Global vegetable oil prices ended mixed on Tuesday. Palm oil futures gave back initial gains, closing lower overnight. Profit-taking amid forecasts for rain the Midwest initially tugged soybean oil futures markets lower before oil/meal spreading by funds later lifted prices. On the CME, nearby July soybean oil futures settled at 60.55 cents per pound, up 104 basis points per pound or 1.75 percent. The August contract was up 90 basis points per pound, or 1.55 percent, at the close to 58.90 cents per pound.

The latest weather forecasts showed rain is expected to move slowly across the Upper Midwest into the Eastern Corn Belt by Thursday. More moderate temperatures are also expected in the Upper Midwest, Eastern Corn Belt, and Northern Plains. Still, extended outlooks suggest that while temperatures should warm up again, above-average chances for precipitation for much of the central U.S. growing region for the first 10 days of July.

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