Markets To Watch

Crude Oil: December Crude Oil contracts are trading slightly higher in the overnight session. With the weekly inventory supply data out of the way, traders are turning their focus towards November 1st. This is when OPEC has promised production cuts to go into effect. There is much skepticism in the market that all of the OPEC members will fully go through with the cuts. The contract continues to trade around the $60 a barrel mark in the meantime. December Crude Oil futures are currently trading up 44 cents at $60.80 a barrel.

Lean Hogs: December Lean Hog futures rallied to their three-cent daily limit on Thursday. Strong demand amid relatively limited supply is attributed to the rise. The Agricultural Department’s Pork cut-out report on Wednesday jumped $2.20 to $67.24 per hundredweight. This report is a measurement of buying interest for pork on the wholesale level. A surprising rise in seasonal demand for pork loin was a major factor in the surge of wholesale prices. December Lean Hog futures on the Chicago Mercantile Exchange ended the day up 3 cents, to settle at $64.47 cents a pound.

S&P: December S&P 500 futures are trading lower after a disappointing GDP report. Economic growth slowed to a 1.6% pace in the third quarter, its worst level in over three years. The economic report released by the Commerce Department this morning showed that the slumping housing market was a major factor in the economy’s third quarter slowdown. GDP was much weaker than the expected 2.1% pace. The closely watched chain deflator also came in lower than expected at 1.8% (consensus 2.8%). December S&P 500 futures are trading down 2.90 at 1390.00 in pre-market trading.