House on Tuesday Expected to Clear Covid Aid/Stimulus Measure

Posted on 03/08/2021 3:52 AM

USDA Supply/Demand Update | Senate votes on more Biden nominees

 


Washington Focus


 

The Senate on Saturday finally cleared the Covid aid/stimulus package (link for details) that will be voted on Tuesday by the House and then sent to President Joe Biden for his expected signature.

 

Senate to vote this week on more Biden nominees. Senate Majority Leader Chuck Schumer (D-N.Y.) has three of Biden’s nominees lined up for votes, including Michael Regan as EPA administrator, Merrick Garland, a former Supreme Court nominee picked to be attorney general, and House Agriculture Committee member Marcia Fudge, an Ohio Democrat to be secretary of Housing and Urban Development. Fudge is first up for a vote, then Garland and lastly, Regan. All are expected to receive affirmative votes.

 

USDA Secretary Tom Vilsack will speak Tuesday at a School Nutrition Association confab.

 


Hearings and Events This Week


 

Monday, March 8

  • Issues for cities. National League of Cities Congressional City Conference March 7-10, including remarks from Transportation Secretary Pete Buttigieg and Dr. Anthony Fauci.
  • Vaccines and the global economy. Council on Foreign Relations (CFR) virtual discussion on "Vaccine Inequality and the Global Economic Recovery."
  • Women in energy. United States Energy Association International Women's Day webinar on "Promoting Women in Energy."
  • Polarized politics. National Press Club Newsmaker Program virtual news conference with Rep. Jamie Raskin (D-Md.) on "how the United States can move forward amid polarized politics."
  • School Nutrition Association annual legislative action conference, through Wednesday.

Tuesday, March 9

  • Federal Reserve. Dallas Fed President Robert Kaplan delivers remarks.
  • Rural economy. House Appropriations Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Subcommittee hearing on "The Rural Economy."
  • FDA drug inspections. House Appropriations Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Subcommittee hearing on "FDA's Foreign Drug Inspections Program."
  • International trade. Georgetown University Law Center's Institute of International Law virtual 2021 International Trade Update March 9-12.
  • U.S./China. Carnegie Endowment for International Peace Moscow Center virtual discussion on "U.S. Foreign Policy: Priorities and Strategies," including on confrontation with China.
  • Covid situation. Senate Health, Education, Labor and Pensions Committee hearing on "Examining Our Covid-19 Response: An Update from the Frontlines."
  • DOJ nominations. Senate Judiciary Committee hearing on the nominations of Lisa O. Monaco to be deputy attorney general and Vanita Gupta to be associate attorney general.
  • Economic rulemaking in Asia. Center for Strategic and International Studies and the Japan External Trade Organization virtual conference on "Economic Rulemaking in the Asia-Pacific Region."
  • International rules. Peterson Institute for International Economics webinar on "Remaking International Cooperation Post-Covid-19: The Role of Private Companies and Countries."
  • Climate issues. Washington Post Live virtual discussion on "Climate Solutions: Saving Our Living Planet."
  • GameStop and stock market activity. Senate Banking, Housing and Urban Affairs Committee hearing on "Who Wins on Wall Street? GameStop, Robinhood and the State of Retail Investing."
  • Transatlantic relations. Brookings Institution webinar on "U.S./German and Trans-Atlantic Relations in the 21st Century."
  • Pelosi remarks. National League of Cities virtual Congressional City Conference with remarks from House Speaker Nancy Pelosi (D-Calif.).
  • Nord Stream 2 pipeline. German Marshall Fund of the United States virtual debate on "Should Nord Stream 2 Be Completed?"
  • Climate issues. Center for Strategic and International Studies webinar on "Road to COP26 (UN Climate Change Conference of the Parties): Just Transitions and the Climate Agenda."
  • Energy and climate policy. Heritage Foundation webinar on "A First Look at Biden's Energy and Climate Policies."
  • U.S., China and Korea. Georgetown University's Center for Security Studies virtual discussion on "Security Around the World: U.S./China Competition and the Korean Peninsula."
  • Energy legislation. House Natural Resources Energy and Mineral Resources Subcommittee hearing on various pieces of energy legislation.
  • Covid-19 recovery. Urban Institute webinar on "State of the States 2021: Pandemic Response and Recovery."
  • Nitrogen. Resources for the Future webinar on "A Hydrogen Future? Exploring Pathways to Decarbonization."
  • Covid-19 and hunger. Progressive Policy Institute webinar on "Ending the Hunger Crisis: Lessons from the Pandemic and Structural Solutions to Food Insecurity."
  • Public land management. American Bar Association virtual discussion on "Public Land Management in the Biden Era."
  • USDA Secretary Tom Vilsack speaks to the School Nutrition Association.

Wednesday, March 10

  • OMB nominee vote. Senate Homeland Security and Governmental Affairs Committee markup to vote on the nomination of Shalanda Young to be deputy director of the Office of Management and Budget.
  • WTO and transatlantic cooperation. Georgetown University Law Center's Institute of International Economic Law holds a webinar on "Rethinking the World Trade Organization (WTO): Opportunities for Transatlantic Cooperation."
  • International trade. Georgetown University Law Center's Institute of International Law virtual 2021 International Trade Update.
  • EPA. House Energy and Commerce Oversight and Investigations Subcommittee hearing on "The Path Forward: Restoring the Vital Mission of EPA."
  • Energy issues. American Council on Renewable Energy virtual policy forum including remarks from Senate Energy and Natural Resources Chairman Joe Manchin (D-W.Va.) and Energy Secretary Jennifer Granholm.
  • U.S./Brazil. Woodrow Wilson Center's Brazil Institute webinar on "The Path Forward for Brazil/U.S. Relations."
  • Climate and electricity. Senate Environment and Public Works Committee hearing on climate change in the electricity sector and fostering economic growth.
  • PPP situation. House Small Business Committee hearing on "The Next Steps for the Paycheck Protection Program."
  • Covid and international development. House Foreign Affairs International Development, International Organizations and Global Corporate Social Impact Subcommittee hearing on "A Year into the Pandemic: The State of International Development."
  • Commerce nomination. Senate Commerce, Science and Transportation Committee hearing on the nomination of Donet Dominic Graves Jr., to be deputy Commerce secretary.
  • FY 2022 budget: GAO. House Appropriations Legislative Branch Subcommittee hearing on "FY 2022 Budget Hearing for Government Accountability Office and House Officers."
  • G7 and the pandemic. Business Council for International Understanding virtual discussion on "discussions with the G7 and G20 around the future of pandemic preparedness and the importance of the One Health approach to encourage countries to safeguard their populations against the next pandemic."
  • Railroads and the economy. House Transportation and Infrastructure Railroads, Pipelines and Hazardous Materials Subcommittee hearing on "Full Steam Ahead for Rail: Why Rail is More Relevant Than Ever for Economic and Environmental Progress."
  • Infrastructure. CQ RollCall and FiscalNote webinar on "The State of Infrastructure: Is 2021 the Year for an Infrastructure Bill?"
  • Paris climate accord. West Virginia University Eberly College of Arts and Sciences virtual discussion on "U.S. Rejoining the Paris Climate Agreement."
  • U.S. foreign policy. House Foreign Affairs Committee hearing on "The Biden Administration's Priorities for U.S. Foreign Policy," with testimony from Secretary of State Antony Blinken.
  • Water resources. House Appropriations Energy and Water Development, and Related Agencies Subcommittee hearing on “Innovation and Investment in Water Resources Infrastructure.”
  • SEC, CFPB nominations. Senate Banking, Housing and Urban Affairs Committee markup to vote on the nominations of Gary Gensler to be a member of the Securities and Exchange Commission; and Rohit Chopra to be director, Bureau of Consumer Financial Protection; and to consider subcommittees for the 117th Congress.
  • OMB nomination. Senate Budget Committee markup to vote on the nomination of Shalanda Young to be deputy director of the Office of Management and Budget.

Thursday, March 11

  • Food insecurity. House Agriculture Committee hearing on "A Look at Food Insecurity in America."
  • Renewable energy. American Council on Renewable Energy virtual policy forum with remarks from White House National Climate Advisor Gina McCarthy and Allison Clements, commissioner at the Federal Energy Regulatory Commission.
  • Farm Credit Administration. Farm Credit Administration teleconference of the board.
  • Covid impacts on markets. Commodity Futures Trading Commission teleconference of the Global Markets Advisory Committee to continue discussions on the impact of market volatility related to the coronavirus pandemic and recent effects on international central counterparties and the global clearing ecosystem.
  • Financial regulation. Peterson Institute for International Economics webinar on "Regulating Financial Activities Versus Regulating Entities."
  • Climate issues. New America virtual discussion on "Moving the Climate Conversation Forward."
  • Controlled substances. House Judiciary Crime, Terrorism and Homeland Security Subcommittee hearing on "Controlled Substances: Federal Policies and Enforcement."
  • Electricity service. Senate Energy and Natural Resources Committee hearing on "The Reliability, Resiliency, and Affordability of Electric Service."
  • Antitrust reforms. Senate Judiciary Antitrust, Competition Policy and Consumer Rights Subcommittee hearing on "Competition Policy for the Twenty-First Century: The Case for Antitrust Reform."
  • U.S. foreign policy. Senate Foreign Relations Committee closed briefing on "Opportunities and Challenges for the United States Around the World,” with Secretary of State Antony Blinken.
  • Covid and workers. House Education and Labor Workforce Protections Subcommittee hearing on "Clearing the Air: Science-Based Strategies to Protect Workers from Covid-19 Infections."
  • EVs. Washington Post Live virtual discussion on "The Path Forward: Electric Vehicles."
  • Postal service. House Appropriations Financial Services and General Government Subcommittee hearing on "Oversight of the U.S. Postal Service."
  • Climate issues. House Natural Resources Water, Oceans and Wildlife Subcommittee hearing on "Building Back Better: Building Resilience for the Economy, Climate and Ecosystems."
  • Energy companies and climate. Resources for the Future virtual discussion with BP CEO Bernard Looney on decarbonization goals and the role of "greening" companies in the energy transition.
  • Climate change. Senate Agriculture Committee hearing, “Farmers and Foresters: Opportunities to Lead in Tackling Climate Change.”

Friday, March 12

  • Climate science. House Science, Space and Technology Committee hearing on "The Science Behind Impacts of the Climate Crisis."
  • Small business finance. The Bipartisan Policy Center (webinar on "Strengthening Small Business Finance."
  • International trade. Georgetown University Law Center's Institute of International Law virtual 2021 International Trade Update, with remarks from International Trade Commission (ITC) Chair Jason Kearns on "ITC Year in Review"
  • U.S./Japan. Henry L. Stimson Center webinar on "10 Years After Operation Tomodachi: Reflection and Looking Ahead," focusing on the 2011 Japanese earthquake and U.S./Japan defense cooperation.
  • International trade: Mercosur. Atlantic Council webinar on "International Trade and Mercosur on its 30th Anniversary: A Foreign Minister Conversation."
  • U.S./China relations. McCain Institute virtual book discussion on "Chaos Under Heaven: Trump, Xi, and the Battle for the Twenty-First Century."
  • Climate and the Arctic. Woodrow Wilson Center's Polar Institute webinar on "Climate Security Risks in the Arctic."
  • Sustainable energy. Environmental and Energy Study Institute and the Business Council for Sustainable Energy virtual forum on the ninth edition of the Sustainable Energy in America Factbook.
     

Economic Reports for the Week


 

Investors will continue to evaluate the impact of the congressional vote on stimulus in the week ahead and the direction of interest rates.

 

Monday, March 8

  • Wholesale Trade 

Tuesday, March 9

  • OECD Interim Economic Outlook, updating its forecasts for global growth, with chief economist’s presentation.
  • National Federation of Independent Business Small Business Optimism Index for February. Consensus estimate is for a 96.3 reading, slightly higher than January’s 95 figure. January’s reading was the lowest for the index since May.

Wednesday, March 10

  • MBA Mortgage Applications
  • Bureau of Labor Statistics (BLS) Consumer Price Index for February. Economists forecast a 0.6% month-over-month gain, after a 0.3% rise in January. The core CPI, which excludes volatile food and energy prices, is expected to edge up 0.2%, compared with a flat reading in January.
  • Atlanta Fed Business Inflation Expectations
  • Treasury Budget

Thursday, March 11

  • Jobless Claims
  • IHS Markit and S&P Global hold special shareholder meetings to seek approval for their proposed $44 billion merger, first announced in late November. If the all-stock transaction is completed, S&P Global shareholders will own about 68% of the combined entity, with IHS Markit shareholders owning 32%.
  • JOLTS
  • Fed Balance Sheet
  • Money Supply
  • ECB announces its monetary-policy decision. It is expected to keep its deposit rate unchanged at negative 0.5%, even as bond yields have risen sharply this year on expectations of strong economic growth.

Friday, March 12

  • BLS Producer Price Index for February. Expectations are for a 0.5% monthly rise in the PPI, and a 0.2% uptick the core PPI. This compares with gains of 1.3% and 1.2%, respectively, in January.
  • Consumer Sentiment

 


Key USDA & international Ag & Energy Reports and Events 


 

USDA will publish its monthly World Agricultural Supply and Demand Estimates on Tuesday, while Conab’s data on yield, area and output for corn and soybeans in Brazil are due Thursday.

 

Monday, March 8
 

     Ag reports and events:

  • Export Inspections
  • Livestock and Meat International Trade Data
  • U.S. Agricultural Trade Data Update
  • EU weekly grain, oilseed import and export data

     Energy reports and events:

  • Holiday: Women’s Day public holiday in various countries, including Russia 

Tuesday, March 9
 

     Ag reports and events:

  • WASDE
  • Cotton Ginnings
  • Crop Production
  • Cotton: World Markets and Trade
  • Grains: World Markets and Trade
  • Oilseeds: World Markets and Trade
  • World Agricultural Production

     Energy reports and events:

  • API weekly U.S. oil inventory report

Wednesday, March 10
 

     Ag reports and events:

  • Broiler Hatchery
  • Feed Grains Database
  • Meat Price Spreads
  • Season Average Price Forecasts
  • Wheat Data
  • Malaysian Palm Oil Board data on February palm oil end-stockpiles, output, exports
  • Malaysia’s March 1-10 palm oil export data
  • ISO sugar conference
  • FranceAgriMer monthly grains report

     Energy reports and events:

  • EIA weekly U.S. oil inventory report
  • U.S. weekly ethanol inventories

Thursday, March 11
 

     Ag reports and events:

  • Weekly Export Sales
  • Cotton and Wool Outlook
  • Oil Crops Outlook
  • Dairy Monthly Tables
  • Feed Outlook
  • Wheat Outlook
  • Price Reactions After USDA Livestock Reports
  • Port of Rouen data on French grain exports
  • Conab’s data on yield, area and output of corn and soybeans in Brazil

     Energy reports and events:

  • EIA natural gas storage change
  • OPEC monthly oil market report
  • 10-year anniversary of the Fukushima nuclear disaster in Japan
  • Russian weekly refinery outage data from ministry
  • Insights Global weekly oil product inventories in Europe’s ARA region
  • Holiday: India, Indonesia

Friday, March 12
 

     Ag reports and events:

  • CFTC Commitments of Traders report
  • Peanut Prices
  • Feed Grains: Yearbook Tables
  • Price Reactions after USDA Crop Reports
  • FranceAgriMer weekly update on crop conditions

     Energy reports and events:

  • Baker Hughes weekly U.S. oil/gas rig counts

 

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