Athena Buzz

1430 23082023 Athena Market Buzz Wednesday 


Good Afternoon,


Mdex opened lower due to heavy selling in soft oils, by lunch we were down -20 ringgits at RM 3846 which at the time of writing this report is trading -16 at RM 3850. Palm is again becoming attractive for near by and we will see good buying interest pushing the MDEX higher. We believe that RM 3750 will remain a support now and shorts would like to cover their positions between RM 3750-3850 however any one who wants to make long can wait for prices to correct slightly lower and enter in the range of RM 3450-3550 while one can sell around RM 4000 for profit booking and going short one can wait for prices to rally over Rm 4250-4450. CPO again is trading at USD 910 for ECI spot positions and ROL we heard trades yesterday at USD 885 and today we have heard small volumes at USD 877 CNF India. These prices for ROL are expected to move towards USD 900 and over 900 we will see some selling pressure. We would suggest our readers not be in panic and try to make most of correction. Locally ROL is being offered mostly at par with current market even though the replacement is costly. We have seen offers around INR 855-860 for most ports and though we have not heard many trades. 


Bean oil reacted to a late news about a fire in the plant and possible reduction of soybeans and we settled Oct -244 at 63.14, and Dec -198 at 61.80. Clearly this is over reaction as the crop condition in US for Soybeans is still 59% good to excellent vs the same last week. We are not seeing improvement in crop condition and if the weather continues to remain dry we will see it getting deteriorated like we are seeing in Barley, Corn, Cotton and other agri produce. Basis improved some 100 points on the offer side but buyers were to keen to pay and we see a flat price correction of almost over USD 50 PMT. CNF India the offers are around USD 1005 and at this level we are seeing least spread between Sunflower oil and Soybean oil. Today if prices correct some more and we find offers sub 1000 level then it will become very attractive to make longs. Soybean oil soon will trade at a discount to sunflower oil at least till End October till we don’t see fresh sunflower oil offers again for new crop. Indian markets are finding little demand at offered levels of INR 840 plus bond and though the levels are attractive but we will see market movements only if CBOT and MDEX turn positive till then we will have buyers shying away from taking a position. 


Ukraine is once again facing Russian missiles and drone attacks towards ports specially Danube region and the future of shipment of sunflower oil will always remain a question mark till we don’t see a cease fire. Crop size Is good and OND we will see more pressure. As mentioned before we should target to make longs between USD 900-950 for OND and not expect price to correct more. India is now offered between USD 970-980 against this local market is trading at a disparity. Europe  is struggling with heat wave and it has also reduced consumption. Prices offered to Italy and Spain are in the range of USD 960-955 with limited buying interest. Turkey on other hand is indicted around USD 930 for Mersin and about USD 915 for marmara, India to is indicated at USD 970 to do lower but with limited demand. Consumption of sunflower oil is normally the lowest in the month of Aug and with better crop reports and increased availability we will see bottom price for new crop sunflower oil by beginning of Sept. We will suggest destinations to be not so worried of a correction and start buying partial requirement when prices touch USD 950 CIF. Locally in India the prices of sunflower oil are at a disparity and are worth buying already. 


  • Argentina SBO
  • Sep 23 -2280/-2450
  • Oct 23 -2100/-2250
  • OND 23 -2000/–
  • ND 23 -1900/-2200
  • JF 24 -1500/-2050
  • Mch 24 -1550/–
  • AM 24 -1600/–
  • JJ 24 -1600/–
  • Brazil SBO
  • Sep 23 –/-2350
  • Oct 23 –/-2200
  • OND 23 –/-2050
  • JF 24 –/-2150
  • Mch 24 -1500/–
  • AM 24 -1600/–
  • MJJ 24 -1600/–
  • 6 ports Europe sep 950 v 920 ond 955 v 920 jfm 970 v 930 amj 990 v 945
  • Palm oil Midday Market Close 
  • Bmd : Nov 3846 (-20)
  • H 3898 / L 3804
  • Vol :  27,548
  • Oln  
  • Sep 867.5 vs 855
  • Ond 877.5 vs 870 
  • Jfm 887.5 vs 882.5/85 trd 885-887.5
  • Amj 887.5 vs 882.5/85 trd 885-887.5
  • Jas 877.5 vs 
  • Rbdpo: -5
  • Strn: Sep 807.5 (deld) 
  • Pfad: Sep 807.5 (deld pk)
  • Local Cpo: Aug 3850
  • Laurics
  • Cpko: Sep 237 (pk) / 241 (pg)
  • Rbdpko: Sep 955
  • Rbdpkoln: Sep 910
  • Rbdpks : Sep 1085
  • Sbo :  
  • Sep 6508 (-13)
  • Oct 6295 (-21)
  • Dec 6173 (-7)
  • Dce : 
  • Sep 7652 (-44)
  • Jan 7582 (-46)
  • Black Sea sunflower oil indicated FOB at 850 vs —
  • Russian sunflower oil indicated FOB at USD 840 vs —
  • Spain indicated for AS at USD 950 vs —
  • Italy indicated for AS at USD 940 vs —
  • CIF India indicated for AS at USD 970 and OND 960 vs —
  • Turkey CIF Mersin indicated at USD 930 vs —
  • Currency INR 82.85, RM 4.65, Rub 94.65, and Euro 1.0854

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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