Indonesia, the world's top cooking-oil exporter, says it's going to ban exports of the oil this week, and it's sent the global prices of oils soaring
on Friday the palm oil ban would hurt other countries, but that it was necessary to contain the soaring domestic prices of cooking oil.
Benchmark crude palm-oil futures on the Bursa Malaysia exchange jumped as much as 7% on Monday morning. They are up over 40% year-to-date. Alternative vegetable-oil prices also spiked in response to the impending ban on palm-oil exports in Indonesia. Benchmark Chicago soybean oil prices hit their highest levels since 2008,Prices of edible oil — including palm oil — have been rising due to the war in Ukraine, as the country is a large sunflower oil exporter.
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