ABC News published an article stating that global cooking oil prices have been rising since the COVID-19 pandemic began for multiple reasons, from poor harvests in South America to virus-related labor shortages and steadily increasing demand from the biofuel industry. The war in Ukraine — which supplies nearly half of the world’s sunflower oil, on top of the 25 percent from Russia — has interrupted shipments and sent cooking oil prices spiraling. It is the latest fallout to the global food supply from Russia's war, and another rising cost pinching households and businesses as inflation soars. Prices could moderate by this fall, when farmers in the Northern Hemisphere harvest corn, soybeans and other crops, said Joseph Glauber, a senior research fellow. “But there’s always the danger of bad weather. Last year, drought pummeled Canada’s canola crop and Brazil’s soybean crop, while heavy rains affected palm oil production in Malaysia.” Republished in WPMI (NBC News), The National Herald (Athens, Greece), News 4 Jax, CNBC TV 18, Wisconsin State Farmer.
