Markets To Watch Today

Crude Oil: February Crude Oil futures are trading slightly lower in early trading. Crude Oil fell $1.30 to settle at $61.10 a barrel on Tuesday. Mild winter weather is behind the three-day decline that has brought prices back near $60 a barrel. Temperatures in the U.S. Northeast will be above average through January 9, according to the National Weather Service. UN Sanctions against Iran were approved over the weekend, but have been largely ignored by investors, as the ongoing dispute over Iran’s nuclear intentions continues. Crude Inventory data is due out today at 9:30 AM CST. Gasoline inventories are expected to have gained 700,000 barrels. U.S. crude oil stockpiles are expected to have declined by 1.75 million barrels, and distillate stockpiles are expected to have declined by 150,000 barrels. February Crude Oil futures are trading down 26 cents at $60.84 a barrel in early trading.

Soybeans: March Soybean futures ended the overnight session higher, continuing yesterday’s strength. Yesterday, March Soybean futures ended the day up 12 ¼ cents at $686.50 a bushel. Yesterday’s gain brings a three-day total of 23 cents. Technical buying is being given credit for the recent strength. March Soybean futures ended the overnight session up 1 cent at $687.50 a bushel.

S&P: March S&P 500 futures are trading higher this morning, continuing yesterday’s strength. Weakness in Crude Oil is supporting the bullish effort by reducing inflationary pressure. However, futures have come off their early highs. Apple (AAPL) is trading down nearly 3% following reports that it falsified stock option documents. Yesterday saw March S&P futures gain 8.50, recovering almost all of Friday’s low-volume sell-off. On the economic data front New Home Sales is the only data due out today, scheduled to be released at 9:00 AM CST. March S&P futures are trading up 3.60 at 1432.40 in early trading.