Wheat Takes a Beating!

Crude Oil: December Crude Oil contracts are trading lower, bringing the contract back below $61 a barrel. This morning’s drop comes after a forecast for decreased global energy demand for the third consecutive month. The International Energy Agency reduced its projection for world oil demand this year by 80,000 barrels a day. Demand is still expected to expand by 1.1%, but this is a decrease from earlier forecasts of 1.2%. December Crude Oil futures are currently trading down 66 cents at $60.50 a barrel.

Wheat: December Wheat futures traded slightly higher in the overnight session, finding some support after yesterday’s beat down. Wheat futures closed sharply lower yesterday on fund liquidations. Weakness in Corn lent to the bearish efforts. December Wheat ended the day down 16 cents at $488.00 a bushel, the lowest closing price for the month. December Wheat futures on the eCBOT ended the overnight session up 1 cent at $489.00 a bushel.

S&P: December S&P 500 futures are trading relatively flat in early trading. Trading is expected to be thin due to the Veterans Day holiday. Yesterday saw the S&P snap a three-session win streak on weaker-than-expected consumer sentiment data and rising Crude Oil prices. The December S&P futures contract ended yesterday’s session down 7.60 at 1384.00. Despite yesterday’s losses, the S&P is poised to end with weekly gains, up roughly 1% on the week thus far. In early news this morning, Dow components Walt Disney (DIS) and American International Group (AIG) released better-than-expected earnings reports. Another blue chip company, Boeing (BA), won a $15 billion helicopter contract from the U.S. Air Force. No major economic reports are scheduled for today. December S&P 500 futures are trading up 0.50 at 1384.50 in pre-market trading.