In a 4-quart saucepan, pour 1 tablespoon of oil and heat over high heat. Add half a cup of popcorn kernels and keep the pan moving continually until the corn stops popping, which takes around 3 to 5 minutes. Remove the pan from the heat and transfer the popped corn to a dish; set aside and keep warm. Repeat this process until all the corn is popped.
In a medium saucepan over medium heat, stir together the brown sugar, sweetened condensed milk, corn syrup, and butter. Bring the mixture to a boil and let it simmer until it reaches 240°F (115°C) on a candy thermometer. Stir in the vanilla extract.
Pour the caramel over the popped corn and mix well to coat evenly.
Lightly grease your hands with some oil and shape the popcorn mixture into 15 balls. Allow them to cool completely.
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