Ukraine is facing ongoing attacks by Russian forces, particularly in port areas like Odessa, Yuzhney, and the Danube region.

These attacks have led to damages and higher prices in Europe and Turkey for trading.

Turkey seems less confident in brokering peace between Ukraine and Russia and is willing to pay higher prices to stock sunflower oil.

Sunflower oil prices in different regions: Mersin at USD 1045, Europe around USD 1080, and trades from Ukraine to India at USD 1060-1055.

Egypt purchased 33,000 mt of sunflower oil at USD 1080, and prices are expected to reach USD 1150-1200 for CNF India.

No new vessels are calling to load in Ukraine, and only earlier commitments are being fulfilled, with uncertainty about how long shipments will continue.

India has the cheapest offers on sunflower oil, and demand for festivals remains robust.

The recommendation is to make longs (buy positions) in sunflower oil between USD 1000-1040 and wait for pricing of new crop sunflower oil.

July was the hottest month ever recorded in the USA, likely impacting crop and yield conditions.

Increase in interest rates led to profit booking, with CBOT settling at certain prices for September and October.

Soybean oil to sunflower oil spread narrowed, with CNF India soybean oil available at USD 1110-1120 and sunflower oil at USD 1060 for spot shipment.

In India, degum soybean oil is trading at a disparity for ready cargo, with prices around INR 930-925 (resellers) and INR 950 (direct sellers), nearly on par with sunflower oil prices.

Expected rise in demand for bean oil due to the attractive prices compared to sunflower oil.

Projected flat price target of USD 1200 CNF India before October 2023, with support at USD 1000.

Mdex opened lower and down over 1% for Sept at RM 3950 -48.
At the time of writing, it is trading mostly unchanged for Sept at RM 3958-40.
Palm prices expected to struggle to rally above USD 4450, with a consolidation period likely before attempting new highs for the year.

Anticipated trading near RN 3750, making longs attractive for palm if it falls below this level.

Palm likely to attempt to break RM 4450 before October 2023 due to strong demand from India, Middle East, and China.

Supportive of palm prices, but the range may not break unless there are serious crop issues in Soybeans.

Good rains in India expected to increase soybean seed yields.

Recommended buying palm between RM 3450-3550 and selling longs between RM 4000-4150, going short when prices trade around RM 4150-4450 range.

CPO prices to India indicated between USD 980-990 for various positions, offering attractiveness compared to other soft oil offers.