Athena Market Buzz

1530 31082023 Athena Market Buzz Thursday 


Good Afternoon,


Mdex showed Impressive recovery yesterday and just before their national holiday / Extended weekend we managed to settle over RM 4000 for Nov Dec Jan months. Palm having touched RM 4000 and settled over it may find more support and has the potential to rally all the way over RM 4250. AS mentioned before we had requested longs to exit around RM 4000 and if the price cross over RM 4250 to RM 4450 only then enter for fresh shorts. CPO to India is offered around USD 940 and ROL is being offered at USD 920 . We are hearing that some sellers may trade lower towards USD 910 but with so much of Imports to India local markets are already selling at a disparity. Destination ports like Kandla are worse with margins and are depressing the markets of whole country. Festival demand is expected to pick up in India and this will be catalyst in taking the prices higher towards RM 4450. Locally destinations are not advised to remain short and enter shorts only when CNF India ROL crosses USD 950 mark. Locally the prices for ROL is between INR 840-845 for ECI and in JNPT around INR 850-855 whilst Kandla is still looking for buyers are cheaper level. 


CBOT could not carry the momentum and positive sentiment created by Palm as the news about Hurricane approached we saw selling pressure and we settled Oct -68 at 64.09 and Dec -70 at 62.63. Bean oil to India is indicated at USD 1000 and Russian DSBO can be bought around USD 980.  Yesterday CBOT correction is again a over reaction and we could see the Flat price rally. Mostly what ever we had lost yesterday in flat price could be made back today. Crop for Soybean oil India is not looking good , so is the corp in USA and this is what should be main focus of discussions. Weather markets are usually very volatile and this would mean aggressive swings. We would suggest our readers not to lose their focus and try to trade basis replacement which for CNF India is around USD 1000. For making longs we can see opportunity when prices trade at par with sunflower oil . India sunflower oil is trading at USD 950-960 for OND and we are not very far from matching these two prices. Locally in India when the crop is below normal and the weather is already hot we will see less supply and with festive demand around the excess import may also get consumed thus bringing some normalcy to the trade. 


Ukraine sunflower oil is getting aggressively offered for OND and prices for Constanta is USD 860, Romania around USD 890 , Mersin is around USD 900 other Turkish ports we heard sellers around USD 870 and for India the offers for Sunflower oil were still around USD 950 for Nov and Dec. These are attractive levels and we have started making some longs however we still see local players trying to discount the sunflower oil and sell it at a disparity which becomes even more attractive to make longs. Chennai is trading INR 850, KP around INR 840 and Kandla around INR 830 with JNPT offered at INR 860. These prices in INR are roughly equal to ROL prices and will soon be trading at least INR 5000 higher. We would again repeat that this is the time for making longs for SON and if the price correct more we can increase the position. 


  • Argentina SBO
  • Sep 23 -2180/-2380
  • Oct 23 -2180/-2280
  • ND 23 -1950/-2080
  • JF 24 –/-2080
  • AMJ/24 -1700/–
  • Brazil SBO
  • Oct 23 -2130/-2250
  • OND 23 -2000/-2200
  • ND 23 -1950/-2150
  • JF 24 –/-2100
  • Mch 24 -1900/-2200
  • AM 24 -1900/-2150
  • JJ 24 -1900/-2150
  • 6 ports Europe SEP 950 OND 950 JFM 965 AMJ 985
    RSO FDM (€)
  • Sep-23 970/925
  • Oct-23 960/925
  • NDJ-24 950/925
  • FMA-24 955/935
  • MJJ-24 960/950
  • ASO-24 975/940
  • NDJ-25 /940
  • Palm oil Closed toady 
  • Black Sea Sunflower oil FOB 820 vs —
  • Russian sunflower oil FOB 810 vs —
  • Spain offered SO at USD 950 vs —
  • Italy offered SO at USD 945 vs —
  • Turkey mersin offered at USD 900 to do 890 vs —
  • CIF India SON indications around USD 950 vs 930 
  • Currency INR 82.65, RM 4.63, Rub 96.23 and Euro 1.09

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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