Soybean oil futures moved lower on Wednesday, as participants booked profits after the nearby contract settled above 60 cents per pound a day earlier. Forecasts for rainfall in drought-impacted areas of the Corn Belt also pressured markets. In Chicago, nearby July soybean oil futures ended at 59.62 cents per pound, down 93 basis points per pound, or 1.54 percent. The August contract finished at 57.67 cents per pound, down 123 basis points, or two percent, on the day.

Although extended forecasts suggest above-average chances for rain during the first ten days of July across the Midwest, the return of high temperatures to the region remains an upside risk for the soybean complex. More moderate temperatures will continue today in the Upper Midwest, Eastern Corn Belt, and Northern Plains, while southern areas of the Heartland will see highs in the 90s or above.

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