Here’s why edible oil markets are simmering
STORY: Palm oil is by far the most produced and traded globally
So an Indonesian ban on exports is sparking alarm
Palm oil goes into products from cookies to detergents
Around 77 million tonnes were expected this year
60% from Indonesia, and 25% from Malaysia
Soybean oil is number two with around 59 million tonnes this year
Prices soared to a record high following Indonesia's ban
China, the U.S., Brazil and Argentina are the largest producers
The U.S. has long-term plans to up production for biofuel
Rapeseed oil production is expected to top 29 million tonnes in 2022
Europe, Canada and China feed a big demand from places like the U.S.
Drought and crop damage slashed 2021 harvests, also reducing supply
Sunflower seed oil supplies have been hit by the Russia-Ukraine conflict
They account for 55% of global output and 76% of world exports
China, India and Europe are scrambling to find alternatives