Futures for July delivery rose as much as 6% to 6,738 ringgit a tonne in Kuala Lumpur, the highest since March 11. Indonesia said on Friday that the shipment halt will start from April 28 and last until the government deems a domestic shortage resolved.
The ban threatens to further stoke global food inflation, which has been accelerating at a rampant pace, and raises the risk of a full-blown hunger crisis.
There must be a strategy behind Indonesia’s decision. Between raw material and byproducts. Perhaps to prevent food inflation and promoting FDI !
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