By Olivia Cooper

RAPE markets have leapt by almost 3/t overnight, boosted by stronger world oil prices.

Strong US export demand and a breakthrough in GM negotiations with China brought soyaoil prices off recent contract lows, by $10/t (7/t) on Tuesday.

Rape values have followed, and 150/t ex-farm is now achievable in most areas.

Kevin Bantick of Dalgety thinks this is the start of something good: “Demand is especially strong for rape and sunflower oil, which has insulated EU prices from the big losses in Chicago.”

Meanwhile, wheat markets have also picked up. The removal of the 10/t import levy on eastern European grains has had less of an impact than some predicted, says Dalgetys Trevor Harriman.

“This hasnt manifested itself as cheaper offers to buyers, but as better prices for sellers, so import levels havent changed.”

Milling wheat has risen by 4/t to 95/t ex-farm for Feb/March next year.