CME Group Issues New Price Limits
The CME Group said on Monday that daily price limits for Chicago Board of Trade soybean, soyoil and corn contracts will be raised starting March 28,2008 to maintain an orderly marketplace. The daily price limits for CBOT corn futures will be raised to 30 cents per bushel from 20 cents, soybeans will increase to 70 cents from 50 cents and soyoil to 2.5 cents from 2.0 cents per lb.
These changes are subject to the approval of the Commodity Futures Trading Commission. The new price limits come amid one of the most volatile trading seasons in the history of the Chicago Board of Trade. The last time Chicago Board of Trade price limits for corn, soybeans or soyoil were expanded was in 2000. However, CBOT wheat limits were increased in February of this year after five consecutive days of limit-up moves.
Daily price limits for wheat, corn, soybeans, soybean meal, soybean oil, oats and rough rice futures will widen by 50 percent the following day when the price of two or more
contracts within the first five to eight non-spot contracts (depending on the commodity's crop year), or the final contract month of a crop year, closes at limit bid or limit offer. Price limits can expand two consecutive times. Daily price limits will step back to their prior levels when no contract closes at limit bid or limit offer that day.
Price limits will continue to be removed on a spot contract when it enters the delivery period. Premiums on options are subject to the same daily price limits as the underlying futures.
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