Markets To Watch Today

Crude Oil: November Crude Oil contracts are trading higher in the pre-market session, as OPEC has finally announced production cuts. OPEC’s president Edmund Daukoru announced production cuts of 1 million barrels per day in order to help support prices. The cuts are due to begin at the end of the month. November Crude Oil futures are trading up 14 cents, at $58.66 a barrel in early trading.

Wheat: Wheat futures closed yesterday’s trading session mixed, after a day of choppy trading. The December contract opened yesterday’s session limit-up, before falling off its highs to settle at $501.00 a bushel, up 7 cents. The July contract ended the day down 15 cents at $469.00 a bushel. The overnight session was uneventful, after two days of volatility. The December Wheat contract on the eCBOT ended the overnight session up ½ cent at $501.50 bushel. The July Wheat contract ended the overnight session down ¼ cent at $454.50 a bushel.1

S&P: December S&P 500 futures are trading lower in pre-market trading, as earnings season has officially begun. Alcoa, the first major company to release third quarter earnings, missed expectations on Tuesday. Futures were also affected by Crude Oil’s overnight rise, after OPEC announced production cuts. December S&P 500 futures are trading down 3.70 at 1357.00 in pre-market trading.