CBOT July soybean oil futures contract bests 70 cents/lb on US weather, crude rally

The July (N) soybean oil futures contract on the Chicago Board of Trade crossed the 70 cents/lb mark on June 2, only the fourth time in CBOT history that a front-month contract has done this.

The milestone was previously reached on May 18, when the July (N) contract touched 70.49 cents/lb, and on two days in early March 2008.

The July contract reached this level as Brent crude oil broke the $70/b level earlier on the same day, according to S&P Global Platts Analytics. Fuel demand has been rising as the summer driving season approaches.

Additionally, forecast for intense hot weather across the Northern Plains and the US Midwest in the upcoming week supported the price rally, according to Analytics.

The soybean oil contract was assessed at 70.27 cents/b at 1730 GMT June 2, up 11.9% month on month and 4.32% from the previous day's close.