Markets To Watch

Crude Oil: November Crude Oil contracts are trading slightly lower in pre-market activity, as traders speculate that U.S. inventories are growing. The weekly release of U.S. petroleum supply data is due out later this morning. However, traders are still remaining cautious ahead of tomorrow’s OPEC meeting to discuss production cuts. November Crude Oil futures are currently trading down 30 cents at $58.63 a barrel.

Wheat: December Wheat futures fell in the overnight session, adding to yesterday’s losses. Yesterday, December Wheat futures at the CBOT closed down 11 ½ cents at 531.00 a bushel. Some long over-due rain in Australia, coupled with good weather forecasts in the U.S., have helped ease recent buying pressure. December Wheat futures on the eCBOT ended the overnight session down 9 cents at $522.00 a bushel.

S&P: December S&P 500 futures are trading higher after reports from Intel and IBM beat earnings estimates. Yahoo’s earnings matched expectations, and Motorola missed by a penny. Giving the futures an additional boost this morning was tame inflation data from the CPI report. Total CPI fell 0.5% in September, more than the estimated 0.3%. The closely watched Core CPI rose 0.2%, coming in-line with estimates. December S&P 500 futures are trading up 5.60 at 1377.30 in early trading.