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.
Tension in the region increased when China military fires dongfeng series of missile to Taiwan and we saw market reacting to it sharply in palm. Palm made a low of RM 3690 only to recover and trade currently at RM 3791 -73 for October. End stocks in Malaysia are increasing and so is the production. Export though increasing but the pace is not enough to match the production hence we could see a downward pull. Like mentioned before we will suggest our readers to cover their shorts now and for making long wait for prices to correct below RM 3750 mark for October and if with the war stress market moves higher one must be ready to make shorts between RM 4250-4450 and play the same range as before. India CPO was offered for Aug at USD 1050, Sept 1045 and Oct 1040 with little trades in local market.
Bean oil after trading with some hope settled lower for Sept at 61.82 -51 and Oct 61.14 -41 which at the time of writing this report is again influenced by MDEX and events in Asia to trade Sept 61.27 -52, and Oct 60.47 -67. As mentioned before Sept resistance is between 63.50-64.50 and October is finding resistance at 62.50. With the current events we will have a very volatile market and we suggest our reader to keep patience. Prices if comes around 57.50 will become worthy to make longs and in higher range one must be ready to liquidate longs. Over all the market is currently well balanced and any change in SND only will give direction. Weather in USA and India should play a key role which will be cleared in a months time and we should eventually head lower if the crop looks promising. Bean oil is offered into India today morning Aug at USD 1345 and SO could be bought little lower. Local market in India hinting to sell some cargo around INR 1150-1160 with little demand.
