Athena Market Buzz

1410 11092023 Athena Market Buzz Monday  


Good Afternoon,


Mdex opened positive but by lunch there were already rumours about poor export performance and we settled Nov at RM 3822 -8 which after the disappointing Aug export numbers and increased stocks slipped further. At the time of writing this report we are already trading at days low of RM 3716-114 and it appears that price should correct a little more. As mentioned before price of RM 3750 on MDEX will have a limited correction of about 5% only which will put a cap around RM 3550 hence we had suggested traders to make longs between RM 3550-3450 and sell their longs when we touch RM 4000. Usually Sept and early October we have seen MDEX making their lows and this year seems no different. These lows normally become annual lows and prices tend to rally without coming back to these prices again. We expect that RM 3450 should prove to be a very strong support and one should not hesitate to make longs around there. Traders are in panic today and we are seeing aggressive selling in India. ROL prices at Chennai have corrected to INR 820 on offer side we have no buyers at the moment.  In USD we have hear offers around USD 870 for ROL but seems it can trade little lower. 


CBOT bean oil settled Oct 61.46-63 and Dec 60.50 -28 on Friday which due to pressure in MDEX has further corrected with Oct at 60.91 -55 and Dec at 60.06 at -44. We expected CBOT to correct more till 57.50 and then consolidate where we should see basis improvement.  Basis are offered around -2100 for SO and it has a potential to improve to wards -1700 helping keep flat prices more or less unchanged. Degum indications to India were between USD 965-975 for most of the positions but local players specially at Kandla are in panic and have sold the cargoes at INR 79,000/- Plus duty giving a parity of USD 930 already. The disparity though has reduced and if the prices correct more and come below USD 950 we will see local Indians markets with least disparity . We will still suggest buyers to wait till you don’t see disparity disappearing and one can enter already now for long terms. We expect Degum Soybean oil prices to find supports around USD 900 but if the local Indian markets do not come back to parity one should not rush to buy. 


Ukraine sunflower oil indications are mostly at USD 920 and we are not seeing any major correction. Crops are nice for forward months and we should see selling pressure from farmers some where end sept to early October.  India is waiting for prices to correct below 900 to enter to make longs as if the bean oil finds support at USD 900 then USD 50 lower sunflower oil will trade pushing the offered prices below 900 almost towards USD 850. We are suggesting our readers to continue replace the positions and try to wait for making longs for forward months. Most o the Indians are sufficiently covered and are in no hurry to make longs for  Dec / jan at the moment. 6 ports Europe is indicated around USD 900 today pushing the sentiments lower and with lower MDEX and lower CBOT we don’t expected any buying interest in CSFO.  



  • *Argentina SBO*
  • Sep 23 -2060/-2170
  • Oct 23 -2020/-2150
  • ND 23 -1870/-2000
  • MJJ/24 -1750/-2150
  • *Brazil SBO*
  • Sep 23 –/-2250
  • Oct 23 -2000/-2250
  • 6 ports Europe 
  • Sept $910 vs $890
  • OND $910 vs $890
  • JFM  $925 vs $910
  • AMJ  $945 vs $920
  • Palm oil Midday Market Close (Pre MPOB)
  • Bmd : Nov 3822 (-8)
  • H 3860 / L 3812
  • Vol :  22,352
  • Oln  
  • Sep 850 vs
  • Oct 855 vs 
  • Ond 865 vs 
  • Jfm 890 vs 882.5
  • Amj 890 vs 882.5
  • Jas 880 vs 
  • Rbdpo: -5
  • Strn: Oct 792..5 (deld) 
  • Pfad: Oct 787.5 (deld)
  • Local Cpo: Sept 3800
  • Laurics
  • Cpko: Sep 242 (pk) / 244 (pg)
  • Rbdpko: Sep 970
  • Rbdpkoln: Sep 925
  • Rbdpks : Sep 1090
  • Sbo :  
  • Sep 6382 (+67)
  • Oct 6181 (+35)
  • Dec 6083 (+33)
  • Dce : 
  • Jan 7644 (+100)
  • May 7590 (+88)
  • Rm 4.675
  • Crude : 87.02
  • Black Sea sunflower oil FOB ON 800 vs —
  • Russian sunflower oil FOB ON 790 vs —
  • Spain indicated for ON at 910 vs —
  • Italy indicted for ON at USD 905 vs —
  • CIF India indicated for ON at USD 910 vs —
  • Mersin Turkey indicated at USD 850 vs —
  • Currency INR 82.87, RM 4.66, Rub 97.07 and Euro 1.0727


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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