Indonesia, the world’s biggest exporter of edible oils, will tighten its control over shipments in a sign of growing protectionism around the world as countries grapple with soaring food prices. Palm oil exporters will have to allocate 30% of their shipment volume for the local market, an increase from 20%, according to Trade Minister Muhammad Lutfi. The government will take firm action on hoarders, he said Wednesday. Governments are taking steps to safeguard domestic food supplies after Russia’s invasion of Ukraine roiled trade and sent prices of key staples skyrocketing. Protectionist measures, which have already picked up in recent years as the Covid-19 pandemic spurred concerns about shortages, could spell more bad news for global food trade and add pressure to food inflation. The move by Indonesia comes as vegetable oil prices have surged over the past year due to a supply crunch, with palm, soybean oil and canola […]