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 negative and immediately went on to recover , by lunch we settled Oct 4134 +63 which at the time of writing this report is up 2.25% at Rm 4162 +91. As mentioned before we are expecting the market to trade towards Rm 4250 which seems possible in this week which is where one can liquidate longs and between Rm 4250-4450 one can even make fresh shorts. Palm is following bean oil and the tensions around Taiwan. China is seen as major buyer in beans, bean oil and Palm. Taiwan is convinced of an invasion which is keeping markets and its participants on the edge. Indian market is seeing good monsoon rains and festivities around which raises hopes for good crop but also with reduced covid infections we are seeing increase demand. Palm oil was offered Aug at 1120, Sept 1115 against this local offers were around INR 920 +bond. We would suggest our readers not to panic and look for a correction to make longs.
Bean oil sept settled last night at 65.35 +35 and Oct 64.51 +35 which at the time of writing this report is trading Sept 65.76 +42, Oct 64.95 +44. The prices have reached a resistance mark and it can correct from here any time. We would suggest our readers to liquidate longs and may even make some shorts. Weather premium which is built on beans and bean oil has a tendency to erode fast. India was offered Aug 1475, Sept 1475 and local market we heard few trades at INR 1190-1200 level. We would suggest our readers to still make flat price long between USD 1350-1450 and anything higher one should avoid.
