Athena Market Buzz

1320 28072023 Athena Market Buzz Friday  


Good Morning, 


A happy Friday to every one. Ukraine is constantly getting targeted by Russian forces mostly at port areas. Odessa/ Yuzhney/ Danube region is facing some damages and this is the reason why we still see higher prices trading in Europe and Turkey. It appears that Turkey is not confident of brokering peace any more between the two nations and is willing to pay higher to stock sunflower oil. Izmir after trading 1020, and Mersin after trading 1035/1040 we are seeing the offers now at USD 1045 for Mersin. Europe is already looking at offers around USD 1080 and we heard some trades of Ukraine origin sunflower oil to India at USD 1060-1055. Egypt picked about 33000 mt of sunflower oil at 1080 and it appears that we will soon see sunflower oil racing towards USD 1150-1200 for CNF India. No new vessels are calling to load in Ukraine and its only earlier commitments which are getting loaded. Its also not sure how long the shipments will continue and we will advice our readers to trade with caution. India is having cheapest offers on sunflower oil and they should make the most of current cargo. Though a large volumes of edible oil is coming towards India but the demand for festivals seems robust and we will suggest our readers to still make longs in sunflower oil between USD 1000-1040 and wait to price new crop sunflower oil.


July was the hottest month USA has experienced and it surely will have some impacts on crop and yields. Increase in interest rates push funds to book some profit and CBOT settled Sept -115 at 65.82 and Oct 63.36 -111 which at the time of writing this report is trading about 1% higher Aug +78 at 69.39 and Sept +53 at 66.35. Soybean oil to sunflower oil spread has narrowed thanks to basis and today CNF India soybean oil is available at USD 1110-1120 levels against this sunflower oil is indicated at USD 1060 for spot shipment and no rates for forward months. Locally in India degum soybean oil is still trading at a disparity for ready cargo. Resellers are indicating at price of INR 930-925 and direct sellers are looking to sell it around INR 950. These prices are almost at par with sunflower oil and thus the demand in bean oil expected to rise. We can safely target a flat price level of USD 1200 CNF India before October 2023 which on the down side will find supports at USD 1000. 


Mdex opened lower and by lunch it was down over 1% for Sept at RM 3950 -48 which at the time of writing this report is trading mostly unchanged Sept at RM 3958- 40. As mentioned before palm will struggle to rally over USD 4450 and before it can make new highs for the year we should see a consolidation. We expect Palm to try and trade near RN 3750 for some time and below which it will become extremely attractive to make longs as  palm eventually will attempt to break RM 4450 before October 2023 as India continues to see good demand along with destinations likes Middle East and China. We are supportive of palm prices but we do not expect the range to break unless we see serious crop issues in Soybeans. India is experiencing good rains and it will help increase the yields on soybean seeds. Palm one can buy between RM 3450-3550 and can book profit by selling the longs between RM 4000-4150 and go short when prices trade around RM 4150-4450 range. CPO prices to India are indicated between USD 980-990 for various position and are attractive compared to other soft oil offers. 


  • Argentina SBO
  • Aug -1930U/-2100U
  • Sep -1930/-2080
  • OND -1570/-1700
  • JF -/-1800
  • Mch -1600/-1950
  • Brazil SBO
  • Aug -1950/ -
  • Sep -1950/-2150
  • Oct -1550/-1850
  • OND -/-1850
  • ND -/-1750
  • JF/24 -/-1800
  • Mch/24 -1450/-1950
  • AM -1485/ -
  • JJ -/-1480
  • 6 ports Europe Aug 1085/1060
  • Sep 1085/1065
  • OND 1090/1080
  • JFM 1115/1080
  • Palm oil Midday Market Close 
  • Bmd : Oct 3980 (-46)
  • H 4039 / L 3944
  • Vol :  32,695
  • Oln  
  • Aug 900 vs 
  • Sep 915 vs
  • Ond 925 vs 917.5 trd 917.5
  • Jfm 940 vs 930
  • Amj 930 vs 925
  • Rbdpo: -5
  • Strn: Aug 842.5 (deld) 
  • Pfad: Aug 842.5 (deld)
  • Local Cpo: Jul 3950
  • Laurics
  • Cpko: Aug 260 (pk) / 262 (pg)
  • Rbdpko: Aug 1075
  • Rbdpkoln: Aug 1020
  • Rbdpks : Aug 1210
  • Sbo :  
  • Aug 6913 (+52)
  • Sep 6644 (+62)
  • Oct 6397 (+61)
  • Dce : 
  • Sep 7610 (-166)
  • Jan 7652 (-122)
  • Black Sea sunflower oil indications only Aug USD 1000 vs- 
  • Russian sunflower oil indicatively Aug 990 vs —
  • Spain indicated Aug at USD 1080 vs —
  • Italy indicated Aug at USD 1075 vs —
  • CIF Lw India indicated for Spot loading at USD 1060 vs 1030 buyers
  • Turkey after trading USD 1035 for mersin is offered at USD 1040 vs 1020
  • Currency INR 82.26, RM 4.54, Rub 90.32 and euro 1.0958

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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