Markets To Watch

Crude Oil: December Crude Oil contracts are relatively flat in early trading, as the contract hovers the $60 mark. Trading was relatively quiet yesterday, with the December Crude Oil contract gaining 88 cents to settle at $60.02 a barrel. While OPEC’s current cuts have not seemed to provide full support, their recent comments suggesting additional cuts by the end of the year have. With stockpiles of fuel considered at very high levels, additional production cuts may become necessary. Unrest in Nigeria over the weekend, and the inevitability of winter weather are also providing support to the market. December Crude Oil futures are currently trading down 3 cents at $59.99 a barrel.

Wheat: December Wheat futures traded higher in the overnight session. Yesterday saw Wheat end higher in a recovery from last week’s declines. Concerns of developing drought conditions in one of China’s key growing areas combined with some concerns of the slow start of the U.S. soft red crop provided yesterday’s support. The overnight session saw a continuation of yesterday’s strength, as the contract finds itself back up to the $5 mark. December Wheat futures on the eCBOT ended the overnight session up 2 cents at $500.00 a bushel.

S&P: December S&P 500 futures are trading higher in early trading, continuing yesterday’s strength. S&P futures rebounded from its first weekly loss since late September, with sharp gains on Monday. December S&P 500 futures rose 15.30 yesterday to settle at 1383.80. Resurgence in M&A activity and hawkish remarks from Chicago Fed President Michael Moskow gave bulls the strength they needed to carry through a strong day of buying. Today, traders await the results of the closely watched mid-term elections. With no major economic data on deck this morning, all eyes are pinned to election results. December S&P 500 futures are trading up 2.60 at 1386.40 in pre-market trading.