Athena Buzz

1530 16082023 Athena Market Buzz Wednesday 


Good Morning, 

Mdex  Opened marginally higher with Nov at RM 3833 +28 and by lunch we were mostly trading around there only at RM 3818 +13. Later in the day news about Indian monsoon not progressing as expected , higher exports from Malaysia came we saw the market rallying and November made a high of RM 3860 which at the time of writing t his report was still trading at RM 3845 +40. Over all as mentioned before Palm would consolidate here a little and longs will exit from their positions when prices cross over RM 3900 to RM 4000 and one can go short between RM 4250 to RM 4450. India for Aug CPO yesterday traders at 905 and today we have heard trades from 907.50 to 910 though the offers at the start of the day were between USD 915-920. We will see some more demand around USD 905-910 but the sellers are now indicating a price of USD 925. India at the moment looks to have good inventories and with higher exports we can expect Malaysia to slow down exports thus impacting prices. We don’t expect CNF India to trade over USD 950 and we can expect all the rallies to see good selling and resistance of RM 4250 should largely remain. On other side China will look to fill its inventories and this correction in MDEX would also find buyers hence the range of MR 3750-4000 would largely play and it will become a buy if prices drop below RM 3750. 


Cbot Beans, bean oil are possibly only commodities who are keeping the bullish hopes for complex intact. Bean oil settled Sept 65.90+85, and October 63.33+81 which at the time of writing this report is trading higher again Sept +79 66.69 and October 64.14 +81. On other Hand since the supplies are enough we are not seeing any improvement in basis and sellers for Sept are at -2100 , Oct -1750 while buyers are looking to price -100 points lower. Degum CNF India was offered at USD 1060-1065. India has reduced imports of bean oil and increased the imports of Palm and Sunflower oil . With the spreads in favour of sunflower oil India will consume more sunflower oil and it will be hard for bean oil to rally. Imports to India will further reduce looking at good weather and arrivals of beans in the month of October traders will normally fear importing higher volumes in the month of Aug or Sept specially when bean oil is commanding premium over other oils. Locally in India we are seeing prices still in disparity but we do see good demand at levels of INR 880-900. Soon the disparity in local market will disappear and we request our readers to maintain local longs and replace the current longs also with local oil.


Egypt is tendering for sunflower oil and the price range where the business will happen some where between 1010-1050. Spain the offers for sunflower oil were at USD 1005 and trades were happening between USD 970-980.  India we are seeing offers at USD 1000 but buyers are looking to buy around USD 970-960 as local markets are trading at rough equivalent of USD 950. Inr depreciated 83.15 and Rub is already trading around 100 which makes export from Russia competitive even though INR depreciated. Ukraine crop is being talked around 13.5 million MT its about 10% higher than last year but with less carry to new crop we can assume mostly unchanged crop. This could put pressure on OND prices and once again if the conflict is not resolved we will have aggressive sellers. On sunflower oil we don’t see India to market it at a disparity and we will suggest our readers to maintain spot longs but refrain from buying too far forward. 


  • Argentina SBO
  • Sep -2100/ -2250 
  • Oct -1750/ -1970
  • OND -1600/-2000
  • JF/24 -1550/-1750
  • Brazil SBO
  • Sep -2150/-2450
  • Oct -1950/-
  • OND -1900/ -
  • ND -1850/
  • Mch/24 -1450/-
  • AM/24 -1400/ -
  • JJ/24 -1400/-
  • Palm oil Market Close 
  • Bmd : Nov 3849 (+44)
  • H 3860 / L 3814
  • Vol :  49,479
  • Oln  
  • Sep 870 vs 860
  • Ond 880 vs 872.5 trd 870
  • Jfm 895 vs 890
  • Amj 895 vs 890
  • Jas 885 vs 
  • Rbdpo: -5
  • Strn: Sep 810 (deld) 
  • Pfad: Sep 810 (deld)
  • Local Cpo: Aug 3870
  • Laurics
  • Cpko: Sep 246 (pk) / 247 (pg)
  • Rbdpko: Sep 990
  • Rbdpkoln: Sep 945
  • Rbdpks : Sep 1130
  • Sbo :  
  • Sep 6672 (+82)
  • Oct 6414 (+81)
  • Dec 6266 (+78)
  • Dce : 
  • Sep 7598 (+134)
  • Jan 7526 (+138)
  • 6 ports Europe sfo aug 960 sep 960 v 915 ond 960 v 915 jfm 970 v 940 amj 990 v 935
  • Black Sea sunflower oil Indications 900 vs —
  • Russian sunflower oil indications USD 890 vs —
  • Spain indicated for AS 1000 vs 970
  • Italy indicated for AS 995 vs 970
  • CIF Lw India offers for AS 1010 to do 1000 buyers not present
  • Turkey offered AS 940 vs —
  • Currency INR 83.15, Rub 97.18, EUro 1.0917 and RM 4.62


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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