The invention provides a process for the preparation of a stable ungelatinised starch-containing oil-in-water emulsion in the absence of an added emulsifier which comprises subjecting a mixture of flour and/or starch, an oil and an aqueous liquid to high shear. A stable oil-in-water emulsion containing ungelatinised starch obtainable by the above process is also provided as well as a food product obtainable by heating the emulsion.