PRICES: How High Is Up?

In the high jinks staged by commodity markets last week, the main ring was in Chicago. There, in the most hectic trading in the wheat pit in over five years, the price of spot wheat jumped to $2.50, highest since 1920. This put such a pinch on traders in March futures, i.e., wheat to be delivered before the end of the month, that futures jumped even higher, hit $2.62. Up with them they carried all the other grains.

There was plenty of action in the smaller rings. The price of hogs went up...

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