Markets To Watch

Crude Oil: December Crude Oil contracts are trading lower in pre-market trading. Traders are showing doubt that the OPEC production cuts are going to be fully carried out. Many believe the oil cartel will have difficulty enforcing such cuts from its members, and have proven in the past they can have difficulties sticking to their quotas. The production cuts are meant to provide some support to a contract that has seen a $20 sell-off since its peak in late July. However, it does not seem like the cuts are going to be enough to raise Crude Oil to previous levels. December Crude Oil futures are currently trading down 94 cents at $58.39 a barrel.

Corn: December Corn futures traded lower in the overnight session. Overbought conditions along with declines in Gold and Crude Oil are lending strength to the weakness. Friday saw Corn end a choppy day of trading with a 3 ¼ cent decline. The eastern Corn Belt saw moderate rain over the weekend, and there is more rain in the forecast for the next few days. This should slow harvest in the east, but the western part of the Corn Belt should remain dry and actively harvested. December Corn futures on the eCBOT fell 5 cents, to end the overnight session at $307.75 a bushel.

S&P: December S&P 500 futures are trading lower ahead of earnings. Traders are waiting for the release of quarterly earnings from the likes of Texas Instruments and AT&T. Ford Motor Company has already listed third quarter earnings this morning. The second-largest U.S. automaker posted a preliminary third-quarter loss of $5.8 billion. About one-third of companies listed in the S&P 500 are scheduled to release earnings this week. Traders are also cautious ahead of the Federal Reserve interest rate decision due out Wednesday. December S&P 500 futures are trading down 3.40 at 1371.50 in pre-market trading.