The Week Ahead: Sept. 9-15, 2013

September 9, 2013 12:27 AM

via a special arrangement with Informa Economics, Inc.

Washington focus is on Syria resolution

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

Lawmakers return from their five-week summer recess and the main focus will be on the situation in Syria. The Senate is expected to vote on a resolution on Wednesday with President Obama on Tuesday scheduled to make his case to the U.S. public as well. Otherwise, there are no major hearings on tap but the farm bill and House nutrition bill will continue to percolate as Syria remains a major backdrop to the return of lawmakers to Washington.

Now that the jobs data is out of the way, the economic focus will continue to on the potential for the Fed to taper their asset purchases. However, it will now take some likely very positive economic news to start shifting views that the Fed will indeed start to taper their asset purchases at the September meeting (17-18). But there aren’t many economic indicators flowing this week. Monday will see the release of Consumer Credit data with Wednesday bringing the update on Wholesale Trade. Thursday will see the release of weekly jobless claims data along with the monthly Treasury Budget statement. Friday, however, brings key updates on inflation via the Producer Price Index along with data on Retail Sales, Consumer Sentiment and Business Inventories. As when we opened September, the situation in Syria remains a potential market flashpoint, especially as the administration works to build a case for action. Economic news out of Europe and China could also catch market attention.

For agriculture, Thursday is the big day of the week for data. Leading up to that will be the release of Crop Progress on Monday. Thursday will see Export Sales data in the morning with the 11 am CT release of the monthly Crop Production and Supply/Demand reports. That will be a key update as the data gathered for that report will have been collected as temps heated up in dry areas of the U.S. Corn Belt.

Monday, Sept. 9
Congress returns from summer recess: Both chambers return following a five-week summer break. First issue on the agenda: Syria.
Secretary of State John Kerry
visits London.
Federal Reserve:
San Francisco Federal Reserve Bank President John Williams speech on the view from the Fed to NABE conference in San Francisco.
Economic reports:
Selected Interest Rates (Federal Reserve)
USDA reports:
Export inspections (AMS) | Crop Progress (NASS) | Aquaculture Data (ERS)

Tuesday, Sept. 10
President Obama takes his case for air strikes against Syria to the American people via a televised address.
Economic reports: ICSC-Goldman Store Sales | NFIB Small Business Optimism Index
USDA reports: Weekly Weather and Crop Bulletin (WAOB)

Wednesday, Sept. 11
Syria vote in Senate: The full Senate is expected to vote on Pres. Obama's use-of-force resolution to strike Syria. Passage is uncertain.
Energy reports: Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA).
Economic reports: Weekly Mortgage Rates (Freddie Mac) | ICI weekly money market mutual fund data | MBA Purchase Applications | Wholesale Trade
USDA reports: Broiler Hatchery (NASS) | National Dairy Products Sales Report (AMS)


Thursday, Sept. 12
The Securities and Exchange Commission (SEC) meets with heads of the major exchanges to discuss recent trading blackout at Nasdaq.
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.) | Import and Export Prices | Treasury Budget
USDA reports: Export Sales (FAS) | WASDE (World Board) | Crop Production (NASS) | Oilseeds: World Markets and Trade (FAS) | World Agricultural Production (FAS) | Grains: World Markets and Trade (FAS) | Cotton, Grains, Oilseeds and World Agricultural Production Data (FAS) | Cotton: World Markets and Trade (FAS) | Season Average Price Forecast (ERS) | Cotton Ginnings (NASS)


Friday, Sept. 13
Economic reports: Producer Price Index | Retail Sales | Business Inventories | Consumer Sentiment
USDA reports: Peanut Prices (NASS) | Raisins: World Markets and Trade (FAS)


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



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