Markets To Watch

Crude Oil: December Crude Oil contracts are trading lower in pre-market trading. There is speculation in the market that supplies will increase in the U.S., as weather forecasts are calling for warmer-than-usual temperatures next month. Traders also remain pessimistic that OPEC members will fully implement the planned production cuts. Experts think countries such as Venezuela and Iran will be hard-pressed to actually make any cuts among robust demand and prices above $50 a barrel. December Crude Oil futures are currently trading down 20 cents at $58.61 a barrel.

Soybeans: November Soybean futures traded relatively flat in the overnight session. Yesterday saw Soybeans shake-off early weakness to reach three-month highs by the end of the session. The surge was attributed to technical buying and a general lack of selling interest in the bullish market. Strength found in Wheat and Corn also provided support. This week’s weather outlook has more rain in the forecast for Indiana and Ohio, which should keep harvest progress at a slow pace. November Soybean futures on the eCBOT rose 1/2 cent, to end the overnight session at $618.00 a bushel.

S&P: December S&P 500 futures are trading lower ahead of the FOMC interest-rate decision. The Federal Reserve begins its two-day meeting today. The market is also digesting a bevy of earnings reports, as roughly one-third of companies listed in the S&P 500 have reported results. Of those companies, 73% have topped estimates. Texas Instruments (TXN) provided fourth quarter sales warnings, and Kraft (KFT) decreased its full-year profit estimate. Other companies such as: Dupont(DD), Amgen(AMGN), BellSouth(BLS), and Lockheed Martin(LMT) beat forecasts today. December S&P 500 futures are trading down 1.20 at 1379.50 in pre-market trading.