Athena Market Buzz

1500 13122023 Athena Market Buzz Wednesday


Good afternoon,

Mdex opened lower and by lunch  jan was -34 at RM 3651 and Feb down -38 at RM 3697 which at the time of writing this report was further lower Jan -41 at 3644 and Feb -46 at RM 3689. As mentioned before MDEX will become excellent buy once its goes in the range of RM 3550-3450. We would not suggest our readers to make shorts here and instead wait for prices to slide little more buy. RSI momentum indicator is at 40% hinting that another 50-70 points can go from current prices. Locally in India ROL is trading at Inr 810-812 against this imported offers are at USD 830 we have heard some trades happening at these levels. Palm Olein in India should find supports around USD 800-810 and this flat price we would encourage traders to make longs around here. COP 28 has agreed to reduce dependence on fossil fuels to make green house emissions to zero by 2050. This may keep the fossil fuel prices relatively low and the use of veg oil in bio fuels eventually could remain limited capping the gains on upside towards 4450. We will repeat if prices rally beyond RM 4250 it should be used to make shorts. 

CBOT last night settled lower with Jan -69 at 50.42 and march -65 at 50.41.With weather improving in Brazil and no clear signs on interest cuts funds might still not make longs but we expect 47.50 to remain as strong support while on the top side we expect CBOT to find resistance at 54.50 and then at 57.50. Basis on other hand improved to adjust the CBOT correction thus flat price remaining more or less unchanged. CNF India offers on bean oil for JAN/Feb are about USD 10 lower to yesterday and offers starts for jan at USD 975 while feb was indicated at USD 960. MJJ to India CNF was indicated at USD 910 to do 900 while INR prices in degum have corrected to 82,500/- duty paid. Locally crush is going on well with refine soybean oil prices averaging 91,000/- and as mentioned before seeds mostly remain near INR 50,000/- mark. We will repeat that this year stockiest in seed may not be able to recover the interest or carry as the supply is enough and the market is not showing a significant rally. 


Ukraine sunflower oil to India traded a few times last night around USD 945/950 for near by and 940-945 for jan. We hear some sellers are asking for USD 920 bids for March but we dont have any thing firm. Spain is offered around USD 940 with buyers are at 930. Rape seed oil is still costliest in Europe about 980-985 and thus we see some sun trades. Most of the demand is restricted to JFM and buyers for AMJ are trying to ask for lower price looking at new crop bean oil. FOB prices in Ukraine are around 785 with buyers around 780. Izmir traded last night at 885 and today the offers to Turkey are at 900 while buyers are still looking to pay lower. We will repeat the users should not wait for major correction and now is the time to make small longs for JFM as 900 seems protected. 

-Argentina SBO

DJ 24 -950F/-1020F

Feb 24 -960/-1130

Mch 24 -980/-1200

MJJ 24 -1200/-1300


Brazil SBO

Jan 24 -750/-850

Feb 24 -900/-1100

Mar  24 -1100/-1200

MJJ 24 -1150/-1300

  • 6 ports Europe JFM   $955 vs $935
  • AMJ  $955 vs $935
  • JAS   $965 vs $937.5
  • OND $960 vs $925
  • Palm oil Bmd : Feb 3672 (-63)
  • H 3740/ L 3667
  • Vol :57,561
  • Oln  
  • Jan 812.5/10 vs 
  • Jfm 815 vs 
  • Amj 825 vs 817.5
  • Jas 815 vs 805
  • Ond 815 vs 
  • Rbdpo: -5
  • Strn: Jan 810 (deld) 
  • Pfad: Dec 705 (deld)
  • Local Cpo: Dec 3650
  • Laurics 
  • Cpko: Dec 238 (pk) / 239 (pg)
  • Rbdpko: Dec 920
  • Rbdpkoln: Dec 870
  • Rbdpks : Dec 1050
  • Sbo :  
  • Dec 5035 (-4)
  • Jan 5034 (-8)
  • Mar 5031 (-10)
  • Dce :  
  • Jan 7022 (-82)
  • May 7076 (-128)
  • Black Sea sunflower oil 785 vs —
  • Russian sunflower oil USD 785 vs —
  • Spain indicated for Jan at USD 940 vs 920
  • Italy indicated for Jan at USD 935 vs —
  • CIF LW India indicated for Dec/Jan at USD 950 vs 935
  • Turkey indicated at USD 900 vs 885
  • Currency INR 83.37, RM 4.70, Rub 89.88, and Euro 1.077

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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