Senate Impeachment Trial | USDA updates | Nominations | Covid aid

Posted on 02/07/2021 1:28 PM

Traders, farmers brace for Tuesday USDA updates on supply and demand

 


Washington Focus


 

The Washington agenda of late can be described as hectic even without the prior Trump Tweets. On tap this week: the start of the Senate trial regarding former President Donald Trump, USDA’s Tuesday updates on supply and demand, and continued backroom and late-in-the-week committee action on the next Covid aid package.

 

Treasury Secretary Janet Yellen said Sunday that she supports President Biden's plan for a large stimulus package, currently proposed at $1.9 trillion, calling it the best way to get the U.S. economy back to pre-pandemic levels. Speaking on CNN's State of the Union, Yellen explained that while the president was committed to working with "all members of Congress," the administration was more interested in passing a plan that addressed all of the needs brought forth by Covid-19. "There's absolutely no reason we should suffer through a slow recovery," Yellen said Sunday, adding: "I would expect if this package is passed, that we would get back to full employment next year."

 

     News about the next Covid aid package is breaking so make sure you check the daily Policy Updates for the latest information.

 

     The timeline for concluding the coming package will be late February to early March — but in time before some current benefits run out in mid-March. House Speaker Nancy Pelosi (D-Calif.) said the House committees will start working on specifics of the relief package this week with a goal of having the legislation passed and sent to the Senate within two weeks. But this could well take longer.

 

     The House Ways & Means Committee on Wednesday will begin multiple days of marking up its language relative to the coming budget reconciliation measure. But other panels have to do similar markups. Congress as anyone know does not move fast, unless there is an extended holiday break ahead.

 

The Senate will begin weighing in on Tuesday whether to convict Donald Trump of inciting an insurrection. Rep. Jamie Raskin (D-Md.) is the top prosecutor. But many of the senators acting as jurors have indicated they believe it is unconstitutional to try a former president.

 

Regarding Biden nominations, no official word yet on a floor vote for USDA Secretary nominee Tom Vilsack and former Michigan Gov. Jennifer Granholm, the nominee for Energy secretary. Michael Regan, Biden’s nominee for EPA administrator, is waiting for a vote from the Environment and Public Works Committee, which on Tuesday will consider the nomination.

 

     Two Senate committees will hold hearings for Neera Tanden, Biden’s nominee to direct the Office of Management and Budget (OMB). Tanden is president of the liberal think tank Center for American Progress.

 


Hearings and Events This Week


 

Monday, Feb. 8

  • Washington International Trade Conference, online though Tuesday.
  • Federal Reserve: Atlanta Fed President Raphael Bostic delivers remarks at a Washington Post Live event, and Cleveland Fed President Loretta Mester is scheduled to speak.
  • International trade. Washington International Trade Association virtual International Trade Conference Feb. 8-9, including a session on U.S./China relations and U.S. and EU relations.
  • Child tax credit. House Appropriations Chairwoman Rosa DeLauro (D-Conn.), Reps. Suzan DelBene (D-Wash.) and Rep. Ritchie Torres (D-N.Y.) virtual news conference to announce the reintroduction of the "American Family Act," to expand and improve the Child Tax Credit."
  • Fauci remarks. American Association for the Advancement of Science virtual annual meeting, including remarks from National Institute of Allergy and Infectious Diseases Director Dr. Anthony Fauci, chief medical adviser on Covid-19 to President Biden, on "Covid-19 in 2021: Lessons Learned and Remaining Challenges"
  • U.S. Senate. New York University, Washington, D.C. webinar on "The Broken Chamber: The Modern Senate and the Crippling of Democracy."
  • Raising the minimum wage. One Fair Wage and the Poor People's Campaign host a rally with D.C. essential workers "in celebration of the Raise the Wage Act, legislation that would end the subminimum wage for tipped workers and raise the minimum wage to $15 per hour and that is included in President Biden's $1.9 trillion Covid package."
  • Communications policy. National Association of Telecommunications Officers and Advisors (NATOA) seminar on "Federal Communications Policy in 2021 and Beyond: What to Expect from the Administration and New FCC Leadership."
  • Covid vaccines. U.S. Chamber of Commerce Foundation virtual forum Feb. 8-9 on "Promoting Covid-19 Vaccines & Overcoming Hesitancy: The Role of Employers."
  • Trump impeachment and Covid aid. Washington Post Live webinar with Sen. Tim Kaine (D-Va.) on "the impeachment trial, the coronavirus relief package and the rest of the Biden agenda."
  • Immigration policy. Woodrow Wilson Center's Canada Institute webinar on "Barred at the Border: Compassionate Policy Options for Safe Family Reunification.”
  • Education panel organization. House Education and Labor Committee meeting to organize for the 117th Congress.

Tuesday, Feb. 9

  • National Council of Farmer Cooperatives annual meeting, online through Thursday.
  • Federal Reserve. St. Louis Fed President James Bullard scheduled to speak.
  • International trade. Washington International Trade Association second day of its virtual International Trade Conference, with Co-Acting WTO Director General Alan Wolff delivering remarks on "Revitalizing and Reform of the WTO” and House Ways and Means Chairman Richard Neal (D-Mass.) delivering keynote closing remarks.
  • Cooperatives meeting. National Council of Farmer Cooperatives annual meeting, online through Thursday.
  • OMB nomination. Senate Homeland Security and Governmental Affairs Committee hearing on the nomination of Neera Tanden to be director of the Office of Management and Budget.
  • Inland waterways. U.S. Army Corps of Engineers teleconference of the Inland Waterways Users Board, including the status of FY 2021 funding for inland and coastal Navigation and on the Inland Waterways Trust Fund (IWTF).
  • Maritime industry and Covid. House Transportation and Infrastructure Coast Guard and Maritime Transportation Subcommittee hearing on "State of the U.S. Maritime Industry: Impacts of the Covid-19 Pandemic."
  • Raising the minimum wage. Heritage Foundation webinar on "The Faces of a $15 Minimum Wage."
  • Climate issues. House Energy and Commerce Environment and Climate Change Subcommittee hearing on "Back in Action: Restoring Federal Climate Leadership."
  • Restaurants and Covid. National Press Club Newsmaker Program virtual news conference on "The Future of Restaurants Post-Covid-19."
  • U.S./Mexico relations. Woodrow Wilson Center's Mexico Institute webinar on "Mexico and the United States: From Subordination to Expectation," focusing on the return to a more predictable or "normal" relationship.
  • Covid and employers. U.S. Chamber of Commerce Foundation second day of its virtual forum on "Promoting Covid-19 Vaccines & Overcoming Hesitancy: The Role of Employers."
  • India energy. International Energy Agency virtual media briefing on "India Energy Outlook 2021."
  • Reconciliation compliance. House Education and Labor Committee markup of a Committee Print to comply with reconciliation directives included in section 2001 (b) of the Concurrent Resolutions on the Budget for FY 2021.

Wednesday, Feb. 10

  • Federal Reserve Chairman Jerome Powell speaks via teleconference at the Economic Club of New York.
  • U.S.-level results of the NCC's annual planting intentions survey released in the afternoon, following the close of the market. State-level details will be provided during the NCC's economic outlook in Thursday's general session.
  • Minority farmers. USDA office of Partnerships and Public Engagement teleconference of the Advisory Committee on Minority Farmers to discuss USDA outreach, technical assistance, and capacity building for and with minority farmers.
  • Farmworker protections. Economic Policy Institute virtual discussion on "Actions the Biden administration and Congress can take to better protect farmworkers."
  • OMB nomination. Senate Budget Committee hearing on the nomination of Neera Tanden to be director of the Office of Management and Budget (OMB).
  • Outlook for transatlantic relations. Atlantic Council virtual discussion with Charles Michel, president of the European Council, about the European Union and the outlook for transatlantic cooperation.
  • Antibiotic resistant bacteria. Health and Human Services Department teleconference of the Presidential Advisory Council on Combating Antibiotic-Resistant Bacteria Feb. 10-11.
  • Financial resilience. Atlantic Council webinar on "Financial Resilience, the Future of Secondary Sanctions, and Global Response."
  • Covid and Wuhan, China. New America virtual film screening and discussion on "76 Days," focusing on the 76 day lock down in Wuhan, China to contain the Coronavirus.
  • Social costs of carbon. Resources for the Future webinar on "The Social Cost of Carbon: Key Scientific and Policy Considerations for the Biden Administration."
  • Covid vaccines. Center for Strategic and International Studies webinar on "A Global Approach to Covid-19 Vaccination."
  • U.S./Brazil relations. Business Council for International Understanding (BCIU) holds a virtual discussion with US Ambassador to Brazil Todd Chapman on "the latest developments and opportunities for investment in Brazil."
  • Covid and state, local budgets. Brookings Institution webinar on "The Covid-19 Pandemic and State and Local Budgets: Past, Present and Future."
  • Cyber threats. House Homeland Security Committee hearing on "Homeland Cybersecurity: Assessing Cyber Threats and Building Resilience."
  • China intelligence reforms. Institute of World Politics virtual lecture on "Communist China's Modern Intelligence Reforms."
  • China and APAC policy. Meridian International Center virtual discussion with former Australian Prime Minister Kevin Rudd on "U.S.-China-APAC (Asia-Pacific) policy."

Thursday, Feb. 11

  • Cotton meeting. National Cotton Council annual meeting general session.
  • Updated CBO baseline. Congressional Budget Office (CBO) updated budget baseline projections.
  • Education, Labor nominations. Senate Health, Education, Labor and Pensions Committee markup to vote on the nominations of Miguel Cardona to be Education secretary; and Martin Walsh to be Labor secretary.
  • Immigration measures. House Judiciary Immigration and Citizenship Subcommittee meeting to vote on adoption of the subcommittee's "Rules of Procedure and Statement of Policy for Private Immigration Bills,” following by a hearing on "The U.S. Immigration System: The Need for Bold Reforms."
  • Transportation panel organization. Senate Commerce, Science and Transportation Committee meeting to organize for the 117th Congress.
  • Farm Credit meeting. Farm Credit Administration teleconference of the board.
  • Facebook’s ban of Trump. Carnegie Endowment for International Peace webinar on "Facebook's Trump Ban and the Future of Online Speech," with members of the Facebook Oversight Board.
  • Covid and diplomacy. State Department teleconference of the U.S. Advisory Commission on Public Diplomacy including a panel of experts to examine the challenges and opportunities facing U.S. gov’t public diplomacy in 2021 and beyond and How the ongoing Covid-19 pandemic affects public diplomacy policies.
  • Voting rights. American Bar Association virtual discussion on "Restoration of Voting Rights: The Elimination of Felony Disenfranchisement."
  • Blockchain. Brookings Institution virtual discussion on "The future of blockchain and digital markets: A perspective from the World Economic Forum."
  • Biden administration. George Washington University Elliott School of International Affairs webinar on "The Biden Administration and the World: What to Expect."
  • U.S./Japan high-tech supply chains. Center for Strategic and International Studies and the Japan Institute of International Affairs webinar on "U.S./Japan Cooperation on High-Tech Supply Chain Security."

Friday, Feb. 12

  • Federal Reserve. New York Fed President John Williams is scheduled to speak.
  • Electoral college. American Enterprise Institute for Public Policy Research virtual discussion on "the Electoral College and its future in American politics," including the release of the fourth edition of "After the People Vote: A Guide to the Electoral College."
  • Biden administration policies. Center for Strategic and International Studies webinar on "From Africa to the United States: Recommendations for the Biden Administration."
  • The next pandemic. Brookings Institution webinar on "Preparing for the Next Pandemic."
  • U.S. sanctions in 2020. American Bar Association webinar on "2020 U.S. Sanctions Year-in-Review."

Economic Reports for the Week


Several Federal Reserve members will make comments this week, but the key focus will be Wednesday when Fed Chairman Jerome Powell speaks via teleconference at the Economic Club of New York.

 

Monday, Feb. 8

  • Investor Movement Index
  • Federal Reserve: Atlanta Fed President Raphael Bostic delivers remarks at a Washington Post Live event, and Cleveland Fed President Loretta Mester is scheduled to speak.

Tuesday, Feb. 9

  • National Federation of Independent Business Small Business Optimism Index for January. Consensus estimate is for a 97 reading, higher than December’s 95.9 figure. The December reading was the lowest since last May. “Small businesses are concerned about potential new economic policy in the new administration and the increased spread of Covid-19” according to NFIB chief economist Bill Dunkelberg.
  • Bureau of Labor Statistics (BLS) Job Openings and Labor Turnover Survey for December. Expectations are for 6.6 million job openings on the last business day of December, compared with 6.5 million in November.
  • Federal Reserve. St. Louis Fed President James Bullard scheduled to speak.

Wednesday, Feb. 10

  • BLS Consumer Price Index for January. Economists forecast a 1.5% year-over-year rise for both the CPI and core CPI, which excludes volatile food and energy prices.
  • MBA Mortgage Applications
  • Atlanta Fed Business Inflation Expectations
  • Wholesale Inventories (Preliminary)
  • Treasury Statement
  • Federal Reserve Chairman Jerome Powell speaks via teleconference at the Economic Club of New York.

Thursday, Feb. 11

  • Department of Labor initial jobless claims for the week ending on Feb. 6. Jobless claims have averaged 835,000 a week in January, equal to December, and an increase of nearly 100,000 a week from November. Much of the increase stems from business closures resulting from the still-elevated level of Covid-19 cases.
  • Fed Balance Sheet
  • Money Supply

Friday, Feb. 12

  • University of Michigan Consumer Sentiment index for February. Consensus estimate is for a 79.5 reading, roughly even with the January data.
  • Federal Reserve. New York Fed President John Williams is scheduled to speak.

Key USDA & international Ag & Energy Reports and Events 


 

On Tuesday, USDA may take additional steps to get more realistic on its demand forecasts for total China corn imports and an expected boost in U.S. corn and soybean exports, after decreasing U.S. corn demand in December.

 

     On the international front, Malaysian Palm Oil Board will release its report on palm oil stockpiles, output and exports on Wednesday. Conab’s data on yield, area and output of corn and soybeans in Brazil is due on Thursday.

 

Monday, Feb. 8
 

           Ag reports and events:

  • Export Inspections
  • Livestock and Meat International Trade Data
  • U.S. Agricultural Trade Data Update
  • Catfish Production
  • EU weekly grain, oilseed import and export data
  • Holiday: New Zealand       

Tuesday, Feb. 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
  • France agriculture ministry updates 2021 winter-crop planting estimates

           Energy reports and events:

  • API weekly U.S. oil inventory report
  • EIA Short-Term Energy Outlook report
  • Holiday: Qatar

Wednesday, Feb. 10
 

           Ag reports and events:

  • Broiler Hatchery
  • Feed Grains Database 
  • Meat Price Spreads
  • Season Average Price Forecasts
  • Wheat Data
  • U.S.-level results of the NCC's annual planting intentions survey released in the afternoon, following the close of the market. State-level details will be provided during the NCC's economic outlook in Thursday's general session.
  • Malaysian Palm Oil Board data on January palm oil end-stocks, output, exports
  • Malaysia Feb. 1-10 palm oil export data from AmSpec, Intertek, SGS
  • FranceAgriMer monthly grains report
  • Holiday: Vietnam

           Energy reports and events:

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

Thursday, Feb. 11
 

           Ag reports and events:

  • Weekly Export Sales
  • Cotton and Wool Outlook Tables
  • Oil Crops Outlook: February 2021
  • Dairy Monthly Tables and Dairy Quarterly Data
  • Feed Outlook
  • Rice Outlook
  • Wheat Outlook
  • Farm Labor
  • Vegetables, Annual
  • Conab’s data on yield, area and output of corn and soybeans in Brazil
  • Russian consultant IKAR holds agricultural conference, day 1
  • Port of Rouen data on French grain exports
  • Holiday: China, Japan, South Korea, Vietnam

           Energy reports and events:

  • EIA natural gas storage change
  • IEA monthly Oil Market Report
  • Insights Global report on European refined product inventories in ARA region
  • ICE February gasoil future expire
  • Holiday: China, Japan, South Korea

Friday, Feb. 12
 

           Ag reports and events:

  • CFTC weekly commitments of traders report
  • Peanut Prices
  • Feed Grains: Yearbook Tables
  • Russian consultant IKAR holds agricultural conference, day 2
  • New Zealand Food Prices
  • Holiday: China, Hong Kong, Indonesia, Malaysia, South Korea, Singapore, Vietnam, Thailand, Philippines

           Energy reports and events:

  • Baker Hughes weekly U.S. oil/gas rig counts
  • ICE Brent crude March futures expire
  • ICE weekly Commitments of Traders report for Brent, gasoil
  • Holiday: China, Hong Kong, South Korea, Singapore, Indonesia

 


 

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