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Tuesday, May 02, 2006

Markets To Watch Today

Crude Oil: Crude Oil futures soared yesterday as another hit on foreign production was announced in Italy. A fire at an Italian oil refinery began in a pipeline on Sunday and shut down production of 160,000 barrels a day. June Crude Oil is currently trading at 73.93, up 23 cents in the ACCESS market.

Grains: Kansas City Wheat closed higher yesterday as much needed rain in the Plains region turned out to be less than expected. The Hard Red Winter Wheat crop has experienced a dry growing season. July Kansas City Wheat closed at 443 1/4, up 5 1/4 in the overnight session.

Gold: Gold continued its rally yesterday as a weak Dollar, high Crude Oil prices and Geopolitical tensions remain. The June Gold contract is trading at $663.20, up $3 this morning.