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.
Tensions across Asia today as US house speaker Miss Nancy Pelosi expected to visit Taiwan against the strict warning from China. Chinese planes have started doing the military drill and this will result in safe heaven commodities to move higher. This impact is not seen in veg oil yet but if things do get serious china will try to import as much Palm oil as possible giving much needed boost to sentiments. Over all increased tension should result in higher prices and weaker currencies thus adding to inflation. Indonesia on other hand is thinking of doing away export duties to boost export. This has already resulted in lower prices yesterday and even today MDEX opened lower and by lunch October made a low of RM 3841 only to close Oct at RM 3843 -217. Prices post lunch session are expected to test slightly lower but It should be hard for them to break the RM 3750 mark. Once again MDEX should see good short covering around RM 3750 and any lower one can actually make longs. We would suggest our readers to cover their shorts and even make some longs as the risk of another conflict in Asia could disrupt supplies again. India in the morning for CPO Aug was offered at USD 1055, Sept 1045 and Oct 1050 against this we have not seen any local selling.
Bean oil settled lower owing to broad selling in commodity complex after Ukraine shipped its first vessel for Export in grains. Sept settled 64.09-241, and Oct 63.41 – 241 which at the time of writing this report is trading even lower with Sept 62.96 – 113 and Oct 62.26 -115. Most weather market Shorts tend to make money as the hot and dry weather eventually turns good and panic selling gives the profit to shorts. This year should not be different and failing to hold over 64.50 opens the way to lower CBOT prices much towards 57.00. As mentioned before we would again ask our readers to make longs only in basis and wait to price board. Only a possible war between China and USA could trigger a change in view but this looks highly unlikely. Bean oil offers to India are again slightly lower today with most positions like ASO at USD 1410. Locally in India the offers are at USD 1210 for duty paid or 1190+ duty.
