It appears that oft to eml conversion represents creation of e-mail message (.eml) from a template (.oft) in Microsoft Outlook. This is not actually a conversion in proper sense, but more of a standard workflow in Outlook, in which you can use templates to quickly write new messages in predefined format.
Convert Microsoft Outlook template to Email message.
We have found 2 software records in our database eligible for .oft to .eml file format conversion.
Microsoft Windows software - convert oft to eml on Windows
An e-mail management tool distributed with Microsoft Office suite
Convert from oft file format
The tables with software actions are a good pointer for what a certain program does with various file types and often may give users a good hint how to perform certain file conversion, for example the above-mentioned oft to eml. However, it is not perfect and sometimes can show results which are not really usable because of how certain programs work with files and the possible conversion is thus actually not possible at all.
Apple macOS / Mac OS X software - convert oft to eml on OS X
Mac version of the popular e-mail client and personal information manager from Microsoft