Athena Market Buzz

1530 29112023 Athena Market Buzz Wednesday 


Morning Market Report: MDEX and Edible Oils Facing Varied Pressures

Good morning,

In today's market activity, MDEX experienced a lower opening, with Jan trading at RM 3820, down 29, and Feb at RM 3872, down 25, showing further decline from the opening. The midday saw Jan hitting a day's low at RM 3793 and Feb at RM 3850. Despite ongoing selling pressure, MDEX is anticipated to find support at RM 3750. India engaged in ROL trading at INR 835/- ex-tank Chennai, with USD trades noted at USD 865/870, maintaining a back-to-back disparity of USD 10. Locally, ROL is expected to find robust support within the range of INR 820-825, and in USD, prices are likely to find support at USD 850, aligning with the RM 3750 supports. It's reiterated that long positions are advisable between RM 3550-3450, with prices exceeding RM 3850 considered suitable for liquidating long positions. The current MDEX levels, ranging from RM 3829 to RM 3750, are anticipated to be volatile, with a strong correction in other soft oils being a potential factor for a market downturn. Factors such as large November production, improving Indian imports, and the silence from China regarding their pre-new year demand contribute to the market's range-bound movement.

In the CBOT soybeans futures market, a notable 1% surge was observed yesterday, but still away from the 14.00 mark. Bean oil settled with Jan up 188 points at 52.94 and March up 188 points at 52.63. The market exhibited optimism due to weather concerns, potential crop delays, and the Federal Reserve's announcement of interest rate reductions in 2024, prompting increased fund investment. Basis, however, remained mostly unchanged, driving flat bean oil prices higher and CNF India back to USD 1090 for Dec, despite subdued demand in India. While nearby bean oil has the potential to test the resistance of 54.50, a long-term resistance is set at 57.50, where readers are advised to consider making shorts. Current prices do not present attractive opportunities for long positions, urging bean oil buyers to adopt a wait-and-watch approach. For MJJ, considering long positions makes sense only if trades occur between USD 900-950, with current MJJ levels over USD 1025 deemed suitable for going short.

Sunflower oil is experiencing a gradual decline, especially for destinations other than India. Turkey reportedly traded small volumes in Mersin at USD 900, and Spain offered at USD 980, while buyers in India are eyeing USD 950 against the best offers, commencing at 1010. Sellers are applying pressure on buyers who have booked space, limiting demand in India. Buyers yet to secure space are awaiting complete pricing before making purchases for immediate or forward months. MJJ bean oil is closely aligned with sunflower oil and is preferred for destinations like India. Despite the large crop size of sunflower oil, weather issues may result in supports in bean oil, while sunflower oil could potentially remain at its current levels.


  • Argentina SBO
  • ND 23 -620F/-850F
  • Jan 24 -620/-850
  • Mar 24 -950/-1150
  • MJJ 24 -1050/-1220
  • Brazil SBO
  • Dec 23 -700/–
  • Jan 24 -850/-
  • Mar  24 -980/-
  • MJJ 24 -1060/-1220
  • 6 port Europe Dec - vs 942.5
  • JFM 970 vs 950
  • AMJ 975 vs 950
  • JAS 985 vs 960
  • Palm oil Market Close
  • Bmd : Feb 3866 (-31)
  • H 3913 / L 3842
  • Vol :  56,396
  • Oln  
  • Dec 852.5  vs 
  • Jfm 865 vs 857.5  
  • Amj 875/72.5 vs 867.5
  • Jas 860 vs 852.5
  • Ond 860 vs 
  • Rbdpo: -5
  • Strn: Jan 840 (deld) 
  • Pfad: Dec 760 (deld)
  • Local Cpo: Dec 3780
  • Laurics 
  • Cpko: Dec 239 (pk) / 241 (pg)
  • Rbdpko: Dec 920
  • Rbdpkoln: Dec 870
  • Rbdpks : Dec 1050
  • Sbo :  
  • Dec 5289 (-45)
  • Jan 5262 (-32)
  • Mar 5227 (-36)
  • Dce :  
  • Jan 7248 (-156)
  • May 7406 (-110)
  • Black Sea sunflower oil FOB 870 vs 850
  • Russian sunflower oil indicated at USD 865 vs 845
  • Spain indicated for Dec/Jan at USD 980 vs 950
  • Italy indicated for Dec/Jan at USD 975 vs —
  • Turkey indicated for Dec Mersin at USD 915 vs 900
  • CIF India indicated for Dec small volumes at USD 990 vs 980, Jan 990 vs 960
  • Currency INR 83.29, RM 4.65, Rub 88.96 and Euro 1.101

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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