Palm and soybean oil prices have set world records. The latest record of rising edible oil prices after the Russia-Ukraine war has been broken by the recent announcement of a halt to Indonesia’s palm oil exports. The decision to suspend Indonesia’s palm oil exports came into effect on Thursday (April 26th). Before that, the price of soybean has increased by about 139 US dollars per ton in five days. Inflation rate 7. 63. Similarly, the price of palm oil has gone up by 100 per tonne. Soybean oil prices rose to a high of 1,612 on March 11 at the Chicago Board of Trade (CBOT), a commodity market in the United States. Prices were revised to reduce the intensity of the war and to prolong China’s lockdown.
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It came down to 1,621 per ton. Soybean oil traded at 1,796 a tonne at the CBOT on the eve of the announcement of the Indonesian export ban. Argentina, the world’s top exporter of soybean oil, announced its decision to limit exports, which did not have much effect on prices. However, last Friday (April 22), Indonesian President Joko Widodo announced a halt to palm oil exports to keep his country’s market tolerable, setting a new record for palm and soybean prices. Soybean oil traded at 1,935 per tonne on Wednesday (April 28) at the CBOT. Besides, the price of palm oil has also increased. According to a report in the Indonesian daily The Jakarta Post, the 1.40 billion per month export revenue will be lost due to the export ban.
Bangladesh imports about 1.3 million tons of palm oil annually. 90% of it is imported from Indonesia. Due to lower prices than Malaysia, more palm oil is imported from Indonesia. Imports from Malaysia are 10 percent. Soybean and palm oil came under pressure as supplies of sunflower oil were disrupted after the Russia-Ukraine war. Now the announcement of Indonesia’s export ban has affected all types of edible oils. According to the US Department of Agriculture, the world’s palm oil exports last season amounted to 46.1 million tons. Indonesia accounted for 56 percent or 26 million tons of these exports. Malaysia has exported 15.7 million tonnes, which is 33 percent of the total global exports. The remaining 11 percent has been exported by several countries. Which is 33 percent of the total global exports. The remaining 11 percent has been exported by several countries.