In many parts of Japan, food products jumped. In some areas residents were told not to leave their homes. That alone is enough to create a fearful and hoarding mentality. Traders on the U.S. commodity exchanges didn't take long to work out how to play this. Pretty much across the board, prices rose.

Here are a few late prices:

• WTI crude was up $3.67 per barrel to $101.67. Brent crude rose $2.10 per barrel to $110.62.
• In the grain market, June wheat futures rose 48-2 cents per bushel to $7.10 per bushel.
• Corn futures were up the 30 cent limit to $6.46 per bushel.

Except for the safe haven of U.S. treasuries and the U.S. dollar, most other commodities are getting slaughtered in the wake of the Japanese crisis.

Here are some prices of nearby contracts compared to five days ago:

• WTI crude is trading at $97.68 per barrel, down from $105.
• Wheat is at $6.89 per bushel, down for $7.89.

To many of us the price of hogs and cattle is boring stuff. However, it won't be boring in a few weeks when higher prices reach your local super market.

June hog futures rose 1.675 cents to 85.05 cents a pound on the Chicago Mercantile Exchange. This is the highest price since 1997 for an active contract month.

Agrium (NYSE: AGU) volatility is flat as AGU at record high on strong fertilizer demand. AGU, an agricultural retailer and fertilizer producer, closed at $54.38. AGU over all option implied volatility of 39 is near its 26-week average of 38 according to Track Data, suggesting nondirectional risk.

Terra Industries (NYSE: TRA) volatility is flat; TRA is near record on demand for nitrogen. TRA, an international producer of nitrogen products for industry and agriculture, closed at $31.26. TRA is expected to report EPS on 10/25. TRA over all option implied volatility of 52 is near its 26-week average of 50 according to Track Data, suggesting nondirectional risk.

Option update provided by Stock Specialist Paul Foster of theflyonthewall.com.