The Week Ahead: Sep. 26-Oct. 2

September 28, 2011 03:53 AM

via a special arrangement with Informa Economics, Inc.

Another contentious issue for lawmakers: Stopgap spending measure

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

Congress was supposed to be on a weeklong recess, but remains in Washington trying to reach agreement on a stopgap spending bill for Fiscal Year 2012, which begins Oct. 1.

While predicting this Congress is always a difficult endeavor, most contacts believe there will not be a government shutdown. Whether that means a temporary continuing resolution (CR) even shorter than the hoped for Nov. 18 stopgap spending measure remains to be seen.

The key issue is the Republican leadership's pressing for budget offsets for disaster aid spending, with the Democratic membership in near unanimous opposition. The Senate late Monday will consider a substitute amendment by Majority Leader Harry Reid (D-Nev.) which does not include the spending offsets for disaster aid contained in the House-passed version. The Democrats have scaled back their disaster aid funding request from $6.9 billion to the GOP-pushed $3.65 billion level.

U.S. economic and USDA reports take center stage this week, with the key economic report being Thursday's GDP report. USDA reports include Wednesday's Quarterly Hogs and Pigs report, and Friday's Grain Stocks and Small Grains Summary reports. The key economic reports are Wednesday's Durable Goods Orders, and Thursday's update of second quarter GDP.

On the farm bill front, policy proposals are being released, with a major dairy reform proposal unveiled last Friday, and a bipartisan risk management proposal, the Aggregate Risk and Revenue Management (ARRM) Program, released by Sens. John Thune (R-S.D.), Sherrod Brown (D-Ohio), Dick Lugar (R-Ind.) and Dick Durbin (D-Ill.). More proposals will likely be released in the days leading up to the Oct. 14 deadline for committees to offer suggestions to the Super Committee.

Monday, Sep. 26

Federal Reserve: Minneapolis Fed President and FOMC hawk Narayana Kocherlakota participates in a panel on sovereign debt. Also, St. Louis Fed President James Bullard sits on a panel, Policy Making After the Crisis, hosted by Medley Global Advisors. The European Central Bank's Bini Smaghi participates in the conference.
President Obama:
Linkedin presents a town hall with President Obama in Mountain View, California. The president will answer questions about job creation and the economy from a live audience.
EU trade ministers meet:
European Union trade ministers discuss in Brussels the Doha development agenda, Russia’s accession to the World Trade Organization, and negotiations on free trade agreements with India and Ukraine.
Economic reports:
Selected Interest Rates (Federal Reserve) | New Home Sales | Dallas Fed general business activity index.
USDA reports:
Export inspections (AMS) | Crop Progress (NASS) | Poultry Slaughter (NASS) | Monthly Milk Cost of Production (ERS).

Tuesday, Sep. 27

Greece: George Papandreou, the Greek prime minister, will hold talks on his country’s debt crisis with Angela Merkel, German chancellor, in Berlin. He is also due to address the Federation of German Industries on the scope for German investment in Greece.
Federal Reserve: Dallas Fed President and FOMC voter Richard Fisher discuss the votes against Operation Twist.
Solyndra: Embattled solar-panel maker Solyndra seeks Delaware bankruptcy-court permission to auction assets. Washington Mutual asks a Delaware court to consider mediation in its bankruptcy case.
Carbon analysis: The Latin American and Caribbean Carbon Forum opens in San José, Costa Rica, analyzing emission trading schemes, the role of carbon and climate finance, and climate change policies (until September 29).
Energy reports: Weekly National Petroleum Report (API).
Economic reports: ICSC-Goldman Store Sales | S&P Case-Shiller HPI | Consumer Confidence | State Street Investor Confidence Index.

Wednesday, Sep. 28

Federal Reserve: Kansas City Fed President Thomas Hoenig speaks about "too big to fail."
Federal Reserve Chairman Ben Bernanke discusses emerging-market economies.
Jewish New Year begins at sundown:
Trading could be thinner during the holiday over the next two days.
Finance forum:
Leading international politicians, bankers and economists address the two-day Istanbul Finance Summit. The agenda includes financial regulation, central banking issues, investment, and capital markets.
Energy reports:
Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA).
Economic reports: Weekly mortgage applications (Labor Dept.) | Durable Goods Orders.
USDA reports: Broiler Hatchery (NASS) | Quarterly Hogs and Pigs (NASS).

Thursday, Sep. 29

German vote: The German Bundestag votes on the ruling coalition's reforms to the euro zone's Financial Rescue Fund.
Transportation: Weekly Traffic of Major Railroads (Assn. Of American Railroads).
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 | GDP | Pending Home Sales Index.
USDA reports: Export Sales (FAS) | Grain Transportation Report (AMS) | Agricultural Prices (NASS) | Peanut Stocks and Processing (NASS).

Friday, Sep. 30

End of Fiscal Year 2011: The end of the third quarter, and of the US fiscal year. Congress is expected to have passed a stopgap spending bill by this date to avoid a government shutdown.
Economic reports: Personal Income and Outlays | Chicago PMI | Consumer Sentiment.
USDA reports: Rice Stocks (NASS) | Grain Stocks (NASS) | Dairy Products Prices (NASS) | Small Grains Summary (NASS) | Egg Products (NASS) | Peanut Prices (NASS) | Fruit and Tree Nuts Outlook (ERS).

Saturday, Oct. 1

Federal Reserve: Esther George succeeds Kansas City Fed President Thomas Hoenig.
Start of Fiscal Year 2012:


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






Back to news


Spell Check

No comments have been posted to this News Article

Corn College TV Education Series


Get nearly 8 hours of educational video with Farm Journal's top agronomists. Produced in the field and neatly organized by topic, from spring prep to post-harvest. Order now!


Market Data provided by
Brought to you by Beyer