Markets To Watch Today

Crude Oil: November Crude Oil contracts are trading mixed in early trading. Prices were slightly higher in the early morning hours, as OPEC announced it will meet later this week to discuss production quotas. Futures have since pared the early gains, and are trading relatively flat leading up to the opening bell. November Crude Oil futures are currently trading down 15 cents at $58.42 a barrel.

Wheat: December Wheat futures ended a week of heavy gains on Friday, closing up 61 ½ cents on the week. Export worries from Australia and the Ukraine, along with a bullish USDA report led to the massive rally. December futures continued the bull market in overnight trading. A dry forecast for Australia continues to raise concerns that their outlook will continue to deteriorate. December Wheat futures on the eCBOT ended the overnight session up 5 ¾ cents at $531.25 a bushel.

S&P: December S&P 500 futures are trading relatively flat in pre-market trading. The market has been unable to establish a direction, with no major earnings announcements until tomorrow, and no major economic news releases today. Traders are also awaiting Fed Chairman Bernanke’s speech today at 1:30 ET. The December S&P 500 futures contract is trading down 0.70 at 1372.90 in pre-market trading.