Trading at the spot market was listless to kick off the week on Monday. Prices were generally unchanged or slightly higher, in step with a rebound in March soybean oil futures in Chicago. On the CME, benchmark March soybean oil futures closed at 45.33 cents per pound, rising 60 basis points per pound, or 1.3 percent. 

Soybean oil prices recently dropped to three-year lows, as supply has been outpacing consumption, particularly from the U.S. biofuels sector. Many producers covered their positions through the first quarter of this year, while others reduced output at plants over the last few weeks due to operational issues and additional losses for renewable identification number (RIN) markets. 

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