Athena Buzz

1530 18082023 Athena Market Buzz Friday 


Good Afternoon,


The trading session commenced on a positive note for Mdex, with an initial rise of approximately 25-28 points. However, profit-taking activities became evident as the morning progressed. By midday, the gains had narrowed significantly, leaving November's performance up by only 1 point, reaching 3924. The market underwent further consolidation and selling in the afternoon, resulting in a dip to lows of RM 3867. As of the time of this report, the market is trading at RM 3882, down by 42 points from the previous session.During today's trading, the market's peak at RM 3966 encountered resistance at the RM 4000 level. Given the prevailing carry condition, it is advisable for sellers to capitalize on this opportunity to secure some profits. As previously mentioned, long positions are anticipated to utilize current levels for their exits. A potential surge beyond RM 4250 could trigger selling pressure, leading to the initiation of new short positions. Until the market's price drops below RM 3750, it is advisable to maintain positions at a neutral stance or opt for shorts.

Shifting focus to CPO (Crude Palm Oil) exports to India, offers were extended at USD 930 for August and USD 940 for September. However, there have been reports of trades taking place within the range of USD 910-915. The ongoing correction in the market is projected to persist until it reaches RM 3800, followed by a brief rebound. Subsequently, another correction phase is expected.


In the CBOT (Chicago Board of Trade), bean oil has continued its upward trend due to hot weather conditions. October's settlement witnessed a rise of 109 points, reaching 65.50, while December's settlement increased by 97 points, reaching 63.78. At the time of this report, bean oil's trading remains relatively unchanged. In contrast, basis values have corrected, with October recording a drop of 2250 points and OND (October-November-December) facing a 2000-point reduction in offers. Beans are currently testing the 13.50 level, with indications that they might continue their upward trajectory towards 14.00. However, surpassing the year's previous highs is unlikely.

The rise in bean oil prices is partly influenced by weather conditions, although certain markets like India are witnessing a shift towards sunflower oil consumption, leading to reduced bean oil consumption. Notably, flat-priced bean oil to India was suggested at USD 1063-74. Sunflower oil offers to India, on the other hand, have already reached USD 1000, with even lower offers for the upcoming OND period. Soybean oil demand is anticipated to resurge in the face of unfavorable events affecting sunflower or soybean crops in India. So far, India's soy-growing regions have received adequate rainfall, suggesting a crop yield comparable to the previous year. This, in turn, may lead to reduced bean oil imports in September as importers explore more affordable alternatives.



Ukraine's sunflower oil campaign for the old crop is winding down, resulting in increased demand due to its cost-effectiveness compared to soybean oil. The Sun seed crop size for Ukraine is anticipated to be approximately 13.5 million MT, while Russia's wheat, corn, and barley crops are matching expectations. In sunflower cultivation, Russia expects a crop size of around 16 million MT, suggesting ample supplies, if not exceeding the previous year's availability. It is prudent to avoid an overly pessimistic outlook, as most price corrections have already taken place. Logistical concerns are likely to provide support at USD 900 CNF India. Readers are encouraged to consider long positions between USD 950-1000 for August and September, while a cautious approach is recommended for OND. Lastly, the importance of not being swayed by crop size forecasts is emphasised. A prevailing trend in the market involves aggressive offerings of Ukraine and Russian sunflower oil to India. Reports indicate trades for Russian sunflower oil at around USD 995, with additional offers within the same price range. Routine shipments from the Black Sea region to India are continuing, with sunflower oil replacing soybean oil in India's inventories. Spain and Italy are receiving offers at approximately USD 980, while Turkey secured spot cargoes at USD 940, with trades at USD 920 recently observed.


  • *Argentina SBO*
  • Sep 23 -2250/-2450
  • Oct 23 -2000/-2300
  • OND 24 -1850/-2250
  • MJJ 24 -1500/–
  • *Brazil SBO*
  • Sep 23 -2300/-2600
  • Oсt 23 -2050/–
  • OND 23 -1950/-2300
  • ND 23 -1940/-2250
  • Mch 24 -1500/–
  • AM 24 -1500/–
  • JJ 24 -1500/–
  • 6 ports Euroope *SFO 6P ($)*
  • Aug: 965 vs — 
  • Sep: 965 vs —
  • OND: 965 vs —
  • JFM: 985 vs —
  • Palm oil Market Close 
  • Bmd : Nov 3869 (-54)
  • H 3966 / L 3866
  • Vol :  62,111
  • Oln  
  • Sep 872.5 vs 855
  • Ond 880 vs 875 trd 880
  • Jfm 895 vs 885 
  • Amj 895 vs 885
  • Jas 885 vs 
  • Rbdpo: -5
  • Strn: Sep 810 (deld) 
  • Pfad: Sep 810 (deld)
  • Local Cpo: Aug 3900
  • Laurics
  • Cpko: Sep 245 (pk) / 246 (pg)
  • Rbdpko: Sep 985
  • Rbdpkoln: Sep 940
  • Rbdpks : Sep 1125
  • Sbo :  
  • Sep 6768 (-8)
  • Oct 6545 (-5)
  • Dec 6364 (-14)
  • Dce : 
  • Sep 7664 (+36)
  • Jan 7614 (+56)
  • Rm 4.645
  • Crude : 80.26
  • Black Sea sunflower oil FOB 900 vs -
  • Russian sunflower oil indications USD 890 vs —
  • Spain indicated for AS at USD 985 vs —
  • Italy indicated for AS at USD 980 vs —
  • CIf India Ukraine origin cargo indicated at USD 1000 - 980, Russian can be traded at USD 990
  • Turkey indicated for mersin at USD 940 vs 920
  • Currency INR 83.06, RM 4.64, Rub 93.41, and Euro 1.0872

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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