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

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The loss of shipments from Ukraine, the world’s top supplier of sunflower oil, and drought in the world’s leading soybean oil exporter, Argentina, had already sparked a sharp rise in global vegetable oil prices. The tightening of vegetable oil supplies comes as easing COVID-19 restrictions has sparked a surge in demand for food and biofuels.

This year, US soya crushers will produce a record 60.282 million tonnes of soybeans predicted by the US Agriculture Department.

Tom Hammer, CEO of the National Oilseed Processors Association, said that “it will be hard to boost that capacity further until new plants come online.” By 2025 another 10 to 12 new soy processors will be a plan to establish, with one is expecting to start in 2023.