The Week Ahead: Jan. 21-27, 2013

January 21, 2013 10:43 PM
 

via a special arrangement with Informa Economics, Inc.

Debt limit proposal | Hurricane Sandy aid bill


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


The Senate and House return to legislative work on Tuesday, following Monday's inaugural ceremonies for President Obama's second term. The House will not be in session Jan. 24-25, while House Democrats hold their annual party retreat.

House GOP leaders want a debate and vote on legislation to temporarily raise the debt ceiling if certain conditions are met – The nation’s debt limit would be suspended until May 19 under legislation proposed Monday by House Ways and Means Chairman Dave Camp (R-Mich.). And if either house fails to adopt a budget resolution by April 15, then the salaries of that chamber’s members would be put in escrow to be paid either when the chamber adopts a budget or the last day of the 113th Congress, whichever comes first.

The Senate will consider the Hurricane Sandy relief bill (HR 152) voted out of the House last week on a 241-180 vote. Majority Leader Harry Reid (D-Nev.) also has indicated that senators may vote on filibuster reform by the end of the week.

Details of aid bill. The current amount of aid in the House bill, combined with a previously passed flood insurance measure (HR 41), comes to $60.4 billion. The House bill also includes legislative language (HR 219) which would reform the Federal Emergency Management Agency's disaster relief procedures. That bill was passed earlier in the House, and then folded into the supplemental legislative package.

On the economic front, the holiday-shortened week due to Monday’s Martin Luther King Jr. holiday, once again condenses the week’s information flow and market activity. On the report front, manufacturing and housing data come Tuesday with both the Chicago and Richmond Fed manufacturing indices and Existing Home Sales. The FHFA Home Price Index comes out Wednesday, with weekly jobless claims data on Thursday along with PMI manufacturing data, Leading Indicators and the Kansas City Fed manufacturing index. The week’s data flow wraps up with New Home Sales.

For agriculture, usual weekly data like Grain Inspections and Weekly Export Sales are delayed a day and will come on Tuesday and Friday, respectively. On Tuesday, livestock markets will watch the Cold Storage report and Friday’s afternoon’s Cattle on Feed report will be a focus for both livestock and grain markets.


This week's Washington-related agenda: The agenda for congressional committees features hearings on the debt limit and President Obama's choice to head the State Department. Several House committees will continue to hold organizational meetings for the 113th Congress.

Monday, Jan. 21
US markets and gov't closed for honoring the Rev. Martin Luther King Jr.
Inauguration Day schedule in Washington includes a public swearing-in ceremony at the Capitol.
Bank of Japan begins a two-day monetary policy meeting.

Tuesday, Jan. 22
Israel holds national elections, with prime minister Benjamin Netanyahu seeking a third term
Energy and Commerce bills: Committee markup. House Energy and Commerce Committee will mark up pending legislation.
Debt limit: Committee hearing. House Ways and Means Committee hearing on the statutory debt limit.
USDA reports: Export inspections (AMS) | Catfish Processing (NASS) | Catfish Feed Deliveries (NASS) | Chickens and Eggs (NASS) | Cold Storage (NASS)
Economic reports: Selected Interest Rates (Federal Reserve) | Existing Home Sales | Richmond Fed Mfg Index

Wednesday, Jan. 23
House Agriculture Committee organizational meeting: Committee meeting. House Agriculture Committee will meet to organize and adopt committee rules for the 113th Congress.
Investigation of Benghazi attack: Committee hearing. House Foreign Affairs Committee hearing on its investigation into the Sept. 11, 2012 attacks on US facilities in Benghazi, Libya. Witness: Hillary Rodham Clinton - secretary of State.
World Economic Forum in Davos, Switzerland, until January 27, hosts 2,500 political, economic and media leaders from about 90 countries.
Economic reports: ICI weekly money market mutual fund data | MBA Purchase Applications | Weekly Mortgage Rates (Freddie Mac) | FHFA House Price Index | ICSC-Goldman Store Sales
USDA reports: N. American Potatoes (NASS) | Milk Production (NASS) | Broiler Hatchery (NASS)

Thursday, Jan. 24
Trade, investment priorities in second Obama administration: US Chamber of Commerce will hold a media pen and pad briefing to discuss recommendations for trade and investment priorities for the Obama administration in its second term.
Sec. of State nomination: The Senate Foreign Relations Committee will review the nomination of Sen. John Kerry (D-Mass.), who has been nominated by President Obama as secretary of State to replace outgoing Secretary Hillary Rodham Clinton. Kerry will testify.
Economic reports: Jobless Claims (Labor Dept) | PMI Manufacturing Index Flash | Leading Indicators
Energy reports: Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA) | Weekly National Petroleum Report (API) | Weekly US underground natural gas stocks (EIA)
Transportation: Grain Transportation Report (AMS).
USDA reports: National Dairy Products Sales Report (AMS) | Livestock Slaughter (NASS) | Poultry Slaughter (NASS) | Citrus: World Markets and Trade (FAS)

Friday, Jan. 25

SEC: Robert Khuzami, who is stepping down as director of the Security and Exchange Commission's enforcement division, addresses the Securities Regulation Institute in Coronado, Calif.
Economic reports: New Home Sales
USDA reports: Export Sales (FAS) | Cotton Ginnings (NASS) | Noncitrus Fruits and Nuts - Preliminary (NASS) | Peanut Prices (NASS) | Cattle on Feed (NASS) | Dairy Data (ERS)


 

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


 

Back to news


Comments

 
Spell Check

No comments have been posted to this News Article

Corn College TV Education Series

2014_Team_Shot_with_Logo

Get nearly 8 hours of educational video with Farm Journal's top agronomists. Produced in the field and neatly organized by topic, from spring prep to post-harvest. Order now!

Markets

Market Data provided by QTInfo.com
Brought to you by Beyer
Close