Markets To Watch

Crude Oil: December Crude Oil contracts are trading slightly higher, as traders await U.S. inventory data. Traders are also reacting to news of a fire at India’s largest oil refinery, which may affect fuel supplies in Asia. The U.S. Energy Department report, due at 9:30 central time, is expected to show crude supplies gained 3 million barrels last week. December Crude Oil futures are currently trading up 20 cents at $59.55 a barrel.

Wheat: December Wheat futures traded sharply higher in the overnight session. Overnight, the Australia Wheat Board announced a downward revision of their wheat production forecast to 9-11 million tonnes. This is a 40% decline from their previous estimates, which were already considered low. Some rain is in the forecast for the West Australia wheat belt, but the crop is deteriorating quickly. Australia is a major wheat provider to India and Japan. As their crop is reduced, the demand for U.S. exports is expected to grow. December Wheat futures on the eCBOT rose 9 1/4 cents, to end the overnight session at $531.75 a bushel.

S&P: December S&P 500 futures are trading relatively flat, ahead of the FOMC interest-rate decision. The Federal Reserve ends its two-day meeting today, with expectations that they will hold the key interest rate at 5.25%. The accompanying statement to their decision will decide market direction for the rest of the day, with traders looking for signs on whether policymakers have grown more hawkish. On the earnings front, several big names such as: General Motors (GM), Boeing (BA), and Amazon (AMZN) have all topped expectations. December S&P 500 futures are trading down .50 at 1384.30 in pre-market trading.