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Wednesday, September 27, 2006

Markets to Watch Today

Crude Oil: November Crude Oil traded in choppy fashion on Tuesday. Traders battled between a strong supply-demand balance and the possibility of an OPEC production cut. Early gains above $62 a barrel were eventually wiped out, as the contract settled lower on the day. November Crude Oil futures fell 44 cents, to settle at $61.01 a barrel.

Wheat: Wheat futures used a technical correction from previous declines to post strong gains on Tuesday. Speculative buyers emerged on Tuesday, supported by several supply and demand forecasts. CBOT December Wheat futures gained 9 ¼ cents, to settle at $4.23 a bushel.

Gold: December Gold futures continued its rally on Tuesday. The end of European central bank sales coupled with strong overseas demand provided the support. Tuesday’s gains mark the highest closing price for the contract in two weeks. December Gold futures gained $1.20, to settle at $597.10 a troy ounce.