Ukraine and Russia account for up to 80% of global exports of sunflower oil. The global edible oil price has been soaring since the outbreak of the Russia-Ukraine war. According to Yahoo on Apr 22nd, Indonesia, the world’s largest palm oil producer, would ban all exports of cooking oil and its raw materials starting Apr 28th.
Following Indonesia’s ban on edible oil exports, Argentina also raised export taxes on soybean oil. Soybean oil futures prices have jumped up to 3.5%, while palm oil prices in Kuala Lumpur rose 0.7% in early trading. Prices of rapeseed in Paris and canola futures in North America were also pushed to new highs.
Not only the CCP virus vaccine crisis, raw-material-price inflation and food shortage pose a constant threat to lower-income households worldwide who could barely make ends meet, but they also encroached on the little remaining hope and savings of middle classes. The shortage of food supplies contributed to the street protests over high prices in countries like Malaysia, Sri Lanka and Iraq.
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