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 due to fire show in CBOT bean oil and by lunch Oct was already at 4135 +178 which in post lunch further jumped and is currently trading at RM 4284 +327. We had suggested our readers to make shorts when price move over RM 4250 and now with a stop loss at RM 4325 they can actually sell some volume. Over all the markets have got a breather from constant correction and it appears that if the prices continue to firm up we will see positive sentiments. For the time being sentiments have reversed and we saw good business in India too. CPO Aug was offered initially 1125 and then traded all the way up to 1140 and later it was offered at USD 1150 against this local market is trading at INR 920 and 925 giving back to back disparity of INR 2000.
Bean oil was on fire last night after Biden administration announced their commitment to green energy. At one point bean oil was up 500 points only to settle Aug 65.84 +466 and Sept 64.00 +415 which at the time of writing this report is trading Aug at 65.80, and Sept 66.07 +207. Interesting to note that after the settlement of Aug contract sept has moved very fast pushing destinations who rolled over the cargo in a fix. Basis have corrected and now the buyers are looking to price it -500. CNF India the offered Aug /Sept at USD 1450 and local bean oil is trading at INR 1190-1200/-.
