still available at this price. However, larger volumes can be acquired at INR 93,000/-. If the situation does not improve, there is a possibility that sunflower oil prices locally in India could escalate to INR 100,000/-. Thus, we advise refiners to hold on to their stocks and continue purchasing surplus oil from the local market. For our readers, we recommend maintaining long positions and continuing to explore replacement options.


Moving on to agri commodities, the hot weather and Russia's withdrawal from a grain deal have influenced the market. Soybean oil, in particular, has seen an upward trend, with Friday settlement for Sept up by 101 points at 66.02 and Oct up by 57 points at 63.74. The CBOT Aug has surpassed the 70 mark, trading 100 points up at 70.40, while Sept is up 81 points at 66.83. Basis remains mostly unchanged, with offers at -2200 for Aug and -1850 for Sept. The flat price to India is indicated at USD 1130 for most positions, and we anticipate buying interest in bean oil once some Sunflower oil sellers increase prices to USD 1100.

In India, the prices of Degum soybean oil still exhibit disparity, and we advise buyers not to delay covering their positions. While we expect CBOT to decrease, basis movements will likely maintain flat prices at current levels. We reiterate that long positions should be taken between USD 100-1050, and it is prudent to avoid longs over 1150. Replacement buying can be pursued up to USD 1150, and it is advisable for destinations, especially in India, to prioritise consumption of disparity oil.


 Mdex, we observed a lower opening, and by lunchtime, it maintained initial losses of 1.5%, settling Sept at RM 3969 -48. The resistance level of RM 4000 is in effect, and consolidation is expected to drive further market rallies. The correction has not been steep, given the support from firmer bean oil and sunflower oil. We anticipate a full market recovery, with Mdex attempting to reach RM 4450, where long-term resistance is likely to come into play, leading to another period of consolidation.

As stocks deplete at a faster pace and exports increase, palm prices are expected to rise further. The high prices may create stress in Indonesia, leading to supply restrictions, thereby putting additional pressure on Mdex and driving prices up. For palm, we reiterate that long positions should be taken between RM 3450-3550, while short positions can be considered once prices touch RM 4250. Additionally, India's offering of USD 975 for CPO stands as the most affordable imported oil and is likely to be favored in the market.


  • Argentina SBO
  • Aug -2200 vs -2350
  • Sep -1860 vs -2010
  • OND -1600 vs -1850
  • Brazil SBO
  • Aug ?? vs -2450
  • Sep -2000 vs -2100
  • OND -1550 vs -1800
  • JF ?? vs -1850
  • Mar -1340 vs -1950
  • AM-24 -1400 vs ??
  • 6 ports Europe  slow start no firm offers AS   $1140 vs $1070
  • Sep   1150 vs  
  • OND $1140 vs
  • Palm oil Midday Market Close 
  • Bmd : Oct 3987 (-48)
  • H 4014 / L 3977
  • Vol :  20,713
  • Oln  
  • Aug 910 vs 890
  • Sep 915 vs 895
  • Ond 920 vs 912.5
  • Jfm 935 vs 927.5
  • Amj 932.5 vs 925 trd 930
  • Rbdpo: -5
  • Strn: Aug 845 (deld) 
  • Pfad: Aug 845 (deld)
  • Local Cpo: Jul 3980
  • Laurics
  • Cpko: Aug 257 (pk) / 260 (pg)
  • Rbdpko: Aug 1065
  • Rbdpkoln: Aug 1005
  • Rbdpks : Aug 1195
  • Sbo :  
  • Aug 6993 (+53)
  • Sep 6647 (+45)
  • Oct 6412 (+38)
  • Dce : 
  • Sep 7578 (-160)
  • Jan 7628 (-144)
  • Black Sea sunflower oil FOB no offers at the moment 
  • Russian sunflower oil no offers indications around USD 970 vs —
  • Spain indicated Aug at USD 1080 vs —
  • Italy indicated Aug at USD 1075 vs —
  • CIF India no indications at the moment 
  • Turkey indicated near by at USD 1040 vs —
  • Currency INR 81.88, RM 4.57, Rub 90.90, and Euro 1.1078

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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