Markets To Watch

Crude Oil: November Crude Oil contracts rose back above $60 a barrel in early trading on Monday, as the market reacts to North Korea’s nuclear test. The market is also awaiting an announcement from OPEC, with their decision whether or not to cut production. After dropping below $60 a barrel on Friday, November Crude Oil futures are currently trading higher at $60.47 a barrel, up 71 cents.

Wheat: Wheat futures traded higher in the overnight session, ending the early session up 20 cents. A dry weather report for the upcoming week in Australia is behind the buying effort. This is raising fears that the Australian crop will be under 10 million tonnes, much less than the 25 million tonnes it produced last year. December Wheat futures from the eCBOT ended the overnight session up 20 cents, at a price of $484.00 a bushel.

S&P: December S&P 500 futures are trading lower in early trading on Monday, as the market reacts to North Korea’s announcement of a successful nuclear test. This is the first-ever nuclear test for the rogue state, and it increases already high political tensions. This news should be the main event behind today’s trading action, as volume is expected to be light on the Columbus Day holiday. Financial and Interest Rate products are closed today. December S&P 500 futures were trading at 55.80 in early action Monday, down 3.00 from Friday’s settlement price of 1358.80. The contract hit a low of 1354.20, down 4.60, when the announcement of the nuclear test was released.