Markets To Watch

Crude Oil: December Crude Oil contracts are trading relatively flat, after rising more than $2 a barrel yesterday. Yesterday’s gains were a result of falling U.S. inventories data. Attacks on oil facilities by Nigerian villagers and the upcoming OPEC production cuts contributed to the gains. December Crude Oil futures are currently trading up 4 cents at $61.44 a barrel.

Wheat: December Wheat futures traded lower in the overnight session, continuing an end-of-day slide that fully erased yesterday’s early gains. Yesterday saw December Wheat futures close down 5 ¾ cents at $516.75 a bushel. Analysts attributed yesterday’s volatility to a thin, unpredictable market. Weekly export sales are expected out before the open today. Expectations are for Wheat sales to be in the range of 300,00 500,000 tonnes. December Wheat futures on the eCBOT fell 7 ¼ cents, to end the overnight session at $509.50 a bushel.

S&P: December S&P 500 futures are trading higher, after third quarter earning from Exxon Mobil Corp. beat expectations. The overnight gains are a continuation of a late-day surge yesterday, after the Fed interest rate decision and accompanying statement. While the interest rate remained at 5.25% as expected, the Fed’s view on monetary policy wasn’t seen as hawkish, as some feared. Tonight’s overnight gains also bring the December S&P 500 future closer to the significant 1400.00 mark. December S&P 500 futures are trading up 3.00 at 1392.20 in pre-market trading.