Its east to talk bearish as Malaysian stocks… | Report
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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 east to talk bearish as Malaysian stocks are high, Indonesian stocks are high, Ukraine Russia war has taken longer and world is living with the reduced supplies, Monsoon so far looks perfect for India and will result in better crops, BUT looking closer we see some factors like war damaged plants in Ukraine resulting in lesser production, Indonesia will eventually produce less and will eventually implement B35, good demand in destination countries like India due to reduced/ Mild cases of COVID , Extreme high temperatures in Europe also in USA and a correction of over 50% from the top should keep markets in our forecasted range. We repeat that the supports on MDEX should keep the market over RM 3250 in the long run and traders can look to short cover around RM 3750-3500 and make longs below RM 3500 mark. Yesterday market jumped around 10% which at the time of writing this report is trading about 2% lower mainly because of Indonesia taking time to decide on B35 mandate. Dips once again should be owned and one can sell longs if the MDEX cross RM 4000-4250 and go short between RM 4250-Rm 4450 levels. CNF india offers on CPO around USD 1090, Sept 1095 against this we have not seen any major INR selling.
Bean oil settled up 312 points at 63.20 for Aug and Sept +295 at 62.07. As mentioned before we should find some resistance for Sept at 62.50 however Aug can move slightly higher towards 64.50. Weather is hot and this should push the over all market to cover beans and we can also see bean oil being supported around 57.50 level. Flat price basis we will continue to talk the range for Aug at USD 1350 -1450 CNF India and dips should be owned. Current CNF Offers to India for Aug 1421, Sept 1417 against this local markets in India are offered between INR 1180-1170 with little trades at the moment.
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