Athena Tradewinds | Daily Report on Sunflower & Soybean Oil
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By Athena Tradewinds.
Athena Tradewinds is an Indian company specializing in the sale of Sunflower oil, Sunflower meal, and Soybean oil. Athena Trade Winds is one of the top 10 importers in India of these commodities.
Mdex opened firm and by lunch October was trading at RM 3724 +20 which in post lunch session saw some profit taking and at the time of writing this report is trading at RM 3648 -56. As mentioned before we would suggest our readers to see a lot of support between Rm 3250-3500 level and resistance now sits around RM 3850 mark for short time. Failure to close above RM 3750 on Friday gave us some strength to bears and it clearly indicates we will see some lower lows, however we still believe that our long term support of RM 3250 should remain intact and one can actually cover shorts now and build more longs once the prices break RM 3500 mark. Sentiments are dull and so is the business, with Indonesia doing away export levy we can see the downward pull which will result in bargain hunting. CNF India offers in the morning were Aug 1030, Sept 1020 and Oct 1025 against this we have not seen any major INR selling interest.
Bean oil settled higher on Friday after continues correction with Aug 60.32 + 172 and Sept 58.83 +166 which at the time of writing this report is marginally lower Aug 60.06 -26, and Sept 58.77 -06. Like mentioned before prices between 54.50-57.50 should be used to make longs and over 60-62.50 to sell the longs. Aug could again get some resistance around 62.50 and we would suggest our readers to make shorts if the prices cross 61.00 on CBOT and buy again if we go below 57.50. CNF India initially was offered for ASO at USD 1350 but in local markets since there are pending contracts and rumour about hike in Import duty we have not seen keen sellers. The prices have corrected so much in India that the seed and farmers lobby is request government to again increase the duty which we feel will not be accepted and the imports in TRQ will continue to come at ZERO duty.
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