The Week Ahead: Nov. 5-9, 2012

November 5, 2012 07:00 AM

Tuesday elections | Trade data | USDA reports

The November 6 elections will put to rest campaigning and return the focus on addressing issues like the fiscal cliff.

Recovery from Sandy will still be a focus as the week wrapped up with several million people without power and limited operation of refineries and nuclear power plants on the US East Coast.

But of course the big focus will be on politics and the Tuesday elections with uncertainty ahead of the balloting given the close polling data leading up to voting day. And markets will pay close attention to the results as they seek to gauge the potential for lawmakers to reach some kind of deal on the fiscal cliff.

For agriculture, the focus will continue on the demand side of the equation but end-of-week updates on the US corn and soybean crops in particular will gain in focus for markets as the Crop Production and Supply/Demand updates will come out on Friday morning.

Calendar of key events and reports include:

Monday, Nov. 5
Greece's Parliament takes up another austerity package.
G20 meets in Mexico: G20 finance ministers and central bank governors continue a two-day meeting in Los Cabos, Mexico.
US and Japan hold biennial joint military exercises amid heightened tensions between China and Japan.
Economic reports
Selected Interest Rates (Federal Reserve) | ISM Non-Mfg Index
USDA reports:  
Export inspections (AMS) | Crop Progress  (NASS).

Tuesday, Nov. 6

Election Day in the US, with voters choosing between incumbent Barack Obama and challenger Mitt Romney for president, 33 Senate races and all 435 House races. 
Energy reports:Weekly National Petroleum Report (API).  
Economic reports:  ICSC-Goldman Store Sales


Wednesday, Nov. 7
EU Commission issues economic forecasts for the EU and euro zone.
Europe: German Chancellor Angela Merkel addresses the European Parliament in a visit being seen in the context of contentious negotiations on the EU’s next financial framework, which are supposed to be concluded at a summit of national leaders on November 22-23. She later meets Prime Minister David Cameron in London.
Energy reports:
Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA).
Economic reports:
Weekly mortgage applications (Labor Dept.) | Consumer Credit.
USDA reports:
Broiler Hatchery (NASS).

Thursday, Nov. 8
Europe: ECB and Bank of England are widely expected to keep rates steady.
China's ruling Communist Party holds a congress to appoint new leaders.
Transportation: Association of American Railroads issues
Weekly Traffic of Major Railroads |  Grain Transportation Report (AMS).
Energy reports:
Weekly US underground natural gas stocks (EIA).
Economic reports:
Jobless Claims (Labor Dept.)  | Weekly Mortgage Rates  (Freddie Mac) | ICI weekly money market mutual fund data |FHFA House Price Index | International Trade.
USDA reports: 
US Export Sales (FAS) | Latest US Agricultural Trade Data (ERS).
Friday, Nov. 9

Energy: OPEC publishes its monthly report on the oil market report.
China releases economic indicators on inflation, retail sales, and production.
New Delhi summit: Ministers of the E9, which brings together the nine most populous countries of the "global south" get together in New Delhi.
Economic reports:
Import and Export Prices | Consumer Sentiment | Wholesale Trade.
USDA reports:
Cotton Ginnings (NASS) | Crop Production(NASS) | World Agricultural Supply and Demand Estimates (WAOB) | Cotton, Grains, Oilseeds, and World Agricultural Production Data

(FAS) | World Agricultural Production(FAS) | Oilseeds: World Markets and Trade (FAS) | Cotton: World Markets and Trade(FAS) | Grains: World Markets and Trade  (FAS) | Livestock and Meat Trade Data(FAS) | U.S. Agricultural Trade Data Update(ERS) | Peanut Prices(NASS) | Season-Average Price Forecasts  (ERS).

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