Athena Market Buzz

 1400 01112023 Athena Market Buzz Wednesday 


Mdex opened mostly unchanged and by lunch we have not seen any major changes with Jan settling RM 3679 unchanged and Feb at RM 3707 +5 , at the time of writing  report MDEX  is trading Jan up 25 at RM 3705 and Feb up 31 at RM 3733. The jump in the prices happened mainly after the Indonesian announcement of converting about 200,000 hectares of palm plantations back to forest and there is still some pre-festive  demand from India making rounds. As expected the rally in palm will not be backed by funds and technically we only see a good level to make longs between RM 3450-3550 and above this longs will always liquidate their positions and book profits between RM 3850-4000 while shorts are advised to wait for prices to rally over RM 4250 to enter. CPO prices to India were offered around USD 860 for Dec while ROL was indicated at USD 840 may trade 835. MDEX will continue to find support at lower levels however Soybean oil is not giving bullish indications which will limit the rally.


CBOT Bean oil settled Dec -97 at 51.42 and Jan -83 at 50.83 which at the time of writing this report is trading Dec -18 at 51.24 and Jan -16 at 50.67. As mentioned before we expected a rally from current levels to 57.5 and we still expect the same to happen however basis mostly have remained unchanged pushing flat price bean oil lower to FOB levels of USD 910 and CNF India around USD 980. As mentioned before we still expect that bean oil will become worthy of making longs for spot till dec month when it falls between USD 900-950 and the top side in bean oil will be limited to USD 1100 CNF India. Down ward correction in flat price is expected to be limited to USD 50 and traders who have not made any longs for forward months can actually start covering MJJ once we touch 47.50 in CBOT. With current buyers at -1300 for March we an already expect FOB prices to be around 820-830 and with more correction for new crop oil we should keep the target to make longs sub 800 level. Locally in India there is good demand for soybean oil but hardly any sellers , Solvent oil is indicated at 865 and Soybean seed is trading plant delivered between INR 4950-5000. 


Black Sea sunflower oil is holding very well and we don’t see major aggressive sellers. Sunflower oil to India is offered around USD 930 , Spain USD 930 and to turkey around USD 860. Europe may see a shortage in Olive oil but then the benefit will be passed to mostly rape oil which may push sunflower oil little higher. Currently the buyers in Europe are aiming to buy around USD880 and with soybean oil for MJJ already around USD 900 there is not hurry to pay up for sunflower oil. As mentioned before we expect sunflower oil prices to India becoming a good buy between USD 850-900 and between USD 900-950 one can buy only for spot months as the top is protected around USD 1000. 


  • Argentina SBO
  • ND 23 -1000/-1040
  • Jan 24 -900/-1020
  • Mar 24 –/-1300
  • MJJ 24 –/-1350
  • Brazil SBO
  • Nov 23 –/-1050
  • Dec 23 -950/-1030
  • Jan 24 -970/-1030
  • Feb 24 -1020/-1150
  • Mar 24 -1200/-1290
  • MJJ 24 -1250/-1350
  • 6 ports Europe Dec 900/ -
  • JFM 920/ -
  • AMJ 930/ -
  • Palm oil Midday Market Close 
  • Bmd : Jan 3679 (unch)
  • H 3712 / L 3658
  • Vol :  24,755
  • Oln  
  • Nov 792.5 vs
  • Dec 807.5 vs 
  • Jfm 822.5 vs 815
  • Amj 825 vs 820 
  • Jas 815 vs 
  • Ond 815 vs 
  • Rbdpo: -5
  • Strn: Dec 765 (deld) 
  • Pfad: Nov 740 (deld)
  • Local Cpo: Nov 3610 
  • Laurics
  • Cpko: Nov 229 (pk) / 230 (pg)
  • Rbdpko: Nov 880
  • Rbdpkoln: Nov 850
  • Rbdpks : Nov 985
  • Sbo :  
  • Dec 5123 (-19)
  • Jan 5067 (-16)
  • Mar 5025 (-21)
  • Dce :  
  • Jan 7090 (-48)
  • May 7148 (-46)
  • Black Sea Ukraine sunflower oil indicated For Dec USD 800vs —
  • Russian sunflower oil Indicated Dec only at  USD 800 vs —
  • Spain indicated for ND 925 vs 885
  • Italy indicated for ND at 920 vs 885
  • CIF India for pricing the offers are around USD 935for ND and about USD 920 for Jan
  • Turkey indicated at USD 870 vs  835
  • Currency INR 83.28, RM 4.77, Rub 93.85 and Euro 1.0562

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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