Caixin
Apr 28, 2022 07:05 PM
ECONOMY

Soy Oil Soars to Record as Indonesia Expands Palm Export Ban

The U.S. is already seeing signs of robust demand for future harvests, most notably from China. Photo: Bloomberg
The U.S. is already seeing signs of robust demand for future harvests, most notably from China. Photo: Bloomberg

(Bloomberg) — Soybean oil climbed to an all-time high in Chicago as Indonesia’s ban on crude palm oil exports further strains global commodities heavily relied on by developing nations for cooking food.

Indonesia, the top shipper of palm oil, is set to enforce its latest trade policy on cooking oil and related products beginning Thursday. Restrictions will stay in place until domestic prices ease.

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