The Week Ahead: Aug. 13-19, 2012

August 12, 2012 01:10 AM
Untitled Document

via a special arrangement with Informa Economics, Inc.

Congress on summer recess | GOP VP choice Paul Ryan to come under focus | More RFS waiver petitions expected

NOTE: This column is copyrighted material, therefore reproduction or retransmission is prohibited under U.S. copyright laws.

Lawmakers are out for their summer recess and will return Sept. 10, following both Republican and Democratic national conventions.

This week will see additional US economic indicators released, with inflation on the wholesale level via the Producer Price Index on Tuesday along with Retail Sales and Business Inventories. Wednesday will bring the update on inflation for the consumer via the Consumer Price Index (CPI) and a look at how factories are doing via the Industrial Production data. Housing Starts figures come out Thursday along with the weekly Jobless Claims data and the manufacturing index from the Philadelphia Federal Reserve Bank. The week closes out with readings on Consumer Sentiment and Leading Indicators.

Traders will also keep an eye on any developments from central banks in Europe and China relative to their economies, as both are seen moving to bolster economic activity.

Energy market traders will watch for any tropical storms that might form and possibly head to the US Gulf in the wake of US government weather forecasters seeing higher odds for an active hurricane season in the Atlantic.

For agriculture, Crop Progress on Monday will again be a focus as traders want to see if the ratings for corn and soybeans have reached a bottom or if they continue to decline. Thursday will bring the Weekly Export Sales report with some sales under the daily export sales reporting system for soybeans already known. Also Thursday, the Climate Prediction Center will issue their updated long-term forecasts that cover September and the September-November period. The week closes out with the monthly Cattle on Feed report on Friday afternoon.

On the policy front, more governors in the weeks ahead are expected to file an RFS waiver petition to the Environmental Protection Agency.

On the political front, look for lengthy reviews and Democratic punches (especially on Medicare) at Romney's VP pick, Rep. Paul Ryan (R-Wis.).

Key economic reports and other events on tap this week include:

Monday, Aug. 13
Greece issues estimates for second-quarter GDP.
auctions eight billion euros ($9.83 billion) of 12-month bills.
Economic reports:
Selected Interest Rates (Federal Reserve).
USDA reports:
Export inspections (AMS) | Crop Progress (NASS) | Aquaculture Data (ERS) | Oil Crops Outlook (ERS) | Cotton and Wool Outlook (ERS) | Rice Outlook (ERS).

Tuesday, Aug. 14
Energy reports: Weekly National Petroleum Report (API).
Economic reports: NFIB Small Business Optimism Index | ICSC-Goldman Store Sales | Producer Price Index | Retail Sales | Business Inventories.
USDA reports: Wheat Outlook (ERS) | Feed Outlook (ERS) | Cranberries (NASS).

Wednesday, Aug. 15
Energy reports: Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA).
Economic reports: Weekly mortgage applications (Labor Dept.) | MBA Purchase Applications | Consumer Price Index | Empire State Mfg Survey | Treasury International Capital | Industrial Production | Housing Market Index.
USDA reports: Broiler Hatchery (NASS) | Meat Price Spreads (ERS) | Turkey Hatchery (NASS) | Sugar and Sweeteners Outlook (ERS).

Thursday, Aug. 16
Transportation: Weekly Traffic of Major Railroads (Assn. Of American Railroads) | Grain Transportation Report (AMS).
Energy reports: Weekly US underground natural gas stocks (EIA).
Economic reports: Jobless Claims (Labor Dept.) | Weekly Mortgage Rates (Freddie Mac) | ICI weekly money market mutual fund data | Housing Starts | Phila. Fed Survey
USDA reports: Export Sales (FAS) | Livestock, Dairy, and Poultry Outlook (ERS).

Friday, Aug. 17
Monthly Petroleum Statistical Report (API).
Economic reports: Consumer Sentiment | Leading Indicators.
USDA reports: Cattle on Feed (NASS) | Cattle on Feed (NASS) | Milk Production (NASS) | Peanut Prices (NASS).

NOTE: This column is copyrighted material, therefore reproduction or retransmission is prohibited under U.S. copyright laws.






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