The Week Ahead: May 27-June 2, 2013

May 27, 2013 10:39 PM
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via a special arrangement with Informa Economics, Inc.

Congress on Memorial Day recess

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Congress is out on its Memorial Day recess and will return June 3.

On tap in the Senate June 3 is a resumption of the farm bill debate, with immigration reform likely on the Senate floor in mid-June.

The House has not yet officially released its farm bill floor timeline, but House Agriculture Committee Chairman Frank Lucas (R-Okla.) has signaled a possible mid-June start of debate.

Even a holiday-shortened week can have some important economic data, with Tuesday bringing the Consumer Confidence reading and manufacturing indices from the Richmond and Dallas Federal Reserve Banks. Thursday will see an important update on the economic situation via the GDP update, with weekly jobless claims and Pending Home Sales also released that morning. The week wraps up with Personal Income and Outlays, Consumer Sentiment and the Chicago PMI update on Friday. Otherwise, traders will keep an ear out for any updates on the Fed exit strategy and moves or actions by other central banks around the globe. Japan’s situation and their currency’s movement also have the potential to affect US markets, along with any developments out of China or the euro zone. The wrap up of the month also has potential to affect trading in financial markets as the week winds down.

For agriculture, the weekly update on planting progress arrives Tuesday via Crop Progress and the Ag Dept. will update their outlook for food prices. Thursday will see USDA release an update to their forecast for the value of FY 2013 US ag exports with the Weekly Export Sales report delayed until Friday morning due to the Monday holiday. The monthly Ag Prices report also comes out on Friday. Livestock traders will also be trying to gauge how many grills were fired up over the holiday weekend, typically viewed as the “start” to the summer grilling season. End-of-month positioning also is likely to affect trading late in the week.

Monday, May 27

US markets close in observance of Memorial Day. The United Kingdom celebrates a spring bank holiday.
Congress out for Memorial Day recess. Will return June 3.
Indian PM visits Japan: Manmohan Singh travels to Japan to oversee the signing of infrastructure project deals worth more $15 billion and meet his new counterpart Shinzo Abe to revive talks on bilateral nuclear co-operation and exports of Shinkansen “bullet train” technology.

Tuesday, May 28
Economic reports: Selected Interest Rates (Federal Reserve) | S&P Case-Shiller HPI | Consumer Confidence | Richmond Fed Mfg Index | Dallas Fed Mfg Survey
USDA reports: Export inspections (AMS) | Food Price Outlook (ERS | Dairy Data (ERS) | Livestock & Meat Domestic Data (ERS) | Monthly Milk Cost of Production | Crop Progress (NASS)

Wednesday, May 29
Paul Volcker, former Federal Reserve chairman, addresses Economic Club of New York.
Federal Reserve: Boston Fed President Eric Rosengren speaks about the economic outlook.
The Bank of Canada announces its interest-rate decision.
Bank of Japan Governor Haruhiko Kuroda addresses a forum hosted by the BoJ on the global financial crisis.
OECD releases outlook: The Organization for Economic Co-operation and Development (OECD) presents its latest economic outlook. The twice-yearly report presents analysis and growth projections for the world’s big economies.
Water supply forum: The fifth Delft Symposium on Water Sector Capacity Development takes place in the Netherlands. International practitioners, researchers and policy makers will address the question “Who’s taking the lead?” in making sure the world has enough water. Until May 31.
Energy reports: Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA).
Economic reports: ICSC-Goldman Store Sales | MBA Purchase ApplicationsMotor | Weekly Mortgage Rates (Freddie Mac) | ICI weekly money market mutual fund data | Weekly mortgage applications (Labor Dept.)
USDA reports: Peanut Stocks and Processing (NASS) | Weekly Weather and Crop Bulletin (WAOB)

Thursday, May 30
Markets are closed in Austria and Brazil for Corpus Christi Day.
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.) | GDP | Pending Home Sales Index
USDA reports: Broiler Hatchery (NASS) | National Dairy Products Sales Report (AMS) | Outlook for US Agricultural Trade (ERS)

Friday, May 31
Federal Reserve: Cleveland Fed President Sandra Pianalto speaks at a Financial Stability Analysis conference hosted by the Federal Reserve in Washington.
Economic reports: Personal Income & Outlays | Chicago PMI | Consumer Sentiment
USDA reports: Export Sales (FAS) | Agricultural Prices (NASS) | Egg Products (NASS) | Peanut Prices (NASS) | Vegetables & Pulses Yearbook (ERS)

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






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