The Week Ahead: June 17-23, 2013

June 17, 2013 12:38 AM
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via a special arrangement with Informa Economics, Inc.

House farm bill | Senate immigration reform bill | Federal Reserve events

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

A major farm bill debate in the House, and immigration reform in the Senate highlight the congressional agenda, while the economic front looks to the Federal Reserve events on tap this week. The House and Senate are not in session Friday.

The House during the week plans to debate (beginning Tuesday) and vote (likely Thursday) on its version of a five-year farm policy bill (HR 1947). Members have been told to file proposed amendments by 2 p.m. ET today. The House Rules Committee is scheduled to meet today to discuss general debate of the bill, and June 18 on amendments. Votes on amendments will likely take place Wednesday and likely into Thursday. The Senate adopted its version (S 954) on a 66-27 vote.

The House also will also consider a controversial bill (HR 1797) to prevent late-term abortions, a measure that could impact timing of some portions of the farm bill debate.

The Senate will continue its work toward completing comprehensive immigration reform (S 744). Senate Majority Leader Harry Reid (D-Nev.) said he planned to have the bill through the Senate by the time Congress leaves for the July 4 recess. Reid warned senators that the chamber would work long hours and even over the coming weekend to get the bill finished.

Senators can expect to consider judicial and Cabinet nominations in between debates on dozens of amendments to the immigration measure. Several of President Obama's Cabinet nominees have cleared committee, including his pick for transportation secretary, Anthony Foxx, and his choice for commerce secretary, Penny Pritzker, both of whom were voted out of Senate Commerce last week.

The Subcommittee on Health of the House Ways and Means Committee plans to meet Tuesday on the Medicare trustees report. The panel will review the recently released 2013 Annual Report of the Boards of Trustees of the Federal Hospital Insurance and Federal Supplementary Medical Insurance Trust Funds, The Senate Finance Committee Tuesday will meet to discuss health care costs. The committee will examine high prices and low transparency issues.

The Senate Commerce, Science, and Transportation Committee has scheduled two hearings on Wednesday regarding transportation issues. The full committee will receive testimony on improving passenger and freight rail safety Later on Tuesday, the Subcommittee on Aviation Operations, Safety, and Security will hold a hearing on airline industry consolidations.

Senate panels focus on Fiscal Year 2014 Ag spending bill. On Tuesday, the Senate Ag Appropriations Subcommittee will mark up its funding bill for USDA and the Food and Drug Administration. On Thursday, the full Appropriations Committee will mark up the spending measure.

The House Appropriations Subcommittee on Energy and Water Development plans a Tuesday markup of its funding bill for programs under its jurisdiction.

What the Federal Reserve will do will command market attention as it has, but the conclusion of the Federal Open Market Committee (FOMC) meeting on Wednesday could temper the speculation on what the US central bank has in mind for its stimulus plans. Fed Chairman Bernanke’s post-meeting press conference will be especially important when it comes to the Fed thinking. Plus, they will release updated economic projections. Otherwise, updates on manufacturing, housing and inflation are the other major potential market movers. The Empire State manufacturing index and Housing Market Index come out Monday, with the Consumer Price Index and Housing Starts data on Tuesday. The week’s data flow wraps up on Thursday, with week jobless claims, PMI Manufacturing Flash data, Existing Home Sales, the Philadelphia Fed index and Leading Indicators all on tap. Beyond that, markets will watch the global data flow from Europe and China for any updates that will affect the outlook for the global economy. And there is a G8 meeting on tap early this week.

For agriculture, today’s Crop Progress report should show corn planting about wrapped up, but that may be due to a reduced number of acres that were seeded this year. Thursday’s Weekly Export Sales report will be watched for any signs of shifts in world demand for US ag products while the Cattle on Feed and Cold Storage updates Friday will provide updates for the livestock and feed sectors. Otherwise, traders will keep an eye on forecasts and it will take some major development to shift trader thinking from their current view that weather conditions are crop favorable.

Monday, June 17
President Obama attends the G8 confab in Northern Ireland. He will meet with world leaders, including Russian President Vladimir Putin.
House farm bill: Rules Committee. Also, deadline of 2 p.m. ET for proposed amendments to be considered. Link and another link for details.
Energy issues: Conference. Energy Information Administration (EIA)will hold its 2013 Energy Conference – through Tuesday. For further information: Participants: Ernest Moniz - secretary of Energy on Monday; Sen. Lisa Murkowski (R-Alaska) on Tuesday.
USDA Google+ hangout with USDA Secretary Tom Vilsack: USDA will hold a live Google+ Hangout to discuss StrikeForce Initiative opportunities, highlight success stories and encourage communities to get involved.
Economic reports: Selected Interest Rates (Federal Reserve) | Empire State Mfg Survey | Housing Market Index
USDA reports: Export inspections (AMS) | Turkey Hatchery (NASS) | Bioenergy Data (ERS) | Crop Progress (NASS)

Tuesday, June 18
President Obama travels to Berlin for a meeting with German Chancellor Angela Merkel.
Fiscal 2014 appropriations – Agriculture: Subcommittee markup. Senate Ag Appropriations Subcommittee.
Energy legislation: Committee markup. Senate Energy and Natural Resources Committee. Link for details.
Energy and Commerce bills: Committee markup. House Energy and Commerce Committee. Link for details.
Impact of Dodd-Frank Act on home ownership: Subcommittee hearing. House Financial Services — Subcommittee on Financial Institutions and Consumer Credit.
Accountability of Davis-Bacon Act: Subcommittee hearing. House Education and the Workforce — Subcommittee on Workforce Protections. The Davis-Bacon Act applies to federal contractors and subcontractors that performed work in excess of $2,000 on public buildings or public works. It requires the contractors to pay their laborers under the contract the local prevailing wage.
Elections in Iran: Subcommittee hearing. House Foreign Affairs — Subcommittee on Middle East and North Africa.
Exporting US energy: Subcommittee hearing. House Energy and Commerce — Subcommittee on Energy and Power.
Fiscal 2014 appropriations - Energy and Water Development: Subcommittee markup. House Appropriations — Subcommittee on Energy and Water Development.
Welfare overhaul: Subcommittee hearing. House Ways and Means — Subcommittee on Human Resources.
Consumer Financial Protection Bureau budget review: Subcommittee hearing. House Financial Services — Subcommittee on Oversight and Investigations.
Economic reports: FOMC meeting begins | ICSC-Goldman Store Sales | Consumer Price Index | Housing Starts
USDA reports: Meat Price Spreads (ERS) | Livestock, Dairy & Poultry Outlook (ERS) | Sugar & Sweeteners Outlook (ERS) | Feed Grains Database (ERS) | Weekly Weather and Crop Bulletin (WAOB)

Wednesday, June 19

FOMC: The Federal Reserve via the Federal Open Market Committee (FOMC) ends its two-day meeting and is not seen altering monetary policy, though Fed Chairman Ben Bernanke's news conference will be closely watched.
Extreme weather events: Committee hearing. Senate Homeland Security and Governmental Affairs Committee.
Passenger and freight rail safety: Committee hearing. Senate Commerce, Science and Transportation.
Energy reports: Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA).
Economic reports: ICI weekly money market mutual fund data | MBA Purchase Applications | Weekly Mortgage Rates (Freddie Mac) | FOMC meeting announcement | FOMC forecasts | Fed Chairman press conference
USDA reports: Broiler Hatchery (NASS) | National Dairy Products Sales Report (AMS) | Announcement of Advanced Prices and Pricing Factors (AMS) | Milk Production (NASS)

Thursday, June 20
Argentina markets are closed.
Euro zone finance ministers
meet through Friday in Luxembourg to discuss the current financial crisis.
Sequestration and small business contractors:
Committee hearing. Senate Small Business and Entrepreneurship Committee.
Increased US energy and small business: Subcommittee hearing. House Small Business — Subcommittee on Agriculture, Energy and Trade.
US energy manufacturing: Subcommittee hearing. House Energy and Commerce — Subcommittee on Commerce, Manufacturing and Trade.
Agriculture, Military Construction-VA, 302(b) allocations: Committee markup. Senate Appropriations Committee. The committee will also vote on 302(b) subcommittee spending allocations.
Economic forum: St. Petersburg, Russia, hosts an International Economic Forum.
Energy reports: Weekly US underground natural gas stocks (EIA).
Economic reports: Jobless Claims (Labor Dept) | PMI Mfg Index Flash | Existing Home Sales | Phila. Fed Survey | Leading Indicators
Transportation: Grain Transportation Report (AMS).
USDA reports: US Export Sales (FAS) | Livestock Slaughter (NASS) | Catfish Processing (NASS) | Catfish Deliveries (NASS)

Friday, June 21

USDA reports: Peanut Prices (NASS) | Coffee: World Markets & Trade (FAS) | Apples, Grapes & Pears: World Markets & Trade (FAS) | Cattle on Feed (NASS) | Chickens & Eggs (NASS) | Cold Storage (NASS) | Wheat Data (ERS)

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






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