Soyoil Surges to Record High as Indonesia Bans Palm Oil Exports

Soyoil Surges to Record High as Indonesia Bans Palm Oil Exports
Farmers harvest soybeans in Argentina's town of Estacion Islas, on April 3, 2010. Enrique Marcarian/Reuters
Reuters
Updated:

LONDON—Soybean oil prices soared to a record high on Friday as Indonesia’s decision to effectively ban exports of palm oil heightened concerns about already depleted global supplies of alternative vegetable oils.

The loss of shipments from Ukraine, the world’s top supplier of sunflower oil, and drought in the world’s top soybean oil exporter Argentina had already sparked a sharp rise in global vegetable oil prices.