The Week Ahead: June 10-16, 2013

June 10, 2013 03:07 AM
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via a special arrangement with Informa Economics, Inc.

Senate farm bill end zone | Immigration reform bill date begins in Senate | USDA reports

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

A final farm bill vote in the Senate, immigration reform debate in the Senate and a House debate of the Defense Dept. authorization bill are the key items on the agenda.

The Senate will complete consideration of the five-year farm bill (S 954). There will be at least two votes on the bill. The first vote, scheduled for 5:30 p.m. ET, will be on an amendment offered by Sen. Patrick Leahy (D-Vt.) regarding internet projects in rural areas. The second vote will be on final passage of the bill. Additional votes could occur if senators reach agreement on a package of amendments.

Immigration reform legislation ( S 744) will take the bulk of the Senate's time this week. The bill would revamp the nation's immigration system, and allow millions of undocumented aliens a path to citizenship. The Senate last week began debate on the motion to proceed to the consideration of the bill. Reid entered a cloture motion to cut off debate on the motion to proceed. That vote is scheduled to occur June 11 at 2:15 p.m. ET.

Senators also expect to consider some of President Obama's judicial and Cabinet nominations during the week. In addition, with the Senate Commerce Committee marking up two additional Obama administration Cabinet posts this week, it is possible that the Senate could vote on the nominations of secretary of Transportation and the secretary of Commerce late in the week.

Defense programs a House focus. Republican leaders in the House are scheduled to spend most of the week debating a multi-year bill (HR 1960) that authorizes programs to maintain the nation's defense programs.

The economic data coming at the market in the second week of June isn’t as hefty as things like the Employment report, but will still be of note. Tuesday will bring the Wholesale Trade report with Wednesday seeing the US Treasury Department release their monthly update on the budget situation. Thursday has a trifecta of data – Weekly Jobless Claims, Retail Sales and Business Inventories – while the week wraps up with Industrial Production and Consumer Sentiment readings. But before any US data is assessed by the market, the weekend release of several economic reports out of China will set the tone when US trading starts June 10. Also, any comments from Fed officials will be dissected for any indications on which way they are leaning on the stimulus efforts.

For agriculture, the focus will still be on the corn and soybean planting situation via Monday’s Crop Progress report. But the focus will also be on USDA’s June Supply/Demand and Crop Production reports out Wednesday. Those reports will offer the latest survey-based estimate of US winter wheat production and traders will also take note of whether the sluggish planting pace will prompt USDA’s World Board to trim their corn or soybean yield projections which are not based on survey work. Attention will shift back to demand on Thursday with the Weekly Export Sales report, which will contain the first data covering the period following the GMO wheat finding. Outside factors like the US dollar and financial markets also hold the potential to affect ag prices along with weather forecasts.

Monday, June 10
China markets closed through Wednesday.
Federal Reserve: Fed hawk James Bullard of St. Louis speaks about the global economy.
Nominations: Committee vote. Senate Commerce, Science and Transportation Committee will vote on two of President Obama's Cabinet picks. The panel will consider the nomination of Anthony Foxx to be Transportation secretary and Penny Pritzker to be Commerce secretary.
Economic reports: Selected Interest Rates (Federal Reserve).
USDA reports: Export inspections (AMS) | Crop Progress (NASS)

Tuesday, June 11
German Constitutional Court
considers the legality of the euro area's crisis-response framework, particularly the ECB's bond-purchase programs.
Bank of Japan is expected to stand pat on interest rates.
Economic reports: ICSC-Goldman Store Sales | NFIB Small Business Optimism Index | Wholesale Trade
USDA reports: Weekly Weather and Crop Bulletin (WAOB)

Wednesday, June 12
Markets closed in Hong Kong, Taiwan, and Russia for various holidays.
US-Brazil trade and investment relations: Subcommittee hearing. House Ways and Means — Subcommittee on Trade.
International food aid modernization: Committee hearing. House Foreign Affairs Committee. Witnesses: Andrew Natsios, executive professor, George H.W. Bush School of Government and Public Service, Texas A&M University, and former administrator, United States Agency for International Development; Dan Glickman, executive director, Aspen Institute Congressional Program, and former secretary of Agriculture.
American NGOs in Egypt: Subcommittee hearing. House Foreign Affairs — Subcommittee on Middle East and North Africa.
Nomination: Committee hearing. Senate Homeland Security and Governmental Affairs Committee hearing on the nomination of Howard Shelanski to be administrator of the Office of Information and Regulatory Affairs in the Office of Management and Budget. Shelanski will give his perspective on the post when he testifies.
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 | MBA Purchase Applications | Treasury Budget
USDA reports: Broiler Hatchery (NASS) | National Dairy Products Sales Report (AMS) | WASDE (ERS) | Crop Production (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) | Season Average Price Forecast (ERS) | Peanut Prices (NASS)

Thursday, June 13
National Governors Association releases its Fiscal Survey of States.
German Chancellor Angela Merkel speaks to business leaders in Berlin.
Export-Import Bank overhaul: Subcommittee hearing. House Financial Services — Subcommittee on Monetary Policy and Trade.
Fiscal 2014 budget - Department of Energy: Subcommittee hearing. House Energy and Commerce — Subcommittee on Energy and Power.
Federal Bureau of Investigation oversight: Committee hearing. House Judiciary Committee. Witness: Robert Mueller, director, Federal Bureau of Investigation.
Tax reform: Committee hearing. House Ways and Means Committee hearing on tax reform, specifically regarding tax havens, base erosion, and profit-shifting. The hearing will focus on US and foreign multinational corporations' use of tax havens to avoid tax and shift profits outside the United States, eroding the US tax base.
Infrastructure: Subcommittee hearing. Senate Appropriations – Subcommittee on Transportation, Housing, and Urban Development and Related Agencies. Transportation Undersecretary for Policy Polly Trottenberg will testify, along with Victor Mendez, administrator of the Federal Highway Administration, and will be questioned regarding the nation's crumbling infrastructure.
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.) | Retail Sales | Import & Export Prices | Business Inventories
USDA reports: Export Sales (FAS)

Friday, June 14
Iran holds presidential elections.
Medicare overhaul: Subcommittee hearing. House Ways and Means — Subcommittee on Health Subcommittee.
Economic reports: Producer Price Index | Industrial Production | Consumer Sentiment

USDA reports: | Oil Crops Outlook (ERS) | Cotton Wool Outlook (ERS) | Wheat Outlook (ERS) | Rice Outlook (ERS) | Feed Grains Outlook (ERS) | Peanut Prices (NASS) | Potato Stocks (NASS)

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






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