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 higher and at lunch we closed up 69 and later it made a days high of Rm 3973 only to close October today at RM 3860 +19. Indonesia was to revise the duty levy today and in that expectation we saw market bouncing up. Like mentioned before support of RM 3750 should largely hold and market eventually should move higher. Tensions in China , reduced covid cases, increased demand in India, Festival season should also help palm oil imports and this prices below RM 3750 are worth making longs and we would suggest our readers to only short if the market goes over RM 4250. India CPO offers for Aug at USD 1055, Sept 1045, and Oct at USD 1050 against this we have not heard any local offer.
Bean oil settled little lower last night amidst visit of Miss Nancy to Taiwan. China is continuing on its threat and every one eagerly awaits the out come. Tensions are largely driving the risk assets and commodities in general are monitoring the development in Ukraine. 3 more vessels are about to leave Ukraine and if all goes well we could see 3 ships daily leaving Ukraine putting pressure on already higher CBOT grains. Bean oil settled last night Sept 62.33 -176, and oct 61.55 -186 which at the time of writing this report is trading Sept 62.97+64, and oct 62.07+52 and we expect with the tensions in China and over all unchanged weather prices to again move slightly higher. Sept can be sold between 63.50-64.50 and October can be sold over 62.50-63.00. CNF India we have seen offers at USD 1400 for most of the positions and Local market we heard getting traded at INR 1160/-+duty.
