Athena Buzz

1500 01082023 Athena Market Buzz Tuesday 


Good Morning, 


MDEX Looks like heading towards 3750 immediately and supports comes in at RM 3450.

Soybean oil October Month heading towards 57.50 with long term support now at 56.50.

Sunflower oil CIF India offers between USD 1040-1045 looks like heading short term around USD 1000 and then will go back upto USD 1100. 


Palm opened marginally lower and by lunch October was trading at RM 3885 +7 which at the time of writing this report is still trading at RM 3887+9. India has imported a little too much of palm products for the month of July and it appears that AUG could go slow. MDEX is in a correction mode as the weather cools in USA and also the tension around grain corridor finds alternate routes of supplies. Palm to India was offered in the morning between USD 950-960 for various positions and this is about USD 80-90 lower to sunflower oil. We heard some business yesterday to India around USD 930-935 and today also the buyers are looking at the same price. MDEX is making daily new lows like today it registered RM 3845 which confirms the downward direction and we can soon see prices drifting below RM 3750. We would urge our readers not to be too bearish when prices correct below RM 3750 and make longs between RM 3450-3550 level. These are long term supports and MDEX will bounce from this lows to go back to test RM 4450 levels. 


CBOT bean oil settled lower with Sept at 63.11 -253 and Oct at 61.08-244 which at the time of writing this report are marginally up Sept 63.29 +18 and October 61.29 +21. CBOT is heading towards 57.50 which is where it should find good support again. Brazil is mostly over and China will soon have to shift to USA which can help basis improve. Beans mostly will be supported over 13.00 and bean oil around 57.50. The inverse in current market is already a good example of demand which could result in basis firming up from current -1750 to eventually below -1000. Flat price bean oil to India is now offered at USD 1080 against this local oils are trading at a disparity of almost USD 60-70. With improved weather conditions and crop conditions as per expectation we can watch the coming 15 days carefully which will decide the future really in Soybeans. We would suggest readers to look at making longs around 57.50 but buy the basis today. 


Ukraine sunflower oil is trading slightly lower as the fear of closing of grain corridor subsides and Ukraine continue to export oil via other channels. Romanian oil and Ukraine origin sunflower oil from Constanza is getting loaded for long hauls and it appears that after historic high imports in the month of July , India will look to buy fresh oil only if the prices go below USD 1000 mark or their uncovered Sept month. Europe is not very active toady and today is Swiss National day holiday too which keeps sunflower oil demand subdued for today. India is offered around USD 1030 with buyers not coming above USD 1000 mark. Turkey after trading USD 1020 last week as the tension increased between Russia - Ukraine , traded USD 965 for Izmir last night. Today once again we hear offers around USD 980 and we are yet to scout buyers. 6 ports Europe is not opened yet but is expected to open with a USD 20 correction. We would suggest our readers to keep replenishing sunflower oil inventories as long as its cheaper to soybean oil.


  • Argentina SBO
  • Aug -1750U/-1850U
  • Sep -1750/-1850
  • OND -1450/-1550
  • JFM/24 -/-1500
  • MJJ/24 -1250/-1750
  • Brazil SBO
  • Aug -1750/ -
  • Sep -1750/-1870
  • Oct -1500/-1650
  • OND -1450/-1600
  • JF/24 -/-1550
  • Mch/24 -1200/-1650
  • AM/24 -1200/ -
  • JJ/24 -1200/-1650
  • 6 ports Europe AS  $1040 vs -
  • OND$1040 vs -
  • JFM   $1055 vs $1020
  • Palm oil Midday Market Close 
  • Bmd : Oct 3885 (+7)
  • H 3899 / L 3832
  • Vol :  27,598
  • Oln  
  • Aug 892.5 vs 
  • Sep 900 vs 885
  • Ond 910 vs 905
  • Jfm 925 vs 920 trd 922.5
  • Amj 920 vs 910
  • Rbdpo: -5
  • Strn: Aug 840 (deld) 
  • Pfad: Aug 850 (deld)
  • Local Cpo: Aug 3850
  • Laurics
  • Cpko: Aug 254 (pk) / 256 (pg)
  • Rbdpko: Aug 1040
  • Rbdpkoln: Aug 990
  • Rbdpks : Aug 1175
  • Sbo :  
  • Aug 6594 (+36)
  • Sep 6348 (+37)
  • Oct 6146 (+38)
  • Black Sea sunflower oil FOB Aug 940 vs—
  • Russian sunflower oil no indications at the moment 
  • Spain indicated for Aug at 1050 vs —
  • Italy indicated for Aug at USD 1045 vs —
  • CIF Lw India spot cargo indicative USD 1030, 15 Aug -15 Sept indicated at USD 1050 vs —
  • Turkey indicated USD 980 vs —
  • Currency INR 82.26, RM 4.50, Rub 91.87 and Euro 1.0990

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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