Markets To Watch

Crude Oil: December Crude Oil contracts are lower in early trading, despite comments from OPEC President Edmund Daukoru of further production cuts by year’s end. Daukoru said the market is “clearly oversupplied”. In Nigeria, armed protesters shut down an oil facility run by Agip, an Italian company. Weather forecasts for the U.S. Northeast, which is responsible for roughly 80% of the nation’s heating oil consumption, is expected to remain unseasonably warm for the next few weeks, according to a National Weather Service forecast released Sunday. The warm weather forecasts, coupled with an abundant supply, are over-riding news of further OPEC cuts and attacks in Nigeria in early trading. December Crude Oil futures are currently trading down 21 cents at $58.93 a barrel.

Corn: December Corn futures ended the overnight session up slightly higher. Overnight trading was relatively quiet, after an uneventful day of trading on Friday. December Corn futures on the Chicago Board of Trade settled down 2 1/5 cents at $342.25 a bushel on Friday. After seeing record volume on Thursday of 423,875 contracts, the market may be poised to take a breather. Weather forecasts are relatively calm for the upcoming week, as traders look for the next news event to move the market. December Corn futures at the eCBOT ended the overnight session up 3 cents at $345.25 a bushel.

S&P: December S&P 500 futures are trading higher in early trading. Traders are buying following a week of losses and a fall in Crude Oil futures back below $59 a barrel. There may also be some speculative buying heading into Tuesday’s mid-term elections. In acquisition news, Microsoft chairman Bill Gates made a bid on the Four Seasons Hotel Inc. There are no major economic numbers due out today. December S&P 500 futures are trading up 4.00 at 1372.50 in pre-market trading.