The Week Ahead: Oct. 21-27, 2013

October 21, 2013 06:29 AM

Via a special arrangement with Informa Economics, Inc.

Relatively quiet week ahead with Senate out, but House is in.

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In Washington, there is not a lot officially on the schedule. While the Senate is in recess until Oct. 28, the House is in session this week beginning Oct. 22.


WRRDA action. About the only major congressional hearing on tap is a session Tuesday before the House Rules Committee that aims at setting the process in place for bringing the Water Resources Reform and Development Act (WRRDA) before the full chamber. Any farm bill discussions will also be of note, but the formal process will get underway the week of Oct. 28, with the initial meeting being an opportunity for a long series of statements by lawmakers.

The week opens with still some uncertainty on the economic data front as some agencies haven’t finalized their plans on what to do about missed reports. Some, however, have and that means some economic data will be rolling out. Monday will see the Chicago Fed assessment of conditions along with Existing Home Sales figures. Tuesday brings one of the key missed reports – September Employment – along with the Richmond Fed manufacturing update. Wednesday is expected to bring the FHFA House Price Index. Thursday could be a busy day, with jobless claims, the PMI manufacturing index flash, New Home Sales and the manufacturing update from the Kansas City Fed. Friday is supposed to bring the Durable Goods report, but the Census Bureau hadn’t yet determined what they would do with their reports as the week wound down. Consumer Sentiment will also be released on Friday. The only Fed speaker on tap is Chicago Fed’s Evans (Monday) and he should be the final one before the pre-FOMC blackout starts next week. Otherwise, markets will continue to await updates on economic report release schedules. Any new economic data out of China or Europe also has potential to impact prices.

For agriculture, Monday will see the return of the Crop Progress report, with USDA unable to recreate back data so the report will come with comparisons to progress as of Sept. 29. But the Cold Storage data due out Tuesday won’t be delivered until Oct. 31. The Weekly Export Sales update for the week ended Oct. 3 will be released Thursday. Otherwise, after the markets get the harvest update Monday, the focus will be on how much of the crop will make it out of the field and there could be some talk about cold temps that are forecast in the Corn Belt. But most crops are likely far enough along to make it a minimal market factor. Otherwise, demand and things like the daily export sales reporting system announcements will get attention.

Monday, Oct. 21
Congress: The Senate reconvenes Oct. 28. The House reconvenes Oct. 22.
Federal Reserve: Chicago Federal Reserve Bank President Charles Evans interviewed on CNBC.
Economic reports:
Selected Interest Rates (Federal Reserve) | Existing Home Sales
Energy reports:
Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA) |
Weekly National Petroleum Report (API).
USDA reports:
Grain Inspections (AMS) | Dairy Products (NASS) | Crop Progress (NASS)

Tuesday, Oct. 22

Economic reports: ICSC-Goldman Store Sales | Employment
Energy reports: EIA
natural gas report

Wednesday, Oct. 23
Israel-US talks: Israeli Prime Minister Benjamin Netanyahu meets US Secretary of State John Kerry in Rome to discuss talks with Iran to curb that nation's nuclear program, and Palestinian peace talks.
The Bank of Canada is widely seen holding interest rates steady.
Energy reports:
Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA).
Economic reports:
Weekly mortgage applications (Labor Dept.) | MBA Purchase Applications | Import and Export Prices | FHFA House Price Index.
USDA reports:
Broiler Hatchery (NASS)

Thursday, Oct. 24
Europe: Heads of state of the European Union begin a two-day meeting.
Barriers to capital formation: Subcommittee hearing. House Financial Services — Subcommittee on Capital Markets and Government Sponsored Enterprises.
Egypt Policy: Committee hearing. House Foreign Affairs Committee.
FTC review and outlook: Subcommittee hearing. House Energy and Commerce — Subcommittee on Commerce, Manufacturing and Trade.
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 | PMI Mfg Index Flash | New Home Sales | KC Fed Mfg Index
USDA reports:
Export Sales (FAS)

Friday, Oct. 25

Economic reports:
Durable Goods Orders | Consumer Sentiment
USDA reports:
Peanut Prices (NASS)


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