(NAFB) – After a biannual review, the CME Group is expanding the daily price limits for the Chicago Board of Trade grain and soy futures, and the new limits go into effect on May 2.

The new limits include 40 cents for corn, currently at a limit of 25 cents a bushel. Soybean limits are now one dollar per bushel, with the current limit at 70 cents. Soy Meal is up to $30 per short ton, soil oil is now 3.5 cents a pound, and soft and hard red wheat futures are both up to 45 cents per bushel.

CME price limits represent the maximum price range permitted for a futures contract in each trading session. Price limits vary by product, as does what happens when a limit gets reached.

“Some of the price limits are expanded by 50 percent,” says Jerry Gulke of the Gulke Group. “That’s a lot of volatility.”

Gulke also tells AgWeb.com that limit up and down on corn will now be 80 cents. That’s $160 per acre on 200-bushel corn. On 10,000 acres, gross income could move almost $1.5 million per day. Now that the trading limits have widened further, Gulke says it should give volatility a whole new meaning in future months.