Wheat Lock Limit UP 90 Cents

Wheat trading has locked limit again, this time up 90 cents. The website of the CME still indicates that the lock limit is 60 cents per day, but wheat is trading up 90 cents this evening. This is remarkable, given that wheat reached its lock limit price of 60 cents in Sunday evening trading last night. It is also astounding, since just a few weeks ago, the lock limit for wheat was changed from 30 cents per day to 60 cents. Is the lock limit now 90 cents? That would be a trebling of the lock limit in less than 30 days. Traders should also expect margins to commensurately increase, which could force margin calls and liquidation of many traders' positions when the lock limits eventually end. When this occurred two weeks ago, wheat locked limit 5 consecutive days in a row, followed by a monumental sell-off as traders were forced to liquidate to cover margin calls and cover shorts.