Markets To Watch Today

Crude Oil: November Crude Oil contracts are trading higher in early trading, after Norway shut down production at two offshore platforms. The platform shutdowns will sharply reduce output from the world’s third-largest oil exporter; estimates are by about 280,000 barrels a day. Also lending to the early support was yesterday’s news that U.S. Heating Oil inventories fell last week to 1.5 million barrels. November Crude Oil futures are currently trading up 81 cents at $58.67 a barrel.

Corn: December Corn futures reacted sharply yesterday, after the release of the USDA report. The report showed Corn production at 10.905 billion bushels, missing estimates of 11.137 billion bushels. This news saw the front-month contract open the session limit-up, before falling off to settle up 14 ¼ cents at $298.25 a bushel. Overnight action saw additional gains. The eCBOT December Corn contract finished the overnight session up 2 ½ cents at $300.75 a bushel.

S&P: December S&P 500 futures are trading lower in pre-market trading, as traders react to news that GE has narrowed its earnings forecast for 2006. Retail Sales also missed estimates to add to the negative pre-market sentiment. September Retail Sales fell 0.4%, missing estimates of 0.2% increases. Sales excluding autos, which were expected to be flat, fell 0.5%. December S&P 500 futures are trading down 1.70 at 1369.00.