COMMODITIES-Corn limit-up on frost fears; oil, metals rise too

* Frost fears drive corn, other crops to limit highs

* Stronger U.S. economic data boosts oil, metals

* CRB up 2 percent to 2-1/2-week highs

NEW YORK, Sept 15 - Fears of a crop frost propelled U.S. corn prices almost 10 percent higher on Tuesday to touch maximum gains allowed in a session, while better U.S. economic data boosted oil and metals prices.

The Reuters-Jefferies CRB index, which tracks 19 mostly U.S.-traded commodity markets, rose more than 2 percent to a 2-1/2 week high.

Soybean and wheat prices rose along with corn as investors worried about harvest in the U.S. Midwest, reversing bearish sentiment created by bumper crop forecasts just days ago.

Frost is "the main thing everyone is talking about" Joe Bedore, trader at FC Stone.

On the Chicago Board of Trade (CBOT), December corn settled up 28-3/4 cents at $3.46-1/2. During the session it rose the daily limit of 30 cents to $3.47-3/4 per bushel, the highest in more than a month. CBOT corn for March and May delivery also went limit up.

CBOT soybeans for November rose nearly 7 percent to as high as $9.77-3/4 per bushel, before settling at $9.60. Soymeal futures for delivery through March also hit the daily trading limit of $20 per ton.

Crops had benefited so well from summer weather that the U.S. Department of Agriculture last week projected a record harvest for soybeans and a near-record for corn.

But latest findings showed both the corn and soybean crops developing two to three weeks late due to cool summer weather. That left them vulnerable to a September frost that could cut yields, crop experts said.

In its weekly crop progress report on Monday, the USDA said only 12 percent of the U.S. corn crop was mature, well behind the five-year average of 37 percent. It said 17 percent of the soybean crop was dropping leaves, a sign of maturity, lagging the five-year average of 36 percent.

On the energy front, U.S. crude's benchmark front-month contract settled up 3 percent, or $2.07, at $70.93 a barrel after better macroeconomic data outweighed concerns about growing distillate inventories.

U.S. retail sales in August rose at the fastest pace in 3-1/2 years, and New York State manufacturing activity hit a near two-year high, according to data that offered more signs of improving economic activity.

A separate report showed prices received by U.S. producers rose faster than expected last month.

U.S. copper for December delivery finished up 4.05 cents at $2.8450 a lb. On the London Metal Exchange (LME), copper for three months delivery ended up $70 at $6,210 a tonne.

U.S. gold futures closed up half a percent, reversing losses from the open, after a rally on Wall Street prompted investors to pare gains on the dollar and boost gold's position as an alternative to the currency.

Benchmark U.S. gold for December settled up $5.20 at $1,006.30 an ounce, consolidating its run-up since last week to 18-months highs of above $1,000.