A global company has issued a cooking oil price warning

As in Turkey, there is a serious crisis in cooking oil at the global level. According to James Fry, Chairman of LMC International, cooking oil prices will remain high in the coming months. Fry said, "Prices are likely to rise further before they turn down." Stating that the real difficulty in vegetable oil will be experienced in the next 6 months, Fry pointed out that the production of canola oil has decreased due to the problems experienced in Canada, there has been no increase in soybean oil, and palm oil is in the low production season. He noted that it may increase by 3-4. In the statement, which stated that Indonesia, the world's largest producer, restricted exports due to domestic market demand, it was noted that this situation would reduce the stocks of Malaysia, the second largest producer.

"If the situation in Ukraine does not reverse, it is difficult for us to see a decrease in prices"

Fry said that the increase in Indonesian production may be below expectations by being close to Malaysia's rates, while emphasizing that the increase in palm oil production will not be enough to close the sunflower oil deficit in global markets. Stating that rising oil prices also supported the perfect storm in vegetable oil, the experienced analyst said, "If there is nothing to reverse the situation in Ukraine, it seems difficult to see a decrease in the risk premium in prices. I sincerely hope that in the second half of the year, those in the Kremlin will come to their senses."