Markets To Watch
Crude Oil: December Crude Oil contracts are trading higher, on speculation that U.S. heating oil supplies will fall. That speculation is based on the approaching winter season for the Northern Hemisphere. Also supporting the early-morning buying effort are more calls for production cuts from additional OPEC members, namely Venezuela and Saudi Arabia. Saudi Oil Minister Ali al-Naimi said on Monday the cartel would take further action at the December 14 meeting if world markets remained unbalanced. There is also concern that a Democratic-controlled U.S. government would prove bad for oil companies in the long-term. Election results are still coming in, but the Democrats look poised to take control of both the House of Representatives and the Senate. December Crude Oil futures are currently trading up 31 cents at $59.24 a barrel.
Wheat: December Wheat futures traded higher in the overnight session. Yesterday saw Wheat end lower, as a slight price correction and weak export demand controlled the trading action. Last night saw bulls come back to the forefront, with renewed concerns of developing drought conditions in one of China’s key growing areas. The weather forecasts for winter wheat areas of China near Shandong have no rain in sight on the 10-day outlook. This morning’s strength has the December Wheat contract trading back above $5 a bushel. December Wheat futures on the eCBOT ended the overnight session up 6 3/4 cents at $503.75 a bushel.
S&P: December S&P 500 futures are trading lower in early trading, as the mid-term election results are leaving the strong possibility that Democrats will take control of both the House of Representatives and the Senate. Several influential leadership groups, especially drug, defense and energy are expected to fare worse under a Democratic-controlled congress. With no other major economic data due out today, the focus will remain on yesterday’s election results. Today’s early down move is a reversal of two-day gains that saw the S&P rise more than 20 points. December S&P 500 futures are trading down 7.00 at 1382.00 in pre-market trading.
Wheat: December Wheat futures traded higher in the overnight session. Yesterday saw Wheat end lower, as a slight price correction and weak export demand controlled the trading action. Last night saw bulls come back to the forefront, with renewed concerns of developing drought conditions in one of China’s key growing areas. The weather forecasts for winter wheat areas of China near Shandong have no rain in sight on the 10-day outlook. This morning’s strength has the December Wheat contract trading back above $5 a bushel. December Wheat futures on the eCBOT ended the overnight session up 6 3/4 cents at $503.75 a bushel.
S&P: December S&P 500 futures are trading lower in early trading, as the mid-term election results are leaving the strong possibility that Democrats will take control of both the House of Representatives and the Senate. Several influential leadership groups, especially drug, defense and energy are expected to fare worse under a Democratic-controlled congress. With no other major economic data due out today, the focus will remain on yesterday’s election results. Today’s early down move is a reversal of two-day gains that saw the S&P rise more than 20 points. December S&P 500 futures are trading down 7.00 at 1382.00 in pre-market trading.
posted by XPRESSTRADE, LLC at 11/08/2006 06:38:00 AM
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