The Week Ahead: Oct. 22-28, 2012

October 20, 2012 09:17 PM

via a special arrangement with Informa Economics, Inc.

Last presidential debate | FOMC meeting | Food price outlook

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

The third and last presidential debate takes place Monday evening, with the subject being foreign policy. There are just two weeks to go for the general elections, keeping Washington quiet policy wise.

The week starts off slow for economic data but gains steam Wednesday forward as the Federal Open Market Committee (FOMC) meeting wraps up that day. Tuesday will see the Richmond Fed manufacturing index released and Wednesday also brings New Home Sales data. Thursday will see weekly jobless claims figures released along with Durable Goods orders and Pending Home Sales figures. The week wraps up with GDP data and Consumer Sentiment.

Traders will be watching the situation in Europe and trying to gauge whether Spain will ask for help along with keeping an eye on tensions in the Mideast relative to oil markets in particular – Spain auctions debt on Tuesday. Over the weekend the White House denied a New York Times report that the U.S. and Iran have agreed to one-on-one negotiations over Iran's nuclear program after the presidential election.

On the agriculture front, harvest action was likely set back a little by rainy, wet conditions in some areas of the Corn Belt last week and that may limit the rise in harvest action for corn and soybeans on Monday via the Crop Progress report. Cold Storage figures released Monday afternoon will be watched as a gauge of meat demand and supplies, while the Weekly Export Sales report on Thursday morning will keep the focus on what lofty prices are doing to demand for U.S. grains and soybeans in foreign markets.

Focus on food price outlook report. Financial markets may also take note of a USDA update due on Thursday regarding food prices as the forecast levels have not been changed for several months despite drought conditions.

Calendar of key events and reports include:

Monday, Oct. 22
Presidential debate: President Obama and Mitt Romney meet in their third and final debate before the election, on foreign policy.
Economic reports:
Selected Interest Rates (Federal Reserve).
USDA reports:
Export inspections (AMS) | Crop Progress (NASS) | Catfish Processing NASS | Catfish Feed Deliveries NASS | Chickens and Eggs (NASS) | Cold Storage (NASS) | Feed Grains Database (ERS) | Wheat Data (ERS).

Tuesday, Oct. 23
Markets closed in Hong Kong.
Energy reports:
Weekly National Petroleum Report (API).
Economic reports:
ICSC-Goldman Store Sales.

Wednesday, Oct. 24
Federal Reserve: The Federal Open Market Committee ends its two-day meeting, and is not seen making any major news.
ECB Chief Mario Draghi addresses German lawmakers' concerns about the central bank's open-ended debt purchase plan for struggling states.
Buttonwood Gathering of policy makers, bankers, and regulators discuss big financial and economic issues.
Energy reports:
Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA).
Economic reports: ICI
weekly money market mutual fund data | MBA Purchase Applications | New Home Sales | FHFA House Price Index | FOMC meeting announcement.
USDA reports:
Broiler Hatchery (NASS).

Thursday, Oct. 25
Markets closed: Many Arab markets, including Egypt and Turkey, close for Eid al-Adha, through Friday.
Energy reports:
Weekly US underground natural gas stocks (EIA).
Economic reports:
Jobless Claims (Labor Dept) | Weekly Mortgage Rates (Freddie Mac) | Durable Goods Orders | GDP | Pending Home Sales Index | KC Mfg Index.
Grain Transportation Report (AMS).
USDA reports:
Export Sales (FAS) | Poultry Slaughter (NASS) | Tree Nuts: World Markets and Trade (FAS) | Cotton Ginnings (NASS) | Food Price Outlook (ERS).

Friday, Oct. 26

Economic reports:
GDP | Consumer Sentiment.
USDA reports:
Livestock Slaughter (NASS) | Peanut Prices (NASS) | Monthly Milk Cost of Production (ERS).


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






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