Chicago Board of Trade

Soybean futures skyrocketed to contract highs for a second straight session Monday, responding to the outlook for shrinking production.

Soybeans jumped as high as $7.40 a bushel before settling back somewhat to post gains of 2.5 percent for the day. The outlook for lower U.S. supplies and dwindling production for 2003-04 was behind the second-day rally. Also contributing were high Chinese demand and follow-through buying from Friday, when the Agriculture Department slashed its estimate for production by 175 million bushels.

Wheat also posted substantial gains.

Local markets

As of Monday’s close, courtesy of Ottawa Cooperative Assn. Ottawa Elevator — Wheat, $3.12; corn, $1.98; milo, $1.98; soybeans, $7.07. Edgerton Elevator — Wheat, $3.12; corn, $1.98; milo, $1.98; soybeans, $7.07. Overbrook Elevator — Wheat, $3.12; corn, $1.98; milo, $1.98; soybeans, $7.07. Midland Elevator — Wheat, NA; corn, $2.03; milo, NA; soybeans, $7.12. Lawrence North Elevator — Wheat, NA; corn, $1.98; milo, NA; soybeans, $7.07. Lawrence South Elevator — Wheat, $3.12; corn, $1.98; milo, $1.98; soybeans, $7.07. Pauline Elevator — Wheat, NA; corn, $2.03; milo, $2.03; soybeans, $7.07.

Nonferrous metals

New York (ap) — Spot nonferrous metal prices Monday:

Lead – $604.00 per metric ton, London Metal Exch.

Gold – $375.20 troy oz., NY Merc spot Mon.

Silver – $4.975 troy oz., N.Y. Merc spot Mon.

Platinum – $734.00 troy oz., N.Y. (contract).