Palm oil prices surge on Indonesia ban in risk to global food inflation

Palm oil rallied after top producer Indonesia said it will ban all exports of cooking oil, a surprise move that threatens to worsen global food inflation and aggravate volatility in crop markets still reeling from the war. 
 

Indonesia said on Friday that the shipment halt will start from April 28 and last until the government deems a domestic shortage resolved. Benchmark palm oil futures jumped as much as 7% while Indonesia plantation stocks tumbled.

The move by Indonesia, which accounts for a third of global edible oil exports, adds to a raft of crop protectionism around the world since the