But then on February 10th, the CBOT implemented new limits for Wheat.
From the horse's mouth:
Wheat Futures
14102.D. Daily Price Limits
"There shall be no trading in wheat futures at a price more than $0.60 per bushel ($3,000 per contract) above or below the previous day’s settlement price. Should two or more wheat futures contract months within a crop year (or the remaining contract month in a crop year) close at limit bid or limit offer, the daily price limits for all contract months shall increase by 50 percent the next business day and an additional 50 percent each subsequent day two or more contract months within a crop year (or the remaining contract month in a crop year) close at limit bid or limit offer. Daily price limits shall revert back to $0.60 after no wheat futures contract month closes limit bid or limit offer for three consecutive business days. There shall be no price limits on the current month contract on or after the second business day preceding the first day of the delivery month."
Soybeans: 50 cents/bu ($2,500/contract) above or below the previous day's settlement price. No limit in the spot month (limits are lifted beginning on First Position Day).
You got all that, right?
Reader's Digest version: 60 cent limit in Wheat and 50 cents in Beans. If you hit that the first day you'd better stand aside until the dust settles.
To the best of my knowledge the limit's haven't been reversed in Wheat, but I've been avoiding it because of the ranges. Call your broker to be sure. He'll have the latest poop.
The pit and electronic session are considered one and the tally starts from the close of the pit session... but I could be wrong because markets don't usually lock limit overnight, so I'm not 100% sure (someone please correct me if I'm wrong!)
I remember a couple of months back one of the grains almost went limit up before the pit opened. When it opened the market locked up a couple of minutes into trading because of the overnight range. It would have been interesting to see it lock limit overnight. I don't think I've ever seen that happen. Can you imagine logging on to trade and the market's already locked? What a good/bad way to start your day, depending on whether the market is moving for you or against you.
I have seen the emini "suspend" trading for 10 or 20 minutes because of huge moves in the overnight session. The exchange did this to keep the market from meltdown. But we all know it's a manipulated market so it doesn't count. ;-)
Erich