A glimmer of hope for food prices? Indonesia lifts palm oil export ban
CNN
Indonesia will lift a ban on exports of palm oil starting next week, a move that could ease a tight global market and relieve some of the pressure on food prices.
President Joko Widodo said in a statement on Thursday that he had made the decision "based on the current supply and price of cooking oil" and in consideration of the 17 million workers employed in the Indonesian palm oil industry.
Indonesia accounts for nearly 60% of global palm oil production. It banned exports late last month in a bid to maintain domestic supplies and keep prices of its staple cooking oil down. News of the ban sent Malaysian crude palm oil futures prices — the global benchmark — soaring.
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