Congress is Back: Hurry Up and Wait for Action on Key Topics

Farm Journal
Farm Journal
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Supreme Court rulings awaited on major ag sector topics | Regan visits House Ag panel


Weekly Headers_041623

 

Washington Focus


 

In focus this week: Lawmakers return from a lengthy Easter break, the House will hold a vote to override a WOTUS bill veto, EPA’s Regan goes before the House Ag Committee on Wednesday, more hearings on a new farm bill and USDA Secretary Tom Vilsack is on a weeklong trip to Asia.

Vilsack journeys abroad primarily for the G7 ag ministers’ meeting in Japan. But during his weeklong trip to Asia, he will stop in Vietnam on Monday-Wednesday to confer on trade and food security issues.

     Background: The Group of Seven (G7) is an intergovernmental organization consisting of seven major advanced economies: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. The G7 agriculture ministers refer to the ministers responsible for agriculture and related policies in each of these seven countries. They periodically meet to discuss and coordinate their countries' approaches to agricultural issues, food security, sustainable agriculture practices, climate change, and other relevant matters that impact their countries and the global community. These meetings provide an opportunity for the G7 countries to align their policies and work together on common goals and initiatives in the agriculture sector.

     Vilsack will be in Hanoi from Monday through Wednesday and will meet with Prime Minister Phạm Minh Chính, Ag Minister Lê Minh Hoan Minister of Industry and Trade Nguyen Hồng Diên and “private sector trade partners who support U.S. agricultural imports,” USDA said. He will also deliver a speech about USDA’s Partnerships for Climate-Smart Commodities initiative to students at Vietnam’s Foreign Trade University.

USDA Undersecretary for Trade and Foreign Agricultural Affairs Alexis Taylor will travel to Amsterdam, Netherlands, April 17-19, to lead USDA’s first-ever agribusiness trade mission to the region. She will be joined by a delegation of more than 50 business, trade associations and state government leaders seeking to grow U.S. agricultural exports to the Netherlands, Denmark, Finland, Iceland, Norway and Sweden.

     On April 19, Taylor will hold a media teleconference to highlight initial trade mission results. She will also be joined by several state department of agriculture leaders who will share how agricultural trade and activities like USDA trade missions benefit their state.

WOTUS rule comes up Tuesday in House override vote. And it is not expected to get the two-thirds vote needed to override. The House initially approved the Congressional Review Act resolution, 227-198, considerably short of the two-thirds margin needed to override Biden's veto of the resolution. The Senate approved the measure, 53-43, with Democratic Sens. Jacky Rosen and Catherine Cortez Masto of Nevada, Joe Manchin of West Virginia and Jon Tester of Montana joining all Republicans to pass the measure. Sen. Kyrsten Sinema, an Arizona independent who caucuses with Democrats, also voted with Republicans.

     A federal judge last Wednesday enjoined the EPA’s new waters and wetlands protection rule from being enforced in 24 states, issuing a preliminary injunction similar to a ruling in March blocking the rule in Texas and Idaho.

     Background: The Congressional Review Act allows Congress to overturn rules and regulations written by federal agencies within 60 days of their enactment by passing resolutions of disapproval. Disapproval resolutions are exempt from the filibuster rule and can’t be blocked by the Senate’s majority leader, meaning they need just a simple majority in both chambers to reach the president’s desk. They are still subject to a presidential veto, which would then require a two-thirds majority in each chamber to override. Disapproval resolutions rarely succeed. Of the 249 disapproval resolutions that were introduced by members of Congress since the law’s inception in 1996 to October 2022, only 20 have successfully managed to overturn federal regulations, according to a new study (link) by researchers at George Washington University. Democrats previously used disapproval resolution votes during the Trump administration.

     Timeline for a coming Supreme Court ruling on WOTUS is murky, with possible decisions on topics coming Monday. The Supreme typically announces its rulings, or decisions, on cases it has heard during its term, which runs from October through June or early July. Decisions are generally issued on Mondays, although this is not a strict rule, and they can be announced on other weekdays. The Court tends to announce its most significant or controversial decisions toward the end of the term, in late June or early July. The time it takes for the Supreme Court to issue its rulings can vary significantly, depending on the complexity of the case, the need for further deliberation among the justices, and the Court's overall workload. Typically, decisions are issued within several months of hearing oral arguments. Such oral arguments were heard early in the current Supreme Court session on WOTUS and another ag sector topic, Proposition 12.

EPA administrator Michael Regan will face questions about lingering topics when he appears Wednesday before the House Ag panel, including:

  • Year-round E15 for 2023. EPA on March 1 issued a proposed rule by eight Midwest governors, including Illinois, Iowa, Minnesota, Missouri, Nebraska, Ohio, South Dakota and Wisconsin, to allow the sale of E15 fuel blends all year, but starting in 2024, not in 2023 as ethanol states wanted. Historically, E15 sales were banned in the summer months due to the claim that the blend increased smog. However, year-round sales have been on the table for many Midwest states since President Biden suspended the summer ban on E15 in 2022 to mitigate rising fuel costs.
  • EPA’s proposed mandates for biofuels. EPA is expected to issue the final rule on June 14. Proponents of biodiesel and renewable diesel think the preliminary EPA announcement short-changed them for 2023, 2024 and 2025.
  • RFS mandate end around. Growth Energy filed suit against EPA for giving small refineries different ways of meeting their Renewable Fuel Standard (RFS) obligations. In the lawsuit filed in the U.S. Court of Appeals for the D.C. Circuit, Growth Energy says EPA’s decision to offer “alternative compliance” options for small refinery exemptions from the RFS is “unlawful for multiple reasons.” At issue are small refinery exemptions (SREs) issued for the 2016-2018 RFS compliance years.
  • Waters of the U.S. (WOTUS) rule. The House on Tuesday will vote to override a President Biden veto on the most recent EPA definition, which some lawmakers said should not have been released ahead of a pending Supreme Court ruling on the topic (see previous item).
  • EPA’s recent rule on tailpipe emissions, announced last Wednesday, is aimed at accelerating growth of electric vehicles to fight climate change. The rules set CO2 limits for cars, SUVs and pickups for model years 2027-2032, and heavy-duty vehicles for the same period. They don't mandate specific tech, but instead set declining limits on fleet-wide grams of CO2 per mile. But they are strict enough to effectively require far more EVs, and better efficiency of gas-powered models. EPA estimates its main proposal would mean EVs rising to 60% of light-duty sales — sedans, SUVs, pickups and vans — by 2030, and 67% in 2032. That's up from roughly 10% today. Electric models would be 50% of sales of new vocational vehicles (such as buses and garbage trucks) in 2032.
     

Nominations: The Senate Banking Committee will hold a hearing Tuesday to consider the nominations of Jared Bernstein as chairman of the Council of Economic Advisers, Ron Borzekowski as director of financial research at the Treasury Department, and Solomon Jeffrey Greene and David Uejio as assistant secretaries at HUD.

     Julie Su, Biden’s pick to lead the Labor Department, will go before the Senate Health, Education, Labor and Pensions Committee on Thursday.

Debt limit debate continues. House Republicans still want to pair spending cuts with raising the debt ceiling. House Speaker Kevin McCarthy (R-Calif.) plans a speech in New York Monday on the debt ceiling, and House Republicans were set to have a members-only call on Sunday.

     Key unknowns include what will be in the final GOP debt limit package, when it will be voted on, and whether or not the eventual plan will have enough votes to clear the House. Republicans have a narrow 222-213 majority in the House, so McCarthy must get almost all members on board assuming no Democratic support.

     The White House awaits the GOP plan before any negotiations on the topic. If talks fail, or if McCarthy is forced to strike a deal with Democrats, McCarthy could see his speaker job jeopardized.

     A bipartisan group, the Problem Solvers Caucus, has been meeting to attempt to find a path through which Republicans and Democrats could agree on raising the debt ceiling. That would likely cut out member of the more conservative House Freedom Caucus.

Senate Minority Leader Mitch McConnell (R-Ky.) and Sen. John Fetterman (D-Pa.) plan to return to the chamber after weeks away. The focus is on the Sen. Dianne Feinstein (D-Calif.) situation as the 89-year-old senator seeks to relinquish her Judiciary panel spot while retaining her Senate seat. Last Thursday, Thursday Rep. Ro Khanna (D-Calif.) said publicly that it’s time for her to go.

The Fox News trial opening Monday could set an important First Amendment precedent — and shape political coverage by one of America's most powerful media outlets, Axios reports. The opening before a jury in a Delaware courtroom comes more than two years after Dominion Voting Systems filed a $1.6 billion defamation suit, accusing the network of knowingly airing disinformation about election fraud in the 2020 presidential contest.

     The voting-machine company has accused the news network of airing false claims by hosts and guests that Dominion helped rig the outcome of the 2020 presidential election in favor of Joe Biden. Fox has said it was reporting on allegations from then-President Trump and his associates that were newsworthy. A Delaware jury will decide whether Fox acted with “actual malice.” Defamation cases are difficult for plaintiffs to win. Legal observers say the Dominion case could prove to be a notable counterexample.

 


Hearings & Other Events of Note



Monday, April 17

  • NAFB. National Association of Farm Broadcasting (NAFB) annual Washington Watch, through Wednesday.
  • National Rural Electric Cooperatives Association annual legislative conference, through Wednesday.
  • Consumer spending. National Association for Business Economics (NABE) holds a virtual discussion on "Consumer Spending Shifts."
  • Trade facilitation, cargo security. U.S. Customs and Border Protection (CBP) holds its 2023 CBP Trade Facilitation and Cargo Security Summit, with remarks from Acting CBP Commissioner Troy Miller and Deputy Homeland Security Secretary John Tien; runs through Wednesday.
  • U.S./China relations. Center for Strategic and International Studies virtual discussion on "Enjoying Jet Lag: Resuming In-Person Travel and US-China Relations," focusing on "the role of in-person travel and direct communication in increasing mutual understanding and stabilizing US-China relations."
  • Antimicrobial drugs. Food and Drug Administration teleconference of the Antimicrobial Drugs Advisory Committee to discuss new drug applications and other issues.
  • Crime in New York. House Judiciary Committee field hearing on "Victims of Violent Crime in Manhattan."
  • U.S. energy policy in Latin America, Caribbean. Inter-American Dialogue discussion with Assistant Secretary of State for Energy Resources Geoffrey Pyatt on U.S. energy policy towards Latin America and the Caribbean.
  • Energy security and Canada. Institute of World Politics lecture on "Global Energy Security: The Role of Canada."
     

Tuesday, April 18

  • SEC. Securities and Exchange Commission Chair Gary Gensler will testify in an oversight hearing before the House Financial Services Committee on Tuesday.
  • Covid-19 origin. The origin of Covid-19 is the subject of a hearing in the House Select Subcommittee on the Coronavirus Pandemic, where former Director of National Intelligence John Ratcliffe will testify.
  • Southern border. Homeland Security Secretary Alejandro Mayorkas returns to Capitol Hill for. Mayorkas will defend his department’s fiscal 2024 appropriations request before the Senate Homeland Security Committee; he will repeat the task in the House on Wednesday. Lawmakers on both panels are expected to grill Mayorkas on new border policies and how the administration plans to manage the end of pandemic-related restrictions in May.
  • Nominations hearing. Senate Banking, Housing and Urban Affairs Committee hearing on the nominations of Jared Bernstein to be chairman of the White House Council of Economic Advisers and other nominations.
  • U.S. withdrawal from Afghanistan. House Homeland Security Counterterrorism, Law Enforcement, and Intelligence Subcommittee hearing on "The Homeland Security Cost of the Biden Administration's Catastrophic Withdrawal from Afghanistan."
  • Climate policy. American Enterprise Institute forum, “Conservation and Agricultural Research and Development: Pathways to Efficient and Effective Climate Policy.”
  • China’s trade and investment agenda. House Ways and Means subcommittee hearing, “Countering China’s Trade and Investment Agenda: Opportunities for American Leadership.”
  • Animal diseases. House Agriculture subcommittee hearing on animal disease prevention and response.
  • Urban agriculture. Natural Resources Conservation Service teleconference of the Urban Agriculture and Innovative Production Advisory Committee to discuss the interim recommendations for the USDA Secretary on the development of policies and outreach relating to urban, indoor, and other emerging agriculture production practices.
  • Tax day. Americans for Tax Reform annual Tax Day news conference.
  • Takes hikes and small businesses. House Small Business Committee hearing on "Paying Their Fair Share: How Tax Hikes Crush the Competitiveness of Small Businesses." Russell Boening, president of the Texas Farm Bureau, among those testifying.
  • Corporate taxes. Senate Budget Committee hearing on "A Rigged System: The Cost of Tax Dodging by the Wealthy and Big Corporations."
  • USAID. House State-Foreign Operations Appropriations Subcommittee hearing with USAID Administrator Samantha Power.
  • U.S. Forest Service. Senate Energy and Natural Resources Committee hearing.
  • Endangered species. House Natural Resources subcommittee hearing on resolutions of disapproval for rules related to regulation of endangered species.
  • Cleaner vehicles. Senate Environment and Public Works Committee hearing, “Cleaner Vehicles: Good for Consumers and Public Health.”
  • Uyghur forced labor law. Congressional-Executive Commission on China hearing on "Implementation of the Uyghur Forced Labor Prevention Act and the Impact on Global Supply Chains."
  • Supply chains, precision agriculture. National Institute of Standards and Technology meeting of the Internet of Things Advisory Board, with a focus on smart traffic and transit technologies; Augmented logistics and supply chains; Sustainable infrastructure; Precision agriculture; Environmental monitoring; Public safety; and Health care; runs through Wednesday.
  • Central bank digital currency. Georgetown University's McDonough School of Business discussion on "Considerations for a Central Bank Digital Currency."
  • Grid security. House Energy and Commerce Energy, Climate, and Grid Security Subcommittee hearing on "American Nuclear Energy Expansion: Powering a Clean and Secure Future."
  • China influence in Indo-Pacific region. House Foreign Affairs Indo-Pacific hearing on "Surrounding the Ocean: PRC Influence in the Indian Ocean."
  • Biden administration spending at DOE. House Oversight and Accountability Economic Growth, Energy Policy, and Regulatory Affairs Subcommittee hearing on "Spending on Empty: How the Biden Administration's Unprecedented Spending Increased Risk of Waste, Fraud, and Abuse at the Department of Energy."
  • Countering China. House Ways and Means Committee hearing on "Countering China's Trade and Investment Agenda: Opportunities for American Leadership."
  • Threats to US competitiveness. Senate Judiciary Intellectual Property Subcommittee hearing on "Foreign Competitive Threats to American Innovation and Economic Leadership."
  • National security and climate change. Center for a New American Security discussion on "National Security in the Era of Climate Change."
  • Other FY 2024 appropriations hearings include:
    — Commerce’s Gina Raimondo at House Appropriations

— Education’s Miguel Cardona at House Appropriations
— Housing and Urban Development’s Marcia Fudge at House Appropriations

Wednesday, April 19

  • IRS: Internal Revenue Service Commissioner Daniel Werfel will testify in a budget hearing before the Senate Finance Committee.
  • Nuclear energy: The Environmental and Energy Study Institute will host a discussion about the state of play for nuclear energy with speakers like Sen. Mike Crapo (R-Idaho) and Kathryn Huff, the assistant secretary for nuclear energy at the Department of Energy. California's only nuclear power plant, Diablo Canyon, will probably get a mention, considering that environmental group Friends of the Earth last week filed a lawsuit to prohibit PG&E Corp. from seeking an operating license extension to keep the facility open. 
  • EPA. House Agriculture Committee hearing with EPA Administrator Michael Regan.
  • SNAP/food stamps. Senate Agriculture subcommittee hearing on SNAP and the farm bill.
  • FDA. Senate Agriculture Appropriations Subcommittee hearing with FDA Commissioner Robert Califf,
  • Interior Department. House Natural Resources Committee hearing with Interior Secretary Deb Haaland.
  • USAID. Senate State-Foreign Operations Appropriations Subcommittee hearing with USAID Administrator Samantha Power.
  • U.S. produce industry issues. Agricultural Marketing Service meeting of the Fruit and Vegetable Industry Advisory Committee to examine the full spectrum of fruit and vegetable industry issues and provide recommendations and ideas on how USDA can tailor programs and services to better meet the needs of the U.S. produce industry.
  • U.S. tax code subsidizing China. House Ways and Means Committee hearing on "The U.S. Tax Code Subsidizing Green Corporate Handouts and the Chinese Communist Party."
  • China and Russia issues. Peterson Institute for International Economics (virtual discussion with Lithuanian Foreign Affairs Minister Gabrielius Landsbergis on "China, Russia, and Transatlantic Relations."
  • China/EU relations. Carnegie Endowment for International Peace virtual discussion on "China/EU Relations One Year into the Ukraine War."
  • Stablecoins. House Financial Services Digital Assets, Financial Technology and Inclusion Subcommittee hearing on "Understanding Stablecoins' Role in Payments and the Need for Legislation
  • Russian crimes in Ukraine. Senate Judiciary Committee hearing on "Holding Russian Kleptocrats and Human Rights Violators Accountable for their Crimes Against Ukraine."
  • Independent contractor regs. House Education and the Workforce Workforce Protections Subcommittee hearing on "Examining Biden's War on Independent Contractors."
  • Russia’s war crimes, atrocities in Ukraine. House Foreign Affairs Committee hearing on "Exposing Putin's Crimes: Evidence of Russian War Crimes and Other Atrocities in Ukraine."
  • Broadband deployment. House Energy and Commerce Communications and Technology Subcommittee hearing on "Breaking Barriers: Streamlining Permitting to Expedite Broadband Deployment."
     

Thursday, April 20

  • CFTC: Commodity Futures Trading Commission Chairman Rostin Behnam joins the Bipartisan Policy Center for a Thursday event titled, "What's the Federal Role in Improving Carbon Credits?"
  • Farm bill conservation programs. Senate Agriculture subcommittee hearing.
  • Labor Secretary nominee. Senate Health, Education, Labor and Pensions Committee hearing on the nomination of Julie Su to be Labor Secretary.
  • FY 2024 Budget: DOT. House Appropriations Transportation, Housing and Urban Development, and Related Agencies Subcommittee hearing on “FY 2024 Request for the Department of Transportation.” Transportation Secretary Pete Buttigieg testifies.
  • FY 2024 Budget: HUD. Senate Appropriations Transportation, Housing and Urban Development, and Related Agencies Subcommittee hearing on Housing and Urban Development budget.
  • FY 2024 Budget: DOE. Senate Energy and Natural Resources Committee hearing on "The President's Budget Request for the U.S. Department of Energy for FY 2024." Energy Secretary Jennifer Granholm testifies.
  • China military exercises and Taiwan. Center for Strategic and International Studies virtual discussion on "The Fourth Taiwan Strait Crisis Continued? Assessing China's April 2023 Military Exercises Against Taiwan."
  • Small business challenges. Punchbowl News discussion on "Small Business, America's Future," focusing on the challenges facing small business owners.
  • South Korean president visit to U.S. Center for Strategic and International Studies virtual discussion on "Republic of Korea President State Visit to Washington."
  • War in Ukraine impact on Europe. Hudson Institute virtual discussion on "The War in Ukraine and the Future of Europe: A View from Capitol Hill."
  • Defending Taiwan. Center for a New American Security virtual discussion on "Avoiding the Brink: Escalation Management in a War to Defend Taiwan."
  • Mexico’s climate, energy goals. Washington Post Live virtual discussion on "Mexico's Climate Goals, Energy Policies and Relationship with the U.S."
  • Carbon credits. Bipartisan Policy Center discussion on "What's the Federal Role in Improving Carbon Credits?"
  • U..S. LNG. Center for Strategic and International Studies virtual discussion on "The Future of U.S. Natural Gas," focusing on the "role for U.S. LNG (liquid natural gas) in the global energy system."
  • Crime and businesses. U.S. Chamber of Commerce virtual discussion on "America's Crime Wave: How the Failure to Prosecute is Impacting Business."
  • Ukraine and future of NATO. New America virtual discussion on "Ukraine and the Future of NATO."
     

Friday, April 21

  • Inflation Reduction Act (IRA) and Infrastructure Act implementation: Axios Pro will host Reps. Steny Hoyer (D-Md.) and Jared Huffman (D-Calif.) for a conversation about the implementation of the IRA and the Infrastructure Investment and Jobs Act. After the House passed the GOP's energy package at the end of March, Democrats have been busy crafting their own version of permitting reform. Expect Axios reporters to ask Hoyer and Huffman about the plan and whether they have any recommendations for the best way to move forward on any kind of permitting reform.
  • Cryptocurrency and global finance. Global Interdependence Center conference on "Cryptocurrency and the Future of Global Finance."
  • Impacts of a U.S./China conflict. Federalist Society for Law and Public Policy Studies virtual discussion on "Understanding the Military Dynamics of a U.S./China Conflict," the second of the Answering Threats to Taiwan series.

 


Economic Reports and Fed Speakers for the Week



Federal Reserve officials are out in force this week ahead of the March 2-3 FOMC meetings. Note on Federal Reserve: Blackout period ahead of the May 2-3 Federal Open Market Committee (FOMC) meeting begins Saturday (April 22).

On the economic front, housing data will be the focal point a week after inflation and retail sales take center stage. NAHB Housing Index data, housing starts, and existing home sales are all expected to be updated during the week, offering a picture of the housing market amid a rising rate environment.

Monday, April 17

  • Empire State Manufacturing Index in April is expected to rebound a bit to minus 18.3 after March's much weaker-than-expected minus 24.6.
  • National Association of Home Builders releases its Housing Market Index for April. Consensus estimate is for a 44 reading, matching the March data. While home builders still have a dour outlook for the housing market, there has been a marked improvement from late last year. Thirty-year fixed-mortgage rates have declined by more than eight-tenths of a percentage point from October’s two-decade high of 7.08%, per Freddie Mac data.
  • Federal Reserve: Richmond Fed President Thomas Barkin will give remarks at a Richmond Association for Business Economics event.
  • Earnings: Charles Schwab, J.B. Hunt Transport Services, M&T Bank, and State Street.
     

Tuesday, April 18

  • Census Bureau reports new residential construction statistics for March. Economists forecast a seasonally adjusted annual rate of 1.41 million privately owned housing starts, 40,000 fewer than in February.
  • Fed Governor Michelle Bowman joins the Georgetown University McDonough School of Business for an event on central bank digital currencies.
  • Quarterly results: Bank of America, Bank of New York Mellon, Goldman Sachs Group, Johnson & Johnson, Lockheed Martin, Netflix Prologis, and United Airlines Holdings.
     

Wednesday, April 19

  • MBA Mortgage Applications
  • Federal Reserve Beige Book
  • New York Fed President John Williams will speak at a Money Marketeers of New York University dinner.
  • Earnings: Abbott Laboratories, ASML Holding, Baker Hughes, Crown Castle, Discover Financial Services, Elevance Health, IBM, Kinder Morgan, Lam Research, Las Vegas Sands, Morgan Stanley, Nasdaq, Tesla, Travelers, and U.S. Bancorp.
     

Thursday, April 20

  • Jobless claims for the April 15 week are expected to come in at 245,000 versus 239,000 in the prior week.
  • Philadelphia Fed manufacturing index has been in contraction the last seven reports and very deeply so in March at minus 23.2 and also February at minus 24.3. April's contraction is seen at 19.5.
  • Conference Board releases its Leading Economic Index for March. The index is expected to decrease 0.4% month over month, which would mark 12 consecutive monthly declines. The Conference Board currently forecasts that “rising interest rates paired with declining consumer spending will most likely push the U.S. economy into recession in the near term.”
  • National Association of Realtors reports existing home sales for March. The consensus call is for a seasonally adjusted annual rate of 4.5 million homes sold, slightly lower than previously. In February, existing-home sales increased 14.5% month over month, the largest jump since July 2020, snapping a 12-month slide.
  • Fed Balance Sheet
  • Money Supply  
  • Cleveland Fed President Loretta Mester will speak on the economic and policy outlook at the Akron Roundtable Signature Series.
  • Atlanta Fed President Raphael Bostic will take part in an armchair discussion on regional and national economic conditions at Eastern Florida State College.
  • Fed Governor Michelle Bowman and Dallas Fed President Lorie Logan will appear at a Dallas Fed in Odessa, Texas.
  • Fed Governor Christopher Waller heads to the University of South Florida Sarasota-Manatee to discuss cryptocurrency and central banks at the Cryptocurrency and the Future of Global Finance conference.
  • Quarterly results: AT&T, Blackstone, CSX, D.R. Horton, Genuine Parts, Marsh & McLennan, Nucor, Philip Morris International, Taiwan Semiconductor Manufacturing, Truist Financial, and Union Pacific.  
     

Friday, April 21

  • S&P Global releases both its Manufacturing and Services Purchasing Managers’ Indexes for April. The indexes are expected to show readings of 49.4 and 53.2, respectively. This compares with 49.2 and 52.6 in March.
  • Fed Governor Lisa Cook gives the Carroll Round Keynote Speech at Georgetown University.
  • Earnings: Freeport-McMoRan, HCA Healthcare, Procter & Gamble, SAP, and Schlumberger.
     

Key USDA & international Ag & Energy Reports and Events 



China’s second batch of trade data for March, including corn, pork and wheat imports, will be released Tuesday.

On the energy front, Platt’s Global Power Markets Conference takes place Monday-Wednesday in Las Vegas.

Monday, April 17

     Ag reports and events:

  • Export Inspections
  • Crop Progress
  • Livestock, Dairy, and Poultry Outlook
  • Sugar and Sweeteners Outlook
  • Potato Stocks
     

Energy reports and events:

  • Platt’s Global Power Markets Conference, Las Vegas, runs through Wednesday
  • WTI May options expire
  • Holiday: Greece, Egypt, Myanmar
     

Tuesday, April 18

     Ag reports and events:

  • China’s second batch of March trade data, including agricultural imports
  • China’s first quarter pork output and inventory levels
     

     Energy reports and events:

  • API weekly U.S. oil inventory report
  • Second batch of China trade data (March)
     

Wednesday, April 19

     Ag reports and events:

  • Broiler Hatchery
  • Fruit and Tree Nuts Data
  • Vegetables and Pulses Data
  • Livestock Slaughter, Annual
  • Milk Production
  • National Hemp Report
  • Brazil’s Conab releases cane, sugar and ethanol output data
  • Holiday: Indonesia, Bangladesh
     

     Energy reports and events:

  • EIA weekly U.S. oil inventory report
  • U.S. weekly ethanol inventories
  • Genscape weekly crude inventory report for Europe’s ARA region
  • Holiday: Venezuela
     

Thursday, April 20

     Ag reports and events:

  • Weekly Export Sales
  • U.S. Bioenergy Statistics
  • Chickens and Eggs
  • Livestock Slaughter
  • China’s third batch of March trade data, including country breakdowns for commodities
  • Malaysia’s April 1-20 palm oil export data
  • Port of Rouen data on French grain exports
  • Holiday: Indonesia
     

     Energy reports and events:

  • EIA natural gas storage change
  • Russian weekly refinery outage data from ministry
  • Insights Global weekly oil product inventories in Europe’s ARA region
  • Singapore onshore oil-product stockpile weekly data
  • WTI May futures expire
  • Holiday: Egypt, UAE
     

Friday, April 21

     Ag reports and events:

  • CFTC Commitments of Traders report
  • Peanut Prices
  • Cattle on Feed  
  • FranceAgriMer’s weekly crop condition report
  • Holiday: Brazil, Indonesia
     

     Energy reports and events:

  • Baker Hughes weekly U.S. oil/gas rig counts
  • ICE weekly Commitments of Traders report for Brent, gasoil

 

 

KEY LINKS


WASDE | Crop Production | USDA weekly reports | Crop Progress | Food prices | Farm income | Export Sales weekly | ERP dashboard | California phase-out of gas-powered vehicles | RFS | IRA: Biofuels | IRA: Ag | Student loan forgiveness | Russia/Ukraine war, lessons learned | Russia/Ukraine war timeline | Election predictions: Split-ticket | Congress to-do list | SCOTUS on WOTUS  | SCOTUS on Prop 12 | New farm bill primer | China outlook Omnibus spending package | Gov’t payments to farmers by program | Farmer working capital | USDA ag outlook forum |


 

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