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 but gave up all gains due to SND data coming well within expectations and by lunch we settled October at RM 4088 -34 after making a days low of Rm 4024. At the time of writing this report market has recovered and is trading October at RM 4106 -13. India is experiencing heavy rains in central part which most likely will delay or damage the standing soybean crop and is also entering festival season making Palm oil attractive. As mentioned before Palm if moves over RM 4250 one can sell their longs and if it crosses over Rm 4450 the we can actually make shorts. India was offered CPO Aug at USD 1115, Sept 1105 and October 1105 against this local market was offered at Inr 920.
Bean oil settled higher last night with Sept 65.76 +41 and Oct 64.84 +33 and at the time of writing this report we are trading marginally lower with Sept 65.68 -8 and October 64.72 -12. Weather is still hot in USA we may see USDA reducing some yields. Beans are higher and so is meal , bean oil too maintains its bullish outlook and with inflation increasing we could see price rising further. As mentioned before CBOT over 64.50 will find tough to sustain and will see constant resistance, however with bad weather we will see premiums increasing and eventually flat price too should find support. Price on bean oil over USD 1450 most likely should not find support but one can look to make long if its comes below USD 1450 India. Locally bean oil is getting traded at INR 1200 and all the pending old contracts sold in local market are slowly getting executed.
