The Week Ahead: Feb. 4-10, 2013

February 3, 2013 11:47 PM
 
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via a special arrangement with Informa Economics, Inc.

Democratic retreats | Farm bill meeting | USDA reports


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


Another short congressional week as House and Senate Democratic lawmakers depart later in the week for agenda-setting meetings, with President Obama expected to attend both events.

The House will consider legislation to require the president to submit a balanced US budget and a bill to reauthorize the Violence Against Women Act.

Meanwhile, a farm bill meeting is supposed to take place between House Speaker John Boehner (R-Ohio) and Rep. Collin Peterson (D-Minn.), ranking member on the House Ag Committee. The key issue will be getting a new farm bill on the House agenda. Peterson will also bring up the controversial dairy safety net proposal that includes supply management – something Boehner opposes.

The Senate will consider judicial nominations and will test newly reformed filibuster rules adopted Jan. 24 when it considers the judicial nominations. Under the new rules, post-cloture time is reduced from 30 hours to two hours for nominees to the federal bench.

On Tuesday, House Republicans will continue their efforts to force the White House to submit a proposal to balance the US budget. The House will debate the bill (HR 444) which would require the president to pinpoint the fiscal year during which the budget will be balanced. Under the Require a PLAN Act, if the administration's Fiscal 2014 budget request does not include a plan to balance the budget, the president would be required to submit a supplemental unified budget by April 1 of this year outline a timeline to balance the budget. White House press secretary Jay Carney responded to the proposal and said President Obama remains committed to a “balanced approach” to reducing the US deficit. “The president has put forward repeatedly budget proposals that address our fiscal challenges, that bring our very important deficit- and debt-to-GDP ratios to a level that puts us on a sustainable fiscal path for a significant period of time,” he said.

The House will not be in session Feb. 7 and 8 as the House Democratic Caucus holds its annual issues conference Feb. 6-8 in Leesburg, Va. President Obama delivers remarks at that meeting on Feb. 7.

The Senate's workweek will end when Senate Democrats leave at the close of business Feb. 5 and head to Annapolis, Md., for their Feb. 6-7 annual policy retreat. President Obama will join that meeting on Feb. 6, when he will discuss his agenda for the second term. Democrats also will establish their legislative priorities, including how to handle the upcoming sequestration as well as proposals to overhaul the immigration system and gun control reforms.

The House Budget Committee late Feb. 1 postponed a Feb. 6 hearing where Congressional Budget Office Director Douglas Elmendorf had be scheduled to testify. A new date for the hearing has not been announced.

Not a lot of economic data is due out in the week ahead, but Monday will bring an update on Factory Orders with ISM non-manufacturing data on Tuesday. Thursday will bring the weekly Jobless Claims report along with an update on Productivity and Costs with an update on US trade data arriving Friday. Otherwise, markets will focus in on any economic data out of Europe or China and earnings reports will continue to be of high importance to traders. Tensions in the Mideast also have potential to continue to support oil prices.

For agriculture, the big focus will be on Friday when USDA issues their monthly Supply/Demand reports. Little fresh news expected although any foreign production updates will be important. Typically the February report doesn’t see a lot of changes. Otherwise, weather in South American remains a big focus for corn and soybeans with the weather situation on the US Plains.


This week's Washington-related agenda: The agenda for congressional committees features hearings on North American energy resources, immigration reform, and the mortgage insurance market.

Monday, Feb. 4
This week: VP Joe Biden visits Europe, with a potential US-EU trade agreement on the agenda
Mexico's markets are closed
Economic reports:
Factory Orders | Selected Interest Rates (Federal Reserve).
USDA reports:
Export inspections (AMS) | Dairy Products (NASS).

Tuesday, Feb. 5
Securities and Exchange Commission
(SEC) holds a roundtable on the impact of increasing or decreasing minimum tick sizes
Reserve Bank of Australia is seen maintaining current rates.
Gov't spending and waste: Hearing. House Oversight and Government Reform Committee.
North America's energy resources: Subcommittee hearing. House Energy and Commerce Subcommittee on Energy and Power.
US immigration reform: Committee hearing. House Judiciary Committee hearing to examine opportunities for legal immigration and the enforcement of laws against illegal immigration.
Economic reports: ICSC-Goldman Store Sales | ISM Non-Mfg Index
USDA reports: Weekly Weather and Crop Bulletin (WAOB)


Wednesday, Feb. 6
Senate: The Senate's workweek will end when Senate Democrats leave at the close of business Feb. 5 and head to Annapolis, Md., for their Feb. 6-7 annual policy retreat President Obama will join that meeting on Feb. 6, when he will discuss his agenda for the second term.
American competitiveness: Committee hearing. House Science, Space, and Technology Committee hearing on the role of research and development in maintaining American competitiveness.
Energy reports: Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA).
Economic reports: Weekly Mortgage Rates (Freddie Mac) | ICI weekly money market mutual fund data Weekly mortgage applications (Labor Dept.) | MBA Purchase Applications
USDA reports: Broiler Hatchery (NASS) | National Dairy Products Sales Report (AMS)


Thursday, Feb. 7
House not in session: The House will not be in session Feb. 7 and 8 as the House Democratic Caucus holds its annual issues conference Feb. 6-8 in Leesburg, Va. President Obama delivers remarks at that meeting on Feb. 7.
ECB and Bank of England announce decisions on interest rates – no change is expected.
Federal Reserve: St. Louis Fed President James Bullard and Fed Governor Jeremy Stein speak at a symposium on "restoring household financial stability after the great recession." Host: St. Louis Fed.
CIA director: Senate Intelligence Committee holds a hearing to confirm John Brennan as the next director of the CIA.
Water resources policies: Committee oversight hearing. Senate Environment and Public Works Committee oversight hearing on the implementation of the US Army Corps of Engineers' water resources policies.
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.) | Productivity and Costs | Consumer Credit.
USDA reports: Export Sales (FAS)


Friday, Feb. 8
Federal Reserve: Minneapolis Fed President Narayana Kocherlakota makes a presentation on options prices and risk at New York University's Stern School of Business.
Economic reports: International Trade | Wholesale Trade
USDA reports: WASDE (ERS) | Crop Production (NASS) | Cotton Ginnings (NASS) | Oilseeds: World Markets and Trade (FAS) | World Agricultural Production (FAS) | Grains: World Markets and Trade (FAS) | Cotton, Grains, Oilseeds and World Agricultural Production Data (FAS) | Cotton: World Markets and Trade (FAS) | Peanut Prices (NASS) | Latest US Agricultural Trade Data (ERS) | Season Average Price Forecast (ERS)



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


 

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