Indonesia's palm oil export ban heats up vegetable oil market and pushes prices to new high

The prices of palm, soybean, European rapeseed and canola oil have reached historic highs. - AFP

NEW YORK/JAKARTA, April 30, 2022 (AFP): Indonesia's decision to suspend palm oil exports in the face of domestic shortages has pushed vegetable oil prices to new highs, further tightening a market already on edge due to the war in Ukraine and global warming.

The prices of palm, soybean, European rapeseed and even its Canadian GMO counterpart, canola oil, have reached historic highs following Indonesia's announcement on Wednesday.