CBOT ups daily wheat limit again

The Chicago Board of Trade again upped the daily exchanged-imposed limit that wheat can rise or fall in a session, raising it to 90 cents after the recently-imposed 60-cent limit was reached on Monday.

CBOT May wheat promptly rose the full 90 cents to $12.14 per bushel, while contracts for July, September and December 2008 and March 2009 all also were up by the full 90 cents.

May soybeans were also higher in Chicago, adding 15 cents to $14.85 per bushel, but May corn fell 3 cents to $5.43 per bushel.

Crude oil prices were higher again on Tuesday, closing above $100 per barrel in New York and closing in on that level in London.

April contracts for West Texas Intermediate crude added $1.53 to $100.74 on the New York Mercantile Exchange, while Brent crude jumped $1.64 to $99.33 on the ICE Futures Europe exchange in London.

Nymex March gasoline was down, but by less than a cent, to $2.53 per gallon while April heating oil added 3 cents $2.79 and April natural gas gained 1 cent to $9.23 per million British thermal units.

Precious metals prices were also higher.

April gold was $8.80 higher near the end of floor trade in New York to $949.30 per troy ounce, while March silver jumped 64 cents to $18.72 per troy ounce as investors looked for safe place to put their money as they worried about inflation.

Platinum overcame early losses, with April contracts adding $2.40 to $2,155.90 in afternoon trade.

Among base metals, May copper added 4 cents to $3.79 per pound in New York after early declines, while three-month copper on the London Metal Exchange gained $85 to $8,285 per tonne.

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