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.
Its not just another Monday , its a very active one and we saw Mdex opening higher and by lunch we were already trading October at RM 4068 +190 which at the time of writing this report is trading at similar levels. October made a days high of RM 4118 up around 6% and is still looking firm with a possibility to actually trade towards RM 4250. As mentioned before , war stress could result in rising prices as China will look for sufficient food stock and this could result in MDEX to rally over RM 4250 for October which is where it will become attractive to go short. Palm is also moving higher looking at bean oil which again is weather market hence we would not suggest to make longs now instead one should carefully exit their longs around RM 4250 and prepare to go short if the market further rallies. For India CPO was offered Aug at 1115 while other positions were at USD 1100, and we have not heard any thing in the local market.
Bean oil is purely weather market and also China coming and buying good cargoes. India too was very active buyer and we heard few vessels getting priced for Aug and Sept. Monsoon in India so far is good which gives good hope for soybean crop and also will result in higher spending during the festival season. Next one month should be very good on the demand side and we could see Soybean oil making gains. On Friday we say Sept settling up 255 points to 65.00 and today again its trading up 86 points at 65.86. We did mention that prices over 64.50 will continue to find resistance and are excellent to book profit in earlier longs. One should now watch weather and issues around Taiwan carefully before deciding to go short. Weather markets have a tendency to last till End Aug and in sept we see prices coming back. Highs made in Aug month normally are not seen till dec and one can take advantage of it by carefully selecting to go short. USD offers for India Aug are at USD 1475 and SON is also offered around USD 1470. Locally in India Degum is getting traded at INR 1200-1210 and we see good demand.
