Benchmark Chicago soybean oil prices hit their highest levels since 2008, Reuters reported. Prices for alternative vegetable oil also spiked in response to the impending ban on palm-oil exports in Indonesia. Sri Mulyani Indrawati, Indonesia's finance minister, told Reuters on Friday that the palm-oil ban would hurt other countries, but that it was necessary to contain the soaring domestic prices of cooking oil.īenchmark crude palm-oil futures on the Bursa Malaysia exchange jumped as much as 7% on Monday morning. with a 30 percent share in agro imports and the countrys second-biggest. Indonesian palm-oil exports were worth about $30 billion in 2021, the data provider Statista showed. FEDIOL, the EU vegetable oil and proteinmeal industry association, represents the interests of the European oilseed crushers, vegetable oil refiners. Table 4 Statistics of production and import of Edible Oil with CAGR (2018-2020). The ban is expected to be in place until further notice. The move comes as Indonesia has seen recent protests over the high prices of cooking oil, with retail prices gaining more than 40% so far this year, Reuters reported. "I will monitor and evaluate the implementation of this policy so availability of cooking oil in the domestic market becomes abundant and affordable," Widodo said, a Reuters translation reported. In a video statement on Friday, Indonesian President Joko Widodo said the move was designed to bring down domestic palm-oil prices and ensure domestic food availability in the wake of global food inflation. Palm oil is used for cooking and for the production of thousands of consumer products, including biscuits, detergents, and lipsticks. Indonesia accounts for about half of the world's supply of palm oil, the world's most widely used vegetable oil. In India, soybean contributes the highest towards oilseeds production while rapeseed and mustard produce the highest edible oil due to high oil content (40 per cent). For the Least Developed Countries (LDCs), the per capita availability of edible oil is projected to surge by 1.2 per annum and is further estimated to attain 10 kg per capita in 2028. Shahbandeh, In the 2022/2023 crop year, soybeans were the leading type of oilseed in the world. The world's top palm-oil producer announced that it would ban exports of the commodity starting on Thursday, sending the prices of edible oils soaring. The substantial growth is attributed to the expanding domestic production in the country and growth of imports specifically palm oil from Indonesia and Malaysia. Farming Global oilseed production 2022/23, by type Published by M. Palm-oil and competing soybean-oil prices are jumping after news of the ban. Palm oil, the world's most used vegetable oil, is used in cooking and a range of consumer products. Indonesia, a top palm-oil exporter, is planning to ban exports beginning on Thursday.
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