Biopolymeric hydrogel precursors are prepared by means of a ring-opening polymerization of epoxidized vegetable oils, followed by chemical hydrolysis. The recovered hydrogels having properties similar to Pluronic.RTM. type surfactants would have a plurality of end-use applications, including use as food additives and pharmaceutical ingredients. This invention provides the potential for an enhanced market for vegetable oils, and particularly for soybean oil.