Athena Buzz

1530 09082023 Athena Market Buzz Wednesday 


Good Morning, 

Mdex opened marginally lower and after making days low at 3662 by lunch we were back up to RM 3705 +12. Bargain hunting supported the market back to RM 3750 and after making days high of Rm 3775 October settled up 72 points at RM 3765. As mentioned before prices below RM 3750 will be used to cover shorts and prices between RM 3450-3550 will be used to make fresh longs. Short covering , support from rival oils and some demand from destinations like India helped MDEX stabilised. We will once again repeat that our readers should not panic too much when market corrects as the down side seems limited to RM 3450 and on the top side we still have chance to rally all the way up to RM 4450. MPOB will publish their data tomorrow and it appears that it will be bearish pushing Palm lower again. CPO to India was offered today at USD 910-920 for various positions and we heard little trades. 


Bean oil last night settled mostly unchanged with Sept -10 at 63.98 and October -7 at 61.26 which at the time of writing this report is trading Sept at 64.32 +34 and October 61.68 +42. As mentioned before the crop looks to come out well and most of the beans are in good condition this should push CBOT lower and we could test 57.50 soon. Our support for CBOT bean oil is maintained at 54.50 and we would suggest our readers to not make any longs at current board however they can continue to make longs in basis. Basis for AS is offered between -1900 to -1950 and these are attractive levels as we feel we could see it below -1000 soon. Flat price to India was offered between USD 1060-1100 depending on Shipment month and against this local market in India is asking INR 90,000/- which gives USD 60 disparity. We will repeat that Indians should not miss this disparity oil and continue to buy what ever is available . If any macro event happens like situation of Ukraine - Russia getting worse the first oil to rally will be bean oil and India still is trading cheapest bean oil in world.


Ukraine and Russia war continues and the status quo is maintained however at lower levels we do see a lot of demand. Indians are keen to buy cargoes even for forward months if prices come below USD 1000 and on other hand Chinese are getting interested as well. Offers to India today are at USD 1020 and it appears that there won’t be many aggressive sellers.  Turkey is trading between USD 940-950 and Spain too is offered around USD 1020 with close bids. We will repeat that sunflower oil has the potential to rally and current prices are good for making longs in sept month and if the prices fall between USD 950-1000 one can buy for OND as well. 


  • Argentina SBO
  • AS 23 -1950/-2080
  • OND 23 -1450/-1600
  • JF 24 –/-1600
  • Brazil SBO
  • Aug 23 -2000/–
  • Sep 23 -2000/-2100
  • Oсt 23 -1600/-1800
  • OND 23 -1550/-1750
  • JF 24 –/-1650
  • Mch 24 -1230/-1700
  • AM 24 -1200/-1700
  • JJ 24 -1180/-1700
  • 6 ports Europe AS    $990 vs -
  • OND $990 vs $960
  • JFM  $1000 vs $975
  • AMJ  $1020 vs $985
  • Palm oil Market Close 
  • Bmd : Oct 3765 (+72)
  • H 3775 / L 3662
  • Vol :  56,965
  • Oln  
  • Aug 862.5 vs 
  • Sep 862.5 vs 
  • Ond 872.5 vs 862.5 trd 855 
  • Jfm 892.5 vs 880
  • Amj 892.5 vs 880 
  • Rbdpo: -5
  • Strn: Aug 805 (deld) 
  • Pfad: Aug 810 (deld)
  • Local Cpo: Aug 3800
  • Laurics
  • Cpko: Aug 249 (pk) / 251 (pg)
  • Rbdpko: Aug 1000
  • Rbdpkoln: Aug 955
  • Rbdpks : Aug 1140
  • Sbo :  
  • Sep 6453 (+55)
  • Oct 6178 (+52)
  • Dec 6036 (+51)
  • Dce : 
  • Sep 7448 (+70)
  • Jan 7388 (+22)
  • Black Sea sunflower oil indicated at USD 930 vs —
  • Russian sunflower oil FOB indications USD 920 vs —
  • Spain offered for AS at USD 1005 vs —
  • Italy indicated for AS at USD 1000 vs —
  • CIF India offered some 15000 mt for new crop Ukraine origin at USD 1020 vs 980
  • Turkey offered SPOT cargo at USD 960 vs 940
  • Currency INR 82.82, RM 4.57, Rub 97.18 and Euro 1.0976

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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