Argentina Suspends Corn Exports Indefinitely!

Crude Oil: January Crude Oil contracts are trading lower on warm U.S. weather and OPEC skepticism. Heating demand for the Northeast U.S. is expected to be 90% of normal for the upcoming week. The mild autumn has left the U.S. with ample supplies of fuel, despite production cuts from OPEC members. Also contributing to the strong stockpiles is an increase in supplies from non-OPEC countries. January Crude Oil futures are currently trading down 60 cents at $58.37 a barrel.

Corn: December Corn futures ended the overnight session higher, continuing Friday’s late strength. Friday saw Corn futures shake-off early losses, to close on their highs, as speculative and fund buying drove prices up. December Corn ended Friday’s session up 3 ¾ cents higher at $355.25 a bushel, 9 cents off its lows. News of an indefinite suspension of corn exports from Argentina gave overnight support to the technically bullish market. December Corn on the eCBOT ended the overnight session up 9 ½ cents at $364.75 a bushel.

S&P: December S&P 500 futures are trading lower in early trading. Weakness in the overseas markets and profit-taking from last week has led to this morning’s weakness. The Nikkei 225 fell 2.3% last night, and in Europe, the FTSE is trading down 0.4%. Inflation concerns are also creeping in, as traders are beginning to expect rate cuts next year. In economic news Leading Indicators are due at 9:00 AM CST (consensus 0.2%). S&P futures are back above 1400.00, after falling to an overnight low of 1399.10. December S&P 500 futures are trading down 1.70 at 1403.10 in pre-market trading.