The present invention provides a shortening composition free of trans fatty acids and comprises at least one partially acetylated monoglyceride, at least one fully acetylated monoglyceride, at least one mixed mono-diglyceride, and at least one vegetable oil. The shortening composition of the present invention optionally comprises at least one vegetable hard stock and optionally comprises one or more antioxidants. Further, in some embodiments the shortening composition is anhydrous. The zero trans fat shortening composition of the present invention is characterized by excellent plasticity and elasticity, and is useful for the preparation of fine baking goods.