Markets To Watch Today

Crude Oil: November Crude Oil contracts fell back below $60 a barrel in the overnight session. Saudi Aramco, the world’s largest state-owned oil company by output, announced it will ship full volumes to Asia in November. November Crude Oil futures fell as low as 71 cents, to $59.25 a barrel. It is currently trading down 48 cents, at 59.48 a barrel.

Wheat: Wheat futures followed yesterday’s price-limit move, by going limit-up again in overnight trading. December wheat is now trading at a significant premium to July. The old crop/new crop spread settled with a premium to the December contract of 14 cents. That spread widened in overnight trading. In the overnight session, December Wheat futures on the eCBOT rose the daily price limit of 30 cents, at 524.00 a bushel. July Wheat futures on the eCBOT ended the overnight session down 10.75 cents, at 468.25 a bushel.

S&P: December S&P 500 futures are trading flat to slightly higher in pre-market trading. Traders are anxiously awaiting the start of the third quarter earnings season. Alcoa, a Dow Jones component releases earnings today. Wholesale inventories is the only economic release today. A 0.6 percent rise is expected, after a 0.8 percent rise last month. December S&P 500 futures were trading up 0.50 at 1359.70 leading up to the opening bell.