Athena Market Buzz

1530 31072023 Athena Market Buzz Monday


Good Morning, 


Mdex opened lower and the downward momentum was maintained the entire day. By lunch Oct was trading at RM 3923-83 and at the close we are trading at days lows of Rm 3870-136 over 3% down. Profit taking at price of RM 4000 and slightly improved weather in USA resulted in this correction. Destinations like India and China have bought enough cargo which may result in lower shipments from Malaysia this Aug 2023 also weighed on sentiments. As mentioned before palm will try to test RM 3750 again and prices between RM 3450-3550 will become attractive to make longs. CPO prices to India were offered between USD 940-950 depending on position and we heard sone trades for Aug at USD 935 for Krishnapatnam port.  We can expect some more correction in prices tomorrow and then mostly it will become a buy.


CBOT bean oil settled marginally lower on Friday with Sept 65.64-18 and Oct 63.52 +16 which at the time of writing this report is trading about 2.8% lower with Sept at 63.90 -288 and Oct 62.00-152. US is expecting better weather and most of the Soybean yields are made in the month of Aug which gives hope to funds for better tomorrow. So far the weather is still dry but its forecasted to rain in next 10 days. We can expect CBOT to correct more and as mentioned before levels of 57.50 should find support for Sept October month while basis could improve back to -1200 levels from current -1900. On flat price CNF India we can expect the price to settled between USD 1000-1050 and eventually rise towards USD 1200 mark. Slight correction in prices should not be considered bearish and bean oil once comes below sunflower oil becomes very attractive to make long. 


Ukraine and Russia continues to fight with more and more civilian targets destroyed. Moscow has to shut night operations at air port to avoid drone attack and this has increased uncertainty in entire Europe. Sunflower oil traded India last week between 1050-1060 and we don’t see cheaper sellers. Prices on sunflower oil will give new direction to veg oil complex and are at the cusp of rising higher. New crop sunflower seeds are looking lower in acerage and trading bodies are estimating about 15-20% lower crop compared to last year. For the month of July India has imported over 400,000 mt of  sunflower oil to meet the festival demand and this will create some pressure. On one hand we will have higher USD prices and with higher local stocks we are sure to see disparity. Its a good decision from importers to bring stocks and one should keep the inventory replenished before the dull period of Aug 2023. We are expected lower shipments as the traders will switch from Old crop to new crop trading before 15th Sept 2023. 


  • Aug -1920U/-2150U
  • Sep -1920/-2150
  • OND -1600/-1720
  • JF/24 -/-1700
  • Mch/24 -/-1800
  • MJJ/24 -1480/-
  • Brazil SBO
  • Aug -2000/ -
  • Sep -1970/-2100
  • Oct -1630/-1800
  • OND -/-1750
  • JF/24 -/-1700
  • Mch/24 -1350/-1800
  • AM/24 -1385/ -
  • JJ/24 -1380/-1700
  • 6 ports Europe AS  $1060 vs -
  • OND$1060 vs -
  • JFM   $1075 vs $1040
  • Palm Market Close 
  • Bmd : Oct 3885 (-121)
  • H 3952 / L 3870
  • Vol :  45,191
  • Oln  
  • Aug 890 vs 
  • Sep 900 vs
  • Ond 910 vs 900
  • Jfm 925 vs 917.5, trd 925-920
  • Amj 920 vs 
  • Rbdpo: -5
  • Strn: Aug 845 (deld) 
  • Pfad: Aug 850 (deld)
  • Local Cpo: Aug 3850
  • Laurics
  • Cpko: Aug 253 (pk) / 255 (pg)
  • Rbdpko: Aug 1040
  • Rbdpkoln: Aug 990
  • Rbdpks : Aug 1175
  • Sbo :  
  • Aug 6565 (-195)
  • Sep 6412 (-152)
  • Oct 6216 (-136)
  • Dce : 
  • Sep 7466 (-182)
  • Jan 7502 (-178)
  • Black Sea sunflower oil Aug 1000 -vs 970
  • Russian sunflower oil Aug 990 vs -
  • Spain indicated at 1070 vs 1030
  • Italy indicated at 1065 vs —
  • CIF India  Indicated aug at USD 1060 vs —
  • Turkey no offers at the moment 
  • Currency INR 82.19, RM 4.50, Rub 92.34, and Euro 1.1033.

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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