Markets To Watch

Crude Oil: December Crude Oil contracts are trading lower in the overnight session in the wake of the biggest one-day decline in over a year. Warm U.S. weather forecasts are expected to curb demand and raise inventory levels. There continues to be a lack of concern over the promised production cuts by OPEC members scheduled to begin tomorrow. The market has serious doubts that full cuts will be implemented by all of the members, and traders say that much of the cuts has already been priced into the market. December Crude Oil futures are currently trading down 56 cents at $57.80 a barrel.

Soybeans: January Soybeans traded lower in the overnight session, after three days of solid gains. January Soybeans gained another 4 ½ cents yesterday, as speculative buying remained a supporting influence on the grain. Soybean’s price relative to Wheat and Corn is spurring the speculative buying, after the aforementioned contracts have seen massive gains in previous weeks. January Soybeans ended the overnight session down 5 ¾ cents at $647.50 a bushel.

S&P: December S&P 500 futures are trading higher in early trading. Marathon Oil (MRO) easily beat earnings expectations, and was matched by a number of smaller companies with good earnings reports. Proctor and Gamble (PG) is also due out later today. Traders are still waiting for the Chicago PMI report and Consumer Confidence report due at 9:00 Central Time. December S&P 500 futures are trading up 2.60 at 1385.80 in pre-market trading