The Week Ahead: Dec. 23-29, 2013

December 23, 2013 12:20 AM
Untitled Document

via a special arrangement with Informa Economics, Inc.

Light activity in holiday-recess Washington

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

Congress is on recess, with the Senate returning Jan. 6 and the House on Jan. 7. Staff work will continue on some areas, including the lingering new farm bill and Fiscal Year 2014 appropriation issues. Elsewhere, administration officials are continuing to debug the troubled federal health insurance exchange and clarify options for millions of people facing the cancellation of health insurance policies.

The economic calendar is very light, with the biggest data released crammed into the first two days of the week. Monday will release of the Personal Income and Outlays data, along with the Chicago Fed report and update on Consumer Sentiment. Tuesday see Durable Goods, FHFA House Price Index, New Home Sales and the Richmond Fed report released. Markets will close early on Tuesday for Christmas Eve, with stock and financial markets closing at noon CT and the bond market wrapping up at 1 pm CT. Markets and the government will be closed on Wednesday for Christmas. The only major data release left for the week will arrive Thursday via the weekly Jobless Claims figures. About the only thing lighter than the data flow will be trade action with the holiday in the middle of the week. That will take trade volumes down considerably, opening the door for potentially active moves. And the light data flow here opens the door for any foreign developments to get a big focus.

For agriculture, the ag markets will also wrap up trading early on Tuesday for Christmas Eve and will be closed on Wednesday for Christmas. While weekly Grain Inspections will come out on Monday along with the monthly Cold Storage report, the weekly update on export sales won’t arrive until Friday along with the Hogs & Pigs update. The latter will be watched for any indication of the impact from the PEDv situation. Beyond that, the South American weather situation and the Chinese corn import situation will likely capture most of the attention. As with financial markets, ag markets will see very light volume.

Monday, Dec. 23
Japanese markets are closed for the emperor's birthday.
Egypt: Ousted Egyptian president Mohammed Morsi faces charges of terrorism as his trial begins in Alexandria.
Italy: Italian Prime Minister Enrico Letta holds a news conference to discuss the future of his government and possible reforms.
Economic reports: Selected Interest Rates (Federal Reserve) | Personal Income and Outlays | Consumer Sentiment | Chicago Fed National Activity Index
USDA reports:
Export inspections (AMS) | Cotton Ginnings (NASS) | Cold Storage (NASS) | Poultry Slaughter (NASS) | Chickens and Eggs (NASS) | Monthly Milk Cost of Production (ERS) | Food Price Outlook (ERS)

Tuesday, Dec. 24
US financial markets close early for Christmas Eve.
Energy reports: Weekly National Petroleum Report (API).
Economic reports: FHFA House Price Index | New Home Sales | Richmond Fed Mfg Index | ICSC-Goldman Store Sales
USDA reports: Livestock & Meat Domestic Data (ERS) | Weekly Weather and Crop Bulletin (WAOB) | Dairy Data (ERS)

Wednesday, Dec. 25

Christmas Day: Most markets across the globe are closed.
Bank of Japan Governor Haruhiko Kuroda speaks at the Japanese business federation in Tokyo.
Energy: The Japanese economic minister and Russian energy minister discuss joint energy projects in Moscow.

Thursday, Dec. 26
Bank of Japan releases the minutes of the November monetary policy meeting.
Markets are closed in the U.K., Canada, Australia, and Hong Kong for Boxing Day.
Economic reports: Jobless Claims (Labor Dept) | MBA Purchase Applications | ICI weekly money market mutual fund data } Weekly Mortgage Rates (Freddie Mac)
Energy reports: Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA)
Transportation: Grain Transportation Report (AMS).
USDA reports: Broiler Hatchery (NASS) | National Dairy Products Sales Report (AMS)

Friday, Dec. 27

Energy reports: Weekly US underground natural gas stocks (EIA).
USDA reports: Peanut Prices (NASS) | Export Sales (FAS) | Peanut Stocks and Processing (NASS) | Quarterly Hogs and Pigs (NASS)

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






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