Rosin modified phenolic resins are prepared by reacting together rosin, fatty
acid, phenol and aldehyde. The fatty acid may be Monomer (derived from the fatty
acid dimerization process). The reaction mixture may optionally include ,-olefinically
unsaturated carboxylic acid(s) or anhydride(s), and polyol(s). The resin may be
dissolved in a solvent to form a varnish. The resin may be used as a component
of inks for lithographic or gravure printing.