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Cooking Oil Shortage Sparks Panic Buying In Indonesia
Zubu Brothers ^ | 3-9-2022

Posted on 03/09/2022 7:47:29 PM PST by blam

Indonesia, the world’s largest exporter of cooking oil, will reduce exports of edible oils as a domestic shortage sparks panic hoarding among households, a sign of rising protectionism around the world as countries deal with record-high food prices, according to Bloomberg.

Trade Minister Muhammad Lutfi announced new rules Wednesday for palm oil exporters to increase domestic shipment volumes from 20% to 30% to ensure local consumers have access to affordable cooking oil.

The move by the Indonesian government comes as dwindling cooking oil supplies has unleashed record high prices. Togar Sitanggang, vice chairman of the Indonesian Palm Oil Association (Gapki), said in a pre-recorded speech at a conference that households are panic buying edible oils as a shortage emerges. They’re buying more than they need worsening the shortage, he said.

Palm oil for May delivery in Malaysia soared 10% to $1,687 per ton, a new record high for the contract and most active contract with the largest daily gain since 2001. Palm and soybean oil also rose to a record in Chicago.

“All those who were short in the market have had their hearts pulled out,” said Dorab Mistry, a veteran trader and director at Godrej International Ltd. “This is a knee-jerk reaction. I don’t think these prices are sustainable.”

Russia’s invasion of Ukraine has thrown global food supply chains into disarray. Governments worldwide are beginning to take proactive measures that are considered protectionist to safeguard domestic food supplies. On edible oils, Ukraine and Russia export about 80% of sunflower oil and a quarter of the world’s wheat — as we’ve noted, shipments from the region have been halted or limited due to conflict or sanctions. Compound snarled supply chains and food shortages from the COVID era with the latest disruption, and it appears record-high food prices will be sticking around.

Food protectionism is also happening in Hungary, Argentina, Turkey, and Moldova. The world is on a collision course of high prices and shortages could trigger social instabilities in these emerging market economies.


TOPICS: Society
KEYWORDS: asia; cooking; cookingoil; food; indonesia; panic; shortage

1 posted on 03/09/2022 7:47:29 PM PST by blam
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To: blam

wait until there’s a US botox shortage !!!!


2 posted on 03/09/2022 7:52:08 PM PST by Recovering Ex-hippie (The 2020 election Trump victory determines the fate f America and Freedom.)
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To: blam; All

Meh. If Italy goes to war and there’s a shortage of olive oil, I’ll be on the Front Lines! :)

The rest of those cr@ppy oils will kill ya, anyway! ;)


3 posted on 03/09/2022 7:56:58 PM PST by Diana in Wisconsin (I don't have, 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set. )
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To: blam
Arab Spring 2.0 Begins: Iraqis Take To The Streets In Protest Of Soaring Food Prices
4 posted on 03/09/2022 8:00:42 PM PST by blam
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To: Diana in Wisconsin
I keep several jars of coconut oil (unrefined) on my just in case shelf.

It lasts pretty much forever works as either a solid or liquid fat in cooking, is actually good for you, does an excellent job on your skin and it makes a great salve base.

Love olive but it really does not last over a year.

5 posted on 03/09/2022 8:03:29 PM PST by Harmless Teddy Bear (It is better to light a single flame thrower then curse the darkness. A bunch of them is better yet)
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To: Harmless Teddy Bear

Excellent Prepper tip!

I have the coconut oil, too. LOVE the flavor of good olive oils, though. :)


6 posted on 03/09/2022 8:05:20 PM PST by Diana in Wisconsin (I don't have, 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set. )
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To: Diana in Wisconsin
A friend of mine gave me a bottle of fresh olive oil from his trip to Spain. Up until that point I thought olive oil was olive oil. I knew it got an off flavor as it got old but I thought at under a year it should not make a difference.

I was wrong.

This was less then a month old and was really good. I was tempted to drink it. I resisted but I can not vouch for the rest of the clan. Gone in less then three week.

I am going to have to find some place where I can buy fresh olive oil. I think there is a place in California that grows olives and makes their own oil.

7 posted on 03/09/2022 8:20:19 PM PST by Harmless Teddy Bear (It is better to light a single flame thrower then curse the darkness. A bunch of them is better yet)
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To: blam

FYI... rarely do you see it for sale in bottles. It’s sold in various sized plastic bags.


8 posted on 03/09/2022 8:33:35 PM PST by steveo
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To: blam

bkmk


9 posted on 03/10/2022 3:21:54 AM PST by sauropod (Whom the gods would destroy they first make mad.)
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To: Harmless Teddy Bear

Try this company for really yummy oils of all kinds. Vom Fass.

Store locator. Doesn’t look like they ship. We have one about 45 minutes away. Totally worth the occasional trip. They are located world-wide.

https://www.vomfass.com/


10 posted on 03/10/2022 6:10:16 AM PST by Diana in Wisconsin (I don't have, 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set. )
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To: Diana in Wisconsin
Closest one to me is in Chicago.

Maybe when we have the fully armored family vehicle up and running. :)

11 posted on 03/10/2022 7:27:16 PM PST by Harmless Teddy Bear (It is better to light a single flame thrower then curse the darkness. A bunch of them is better yet)
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