The Week Ahead: Dec. 5-11, 2011

December 4, 2011 10:34 PM
Untitled Document

via a special arrangement with Informa Economics, Inc.

Farm Journal Forum | Farm bill agenda | MF Global

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

New farm bill developments could be signaled in a Tuesday appearance by several key Ag panel leaders, including Senate Chair Debbie Stabenow (D-Mich.), who will present at the Farm Journal Forum in Washington, DC, co-presented by Informa Economics, Inc. – see related item.

The House Ag Committee will hold a high-interest Thursday on MF Global, with a subpoena for its former CEO Jon Corzine, with several other panels scheduling hearings on the topic next week.

On Wednesday, Canadian Prime Minister Stephen Harper will be hosted at the White House by President Barack Obama. Harper has urged Obama to support an oil pipeline from western Canada to the US Gulf Coast, but the Obama administration said last month it was delaying a decision on the project until it can study new potential routes that would avoid environmentally sensitive areas in the Midwest. The decision is expected to be delayed until 2013.

On the legislative front, the Senate may vote on a balanced-budget agreement, and several judicial nominations. After failing to move payroll tax extension proposals last week, the Senate will seek to get a compromise on the topic, but Republican senators are in disagreement on the matter.

Other lingering issues include efforts to extend expiring unemployment insurance, and work on the nine remaining Fiscal Year 2012 appropriations legislation.

Following last week's votes on two regulatory reform bills, the House plans to move forward to a third deregulation measure dealing with regulations issued by the executive branch. The House will continue debate on legislation (REINS Act, HR 10). The bill, which was introduced by Rep. Geoff Davis (R-Ky.), would require a vote in Congress before any regulation issued by the executive branch with an economic impact of more than $100 million could go into effect. The bill was reported out of the House Judiciary Committee Nov. 10, and out of House Rules, which shared legislative jurisdiction, Nov. 18.

The House will also likely consider the Farm Dust Regulation Prevention Act (HR 1633). Introduced in April by Rep. Kristi Noem (R-S.D.), the bill would prohibit the Environmental Protection Agency from proposing changes to the national ambient air quality standards for one year and would allow states and localities, not EPA, to regulate particulates termed “nuisance dust,” which includes particulate pollution from agricultural activities.

For now, the House is not in session Dec. 9.

Key events on tap this week include:

Monday, Dec. 5

Global Food Security and Sustainability: Conference. Farm Journal Forum. Dec. 5 and 6 at Capitol Hilton Hotel. Co-presented by Informa Economics, Inc.
OECD launches its regional outlook.
France's Nicolas Sarkozy and Germany's Angela Merkel iron out joint proposals ahead of a summit Friday.
Federal Reserve:
Chicago Fed President Charles Evans speaks about the Fed's dual mandate.
U.S. VP Joe Biden Biden visits Athens for the Obama administration’s first meeting with Greece’s new prime minister Lucas Papademos.
Economic reports:
Selected Interest Rates (Federal Reserve) | Factory Orders | ISM Non-Mfg Index.
USDA reports:
Export inspections (AMS).

Tuesday, Dec. 6

Global Food Security and Sustainability: Conference. Farm Journal Forum. Dec, 5,5 6 at Capitol Hill. Co-presented by Informa Economics, Inc. Speakers include Senate Ag Chair Debbie Stabenow (D-Mich.); Sen. Pat Roberts (R-Kan.), Ranking Member of Senate Ag Committee; Rep. Collin Peterson (D-Minn.), Ranking Member of House Ag Committee.
MF Global bankruptcy hearing subpoena: Business meeting, Senate Ag Committee.
Ireland unveils budget: The Irish finance minister Michael Noonan reveals the country’s budget for 2012 amid deep austerity measures to meet the terms of its EU-IMF loans.
Biotechnology: Advisory Committee on Biotechnology and 21st Century Agriculture, USDA.
Implementation of the Wall Street Reform Act: Committee hearing. Senate Banking, Housing and Urban Affairs Committee
Tax treatment of financial products: Joint committee hearing. Senate Finance Committee. House Ways and Means Committee.
Endangered Species Act oversight: Committee hearing. House Natural Resources Committee.
Insider trading and congressional knowledge: Committee hearing. House Financial Services Committee.
Energy reports: Weekly National Petroleum Report (API)
Economic reports: ICSC-Goldman Store Sales

Wednesday, Dec. 7

Canada PM visits White House: Canada and the US are expected to announce a perimeter-security deal that will see both governments share more data on who is coming and going at border crossings and ease bottlenecks, according to people familiar with the deal. Canadian Prime Minister Stephen Harper is scheduled to visit the White House, at which time he and President Barack Obama are expected to formally endorse the pact.
Greece: The Greek Parliament votes on the 2012 budget.
Secondary mortgage market overhaul:
Subcommittee hearing. House Financial Services - Subcommittee on Capital Markets and Government Sponsored Enterprises.
Regulation of large financial institutions:
Subcommittee hearing. Senate Banking, Housing and Urban Affairs - Subcommittee on Financial Institutions and Consumer Protection.
MF Global bankruptcy hearing subpoena:
Subcommittee business meeting. House Financial Services - Subcommittee on Oversight and Investigations.
Energy reports: Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA) | Monthly oil market report (EIA) | OPEC monthly oil market report.
Economic reports: Weekly mortgage applications (Labor Dept.) | Consumer Credit.
USDA reports: Broiler Hatchery (NASS).

Thursday, Dec. 8

EU: European Central Bank and the Bank of England will issue decisions about interest rates.
MF Global bankruptcy: Committee hearing. House Agriculture Committee. Note: The Senate Agriculture Committee will hold a hearing on the same topic Dec. 13 and the Oversight and Investigations Subcommittee of House Financial Services Committee will hold one Dec. 15.
Domestic and global water supply issues: Subcommittee hearing. Senate Energy and Natural Resources - Subcommittee on Water and Power.
Transportation: Weekly Traffic of Major Railroads (Assn. Of American Railroads).
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 | Wholesale Trade.
USDA reports: Grain Transportation Report (AMS) | Export Sales (FAS) | Apples, Grapes and Pears: World Markets and Trade (FAS).

Friday, Dec. 9

EU: European leaders will meet to discuss fiscal integration of the euro zone and potential changes to treaties.
UN climate talks end: The UN Climate Change Conference COP17 ends in Durban, South Africa, with hopes fading for substantive progress.
Economic reports: International Trade | Consumer Sentiment.
USDA reports: Crop Production (NASS) | World Agricultural Supply and Demand Estimates (ERS) | Cotton Ginnings (NASS) | Cotton: World Markets and Trade (FAS) | World Agricultural Production (FAS) | Oilseeds: World Markets and Trade (FAS) | Grains: World Markets and Trade (FAS) | Season-Average Price Forecasts (ERS) | Peanut Prices (NASS) | Latest US Agricultural Trade Data (ERS).

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






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