Steps in the processing of oils derived from plants or vegetables include the degumming, deodorizing and bleaching of the oil before it can be used for further applications. By eliminating one or more of these steps from the processing of the oil, followed by hydrogenating the oil to a specified degree of hydrogenation, the resulting upgraded oils can be incorporated into products having commercial applications. The process uses a high shear mixing device and a hydrogenation catalyst. The process can utilize a single or multiple high shear devices, and utilize renewable oils instead of increasingly scarce petroleum based products. The resulting hydrogenated products may then be utilized in a variety of other commercial applications, such as to render cellulosic products water resistant, provide a coating for numerous cellulosic products, adhesive compositions, ink compositions, firelog compositions, drilling muds or asphalt modifiers.