on cooking oil exports, covering palm oil products across the value chain. It’s hard to overstate the importance of the tropical oil as it’s found everywhere today – in food, soap, lipstick and even printing ink – which makes Indonesia’s move important for the world.
With world food costs surging to all-time highs, governments are taking steps to secure their own supplies. The United Nations has urged leaders to keep trade open,that protectionism will drive up prices and lead to empty shelves in countries dependent on imports. Indonesia is certainly not making it easy to navigate its palm export ban. The top producer said on Friday it would suspend all shipments of cooking oil, sending prices of palm oil and its substitute soybean oil soaring. Then late on Monday, reports emerged that only palm olein, a refined product, would be halted, prompting a swift retreat in prices and traders rushing to comply with the ban.
Palm oil futures dropped as much as 3.9% to 6,714 ringgit a ton, paring gains this week. Prices jumped by the 10% trading limit a day earlier, hours before Indonesia announced the widened export ban.
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