Soy Oil Futures Climb on Hot Weather Outlooks, Bullish NOPA Data  

Vegetable oil prices pushed higher again on Thursday, with hot weather outlooks and bullish supply data boosting U.S. soybean oil futures to their highest close in five weeks. Continued forecasts for dry and hot weather in the Corn Belt through the end of July sent soy oil prices higher in early trading.  Fund oil/meal spreading and bullish data released by the National Oilseed Processors Association (NOPA) that showed soy oil stocks fell to their lowest level in eight months in June also pushed benchmark soy oil futures about 1 2/3 percent higher at the close (August contract +109 basis points per pound). Most deferred contracts saw smaller gains in percentage terms due to bull spreading (January 2022 contract +64 basis points per pound).

NOPA said soybean oil stocks among NOPA members dropped to 1.537 billion pounds, down eight percent from May. U.S. soybean crushing volumes among…