Markets to Watch Today

Crude Oil: November Crude Oil dropped again on Tuesday, this time falling well below $60 a barrel. On a day with no news to provide price support, traders continued to pound on Crude Oil futures. With Nigeria and Venezuela only cutting production by 170,000 barrels a day, the market has eased fears of production cuts. OPEC does not meet until December 14, and there is increasing speculation that it is not in OPEC’s best interest to make cuts in order to keep Crude Oil above $60 a barrel. Such action could curb demand, and re-intensify calls for alternative energy exploration. November Crude Oil futures fell $2.35, to settle at $58.68 a barrel.

Corn: Corn futures fell on Tuesday, as profit-takers took control of the trading action. With Monday’s low volume rally providing technical traders with an overdone outlook, Corn futures were unable to hold onto Monday’s gains. December Corn futures fell 3 ¾ cents, to settle at $2.64 a bushel.

Gold: Gold futures fell again on Tuesday, closing at its lowest price since September 15. The front month November contract blew through any remaining support at $600 a troy once, closing well below the psychologically important mark. Once again, Gold futures found themselves being dragged lower by falling Crude Oil prices. The three session sell-off has totaled more than $29 a troy ounce. December Gold futures fell $21.80, to settle at $581.50 a troy ounce.