Open Supreme Court Spot Alters Washington Agenda

Posted on 09/21/2020 3:02 AM

Stopgap spending measure | Covid/stimulus aid | Powell, Mnuchin to testify

 


Washington Focus


 

Supreme Court Justice Ruth Bader Ginsburg's death Friday evening at the age of 87 has brought a new and contentious election-year issue: her replacement, something that could further complicate efforts on a stopgap funding measure and Covid aid/stimulus negotiations.

 

     President Donald Trump said he would pick a woman candidate for the Supreme Court within a week and said he wants a vote in the Senate prior to Nov. 3 elections.

 

     Senate Majority Leader Mitch McConnell (R-Ky.) said a vote would be held this year, but he did not say whether that would take place before or after elections in a lame-duck session. McConnell will know soon where his conference stands on the topic as he has a leadership meeting Monday night and then the Tuesday conference lunch, the first time all of his members will sit down together since Ginsburg's death. "Americans re-elected our majority in 2016 and expanded it in 2018 because we pledged to work with President Trump and support his agenda, particularly his outstanding appointments to the federal judiciary," McConnell said.

 

     Trump's supporters already have a new chant at rallies — “Fill that seat!” His campaign team is selling a T-shirt with that slogan and fundraising off of the court vacancy.

 

     Democratic presidential candidate Joe Biden on Sunday appealed to Senate Republicans to honor the dying wish of Justice Ginsburg and not vote on a nominee to fill the vacancy before the November presidential election. “As a nation, we should heed her final call to us, not as a personal service to her, but as a service to the country, our country, at a crossroads,” Biden said during a speech in Philadelphia. “There is so much at stake.”

 

    Link to our special report on the Supreme Court vacancy issues.

 

Fed chairman Jerome Powell is set for a busy week on Capitol Hill where he will testify three times on the CARES Act and the U.S. central bank’s response to the coronavirus pandemic.

 

     Treasury Secretary Steven Mnuchin and Powell are slated to testify to the House Financial Services Committee Tuesday. The House Select Subcommittee on the Coronavirus Crisis will hear testimony from Powell on Wednesday. Powell and Mnuchin are scheduled to testify before the Senate Banking Committee on Thursday in a hearing that will focus on coronavirus relief.

 

Stopgap spending measure is again a nonstop issue loaded with political maneuvers, this time over funding for USDA's Commodity Credit Corporation (CCC), whose funds have dwindled down to about $2 billion after several rounds of payouts to farmers suffering from trade disputes and coronavirus-related losses. Some House Democrats reportedly had sought to keep the CCC funds out of the continuing resolution (CR), with President Trump on Friday tweeting, “Pelosi wants to take 30 Billion Dollars away from our great Farmers. Can’t let that happen!” But as of Friday afternoon, some sources said the Democrats agreed to the CCC funding proposal in exchange for extending the Pandemic EBT program — short for electronic benefits transfer. The program was created in a March aid package and provides school meals for low-income children eligible for free and reduced price lunches, but who aren't in school to receive them. The Pandemic EBT extension would cost around $2.7 billion. In addition, the deal in principle was said to have dropped Democratic proposals for more election security funding and to extend redistricting-related census deadlines, which were causing concerns about potential undercounting in remote and low-income areas.

 

     Then word surfaced that Democratic leaders said no final agreement was reached on CCC funding or other issues. Something new could break on Monday as the House Rules panel has a virtual meeting to discuss the CR rule.

 

     House Speaker Nancy Pelosi (D-Calif.) told ABC's This Week that “none of us has any interest in shutting down the government. … So I would hope that we can just proceed with that. There is some enthusiasm among some exuberance on the left to say let's use that [to slow down the SCOTUS nomination process], but we're not going to be shutting down government.”

 

     The latest proposal is to extend funding for fiscal year 2021 through Dec. 11, not the prior date of Dec. 18. Some Democrats still prefer extending funding into 2021.

 

Some House Democrats are keeping pressure on Pelosi to bring a new pandemic relief bill for a vote this week, as they look to signal to voters that their party is pursuing an agreement to bolster the U.S. economy. Pelosi said that voting on some version of a Democratic stimulus bill is one of the options that’s been under discussion within the party to break the impasse with their Senate Republican counterparts and the White House.

 

     Some Democrats want to vote again on the $3.4 trillion stimulus package the House passed in May, Pelosi said at a news conference, while some lawmakers don’t want to advance any legislation until they strike an agreement with the Trump administration. “Others will say let’s just put our own proposal on the floor,” Pelosi said. She expressed confidence that her party is united in their approach.

 

With CFAP 2 details being announced Friday, enrollment begins Monday, Sept. 21, and runs through Dec. 11. The program is seen as more flexible than CFAP 1. Highlights of CFAP 2:

 

     • Payments will be based on 2020 planted acres, excluding prevented planting and experimental acres.
     • Payments for 2020 crops with a 5% or more price decline (based on average price for week of Jan. 13-17 through July 27-31) will be the greater of 1) eligible acres multiplied by $15 per acre; or 2) eligible acres multiplied by a nationwide crop marketing percentage, multiplied by a crop-specific payment rate (see table below) and then by the producer’s weighted 2020 APH-approved yield. If the APH is not available, then 85% of the 2019 ARC-CO benchmark yield will be used.
     • Crops with a 5% price decline include barley, corn, upland cotton, sorghum, soybeans, sunflowers, and all classes of wheat.
     • Payment rates and marketing percentages:
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     • Crops that do not meet the 5% price loss will be paid $15 per acre. These crops include alfalfa, amaranth grain, buckwheat, canola, Extra Long Staple (ELS) cotton, crambe (colewort), einkorn, emmer, flax, guar, hemp, indigo, industrial rice, kenaf, khorasan, millet, mustard, oats, peanuts, quinoa, rapeseed, rice, sweet rice, wild rice, rye, safflower, sesame, speltz, sugar beets, sugarcane, teff, and triticale.
     • Dairy producers will receive an additional $1.20/cwt on average production numbers through the end of year.
     • Eligible beef cattle, hogs and pigs, and lambs and sheep payments will be based on the maximum owned inventory of eligible livestock, excluding breeding stock, on a date selected by the producer, between Apr. 16, 2020, and Aug. 31, 2020. Cattle will be paid $55 per head, hogs and pigs will be paid $23 per head, and sheep and lambs will be paid $27 per head.
     • Specialty crops payment calculations will use a sales-based approach, where producers are paid based on five payment gradations associated with their 2019 sales. The five payment gradations include $0-49,999 at 10.6%, $50,000-$99,999 at 9.9%, $100,000-$499,999 at 9.7%, $500,000-$999,999 at 9.0%, and sales over $1 million at 8.8%. Aquaculture, nursery crops, floriculture, tobacco, goat milk, mink, mohair, wool, and other livestock will be paid under the specialty crop category.
     • Total CFAP 2 payment that a person may receive, directly or indirectly through attribution of payments, is $250,000. As this is a separate program, this payment limitation is separate from the CFAP 1 payment limit.

 

President Trump's schedule this week includes:

 

     • Monday: The president will travel to Ohio and give speeches in Dayton and Swanton.
     • Tuesday: Trump will travel to Pittsburgh to give a speech.
     • Wednesday: Trump will deliver remarks in honor of veterans who fought at the Bay of Pigs. Trump will participate in a discussion with state attorneys general on “protecting consumers from social media abuses.
     • Thursday: The president will travel to Jacksonville, Fla. and give a speech.

 


Hearings and Events This Week


 

Key topics for hearings and special events include Covid-19 and responses, China, climate change and some association conferences.

 

Monday, Sept. 21

 

     • CPAP 2 enrollment begins and will run through Dec. 11.
     • Federal Reserve Board holds an open meeting to discuss advance rulemaking on the Community Reinvestment Act. Fed Governor Lael Brainard speaks about the Act at a virtual event hosted by the Urban Institute.
     • BIO conference. Biotechnology Innovation Organization’s (BIO) Interactive Ag & Environment Conference, through Tuesday.
     • United Fresh Produce Association annual Washington conference, through Wednesday.
     • Environmental issues. American Enterprise Institute for Public Policy Research webinar on "Policies Behind Environmental Progress." Speakers include EPA Administrator Andrew Wheeler.
     • House Rules Committee online meeting on rule for continuing resolution.

President Donald Trump to visit Ohio and give speeches in Dayton and Swanton.

     • Federal Reserve. Fed Governor Lael Brainard, New York Fed President John Williams and Dallas Fed President Robert Kaplan are scheduled to speak.

     • China and national security. National Press Foundation webinar on "Data and National Security," focusing on China.

     • 2020 elections. Arab Center virtual fifth annual conference with the theme "The 2020 U.S. Election: Domestic and Global Implications.”

     • China issues. Brookings Institution webinar on "Global China: Examining China's Approach to Global Governance and Norms."

     • 2020 elections and the Caribbean. Woodrow Wilson Center's Latin American Program webcast on "Trump or Biden: What Would it Mean for Latin America and the Caribbean?"

     • Iran. Council on Foreign Relations on-the-record virtual discussion with Iran Minister of Foreign Affairs Mohammad Javad Zarif.

     • Supreme Court nominations. Cato Institute virtual book discussion on "Supreme Disorder: Judicial Nominations and the Politics of America's Highest Court."

     • EPA standards. Federalist Society for Law and Public Policy Studies conference call briefing on "Evaluating the EPA's Proposals to Retain the Existing Particulate Matter and Ozone Standards."

     • Trade negotiations. Washington International Trade Association webinar on "The Art and Science of Trade Negotiating."

     • Foreign interference in U.S. elections. George Washington University Elliott School of International Affairs webinar on "Meddling in the Ballot Box: The Causes and Effects of Partisan Electoral Interventions," focusing on foreign powers.

     • Small businesses. The Hill virtual discussion on "E-commerce and the American Small Business."

     • ICE detainees. House Homeland Security Committee Democrats virtual forum on "ICE Detention Facilities: Failing to Meet Basic Standards of Care."

     • Immigration and elections. Brookings Institution webinar on "Policy 2020: Our Nation of Immigrants," focusing on the 2020 election.

     • Caribbean recovery. Clinton Foundation virtual session on "Building Back Greener: Promoting an Inclusive and Sustainable Caribbean Recovery," focusing on building resilience in the Caribbean amid Covid-19 — the first of two virtual "Week of Action" events.

     • Grid resilience. Atlantic Council webinar on "Grid Resilience in the Face of Extreme Weather Events."

     • Russia WTO commitments. Office of the U.S. Trade Representative hearing by teleconference on Russia's implementation of its obligations as a Member of the World Trade Organization (WTO).

Tuesday, Sept. 22


     • BIO conference. Speaker: USDA Secretary Sonny Perdue.
     • Trump energy policy. House Natural Resources subcommittee online hearing, “Trump Administration Broken Promises on Renewable Energy.”
     • United Fresh Produce Association annual Washington conference. Speaker: USDA Secretary Sonny Perdue.
     • Chicago Fed President Charles Evans takes part in a webinar discussion on the U.S. economy and monetary policy hosted by OMFIF, the Official Monetary and Financial Institutions Forum.
     • Europe. Hoover Institution hosts H.R. McMaster, President Trump’s former national security adviser, plus Ambassador Mariangela Zappia, permanent representative of Italy to the UN. They will discuss Europe’s perspective on the “Great Power Competition.”
President Donald Trump to travel to Philadelphia to deliver a speech.

     • Pandemic response. House Financial Services Committee hearing on "Oversight of the Treasury Department's and Federal Reserve's Pandemic Response." Fed Chairman Jerome Powell and Treasury Secretary Steven Mnuchin to testify.

     • Trade and national security. U.S. Chamber of Commerce's International Affairs Division webinar on "foreign policy, global trade and national security."

     • Korea, China and the U.S. George Washington University Elliott School of International Affairs holds a virtual Korea Policy Forum on "U.S./Korea Relations in the Era of U.S./China Strategic Rivalry."

     • China’s financial system. Center for Strategic and International Studies webcast on a new report on "The China Economic Risk Matrix: Pinpointing the Dangers in China's Financial System."

     • Financial system reforms. Peterson Institute for International Economics webinar on "What Reform Does the U.S. Financial System Need?"

 

     • Human rights in Asia. House Foreign Affairs Asia, the Pacific and Nonproliferation Subcommittee hearing on "Stemming a Receding Tide: Human Rights and Democratic Values in Asia."

     • Offshore energy. Senate Energy and Natural Resources Committee hearing on "Offshore Energy Technologies."

     • Energy issues. United States Energy Association webinar on a National Petroleum Council report, "Dynamic Delivery — America's Evolving Oil and Natural Gas Transportation Infrastructure."

     • Climate change. American Security Project webinar on "Climate Change as a Threat Multiplier."

     • Carbon issues. Alliance for Market Solutions and the Niskanen Center virtual briefing on "Carbon Border Adjustments: An Opportunity for the U.S.," examining a European Union agreement to impose a carbon border adjustment by 2023.

     • Renewable energy. House Natural Resources Energy and Mineral Resources Subcommittee hearing on "Trump Administration Broken Promises on Renewable Energy."

     • Covid-19. Joint Economic Committee hearing on "The Economic Impact of America's Failure to Contain the Coronavirus."

     • Foreign affairs issues. Atlantic Council webinar on "the intersection between current U.S. domestic challenges and America's standing and role in the world."

Wednesday, Sept. 23


     • Fed Chairman Jerome Powell appears before the House Select Subcommittee on the Coronavirus to discuss the central bank’s response.
     • ESA. Senate Environment and Public Works Committee hearing on Modernizing the Endangered Species Act (ESA).
     • United Fresh Produce Association annual Washington conference. Town hall on the presidential election with former USDA Secretary Tom Vilsack representing Democratic nominee Joe Biden and former Perdue chief of staff Ray Starling representing President Trump.
     • President Donald Trump delivers remarks in honor of veterans who fought at the Bay of Pigs. Trump will also participate in a discussion with state attorneys general on “protecting consumers from social media abuses

     • Federal Reserve. Fed Vice Chair Richard Clarida, Cleveland Fed President Loretta Mester and Boston Fed President Eric Rosengren to deliver remarks.

     • U.S. relations with China, Iran. Hudson Institute webinar on "U.S. Relations with China, Latin America and Iran."

     • International economy. Institute of International Bankers virtual 2020 D.C. Summit with remarks from Fed Vice Chair Richard Clarida.

     • Covid-19 and U.S. supply chain. International Trade Commission hearing by webcast on an investigation about "Covid-19 Related Goods: The U.S. Industry, Market, Trade and Supply Chain Challenges."

     • Covid-19 response. Senate Health, Education, Labor and Pensions Committee hearing on "Covid-19: An Update on the Federal Response." Dr. Anthony Fauci and FDA Commissioner Stephen Hahn to testify.

     • Trade agenda. Washington International Trade Association webinar on the trade agenda for the next Congress.

     • Wolf nomination. Senate Homeland Security and Governmental Affairs Committee hearing on the nomination of Chad Wolf to be Homeland Security secretary.

     • Fed Covid-19 response. House Oversight and Reform Coronavirus Crisis Subcommittee hearing on the Federal Reserve’s response to the economic crisis.

     • Green recovery. House Foreign Affairs Europe, Eurasia, Energy and the Environment Subcommittee hearing on "Green Recovery Plans for the Covid-19 Crisis."

     • Regulatory issues. CQ Roll Call and Fiscal Note webinar on "how administration change could affect the regulatory landscape."

     • Covid and supply chains. Atlantic Council webinar on "Global Supply Chains Disrupted: Additive Manufacturing, Onshoring, and Covid-19."

     • Green issues and economic recovery. Environmental and Energy Study Institute webinar on "Growing Green Industry and Innovation," as part of the "Workforce Wednesdays: Policies and Programs for a Strong, Low-Carbon Covid-19 Recovery" series.

     • Pompeo remarks. Secretary of State Mike Pompeo delivers remarks to legislative, business, and military leaders in the Wisconsin state Senate Chamber.

     • U.S./China relations. New America and Arizona State University virtual Future Security Forum as part of the Future of War Project," including a session on "U.S./China Relations Post Covid-19: Is Conflict Inevitable?"

     • 2020 elections. Institute for Critical Infrastructure Technology virtual discussion on "2020 Election Resiliency: Integrity vs Disruption," focusing on how the Covid-19 pandemic has affected the technology needs for the November Elections.

     • Immigration and Covid-19. House Judiciary Immigration and Citizenship Subcommittee hearing on "Immigrants as Essential Workers During Covid-19."

     • Cyberattacks. Senate Judiciary Intellectual Property Subcommittee hearing on "Examining Threats to American Intellectual Property: Cyber-attacks and Counterfeits During the Covid-19 Pandemic."

     • Government budget outlook. Senate Budget Committee hearing on Congressional Budget Office's updated budget outlook.

Thursday, Sept. 24


     • Covid-19 relief. Fed Chairman Jerome Powell and Treasury Secretary Steven Mnuchin testify to the Senate Banking Committee about coronavirus relief.
     • PPP. House Small Business subcommittee virtual hearing on the Paycheck Protection Program (PPP).
     • President Donald Trump travels to Jacksonville, Florida, to give a speech.

     • Federal Reserve. St. Louis Fed President James Bullard, Chicago Fed President Charles Evans and New York Fed President John Williams to deliver remarks.

     • Clean energy. International Energy Agency media webinar on "Carbon Capture, Utilization and Storage (CCUS) in Clean Energy Transitions."

     • China/Africa research initiative. Johns Hopkins University Paul H. Nitze School of Advanced International Studies (SAIS) sixth annual virtual China/Africa Research Initiative conference.

     • Middle East policy. Senate Foreign Relations Committee hearing on "U.S. Policy in a Changing Middle East."

     • Maritime security. Atlantic Council webinar on "Security at the Maritime Edge."

     • Homeland threats. Senate Homeland Security and Governmental Affairs Committee hearing on "Threats to the Homeland."

     • Covid-19 and the U.S. economy. Brookings Institution virtual conference on Brookings Papers on Economic Activity with the theme "Covid-19 and the Economy."

     • CARES Act. Senate Banking, Housing and Urban Affairs Committee hearing on "The Quarterly CARES Act Report to Congress."

     • China Belt and Road initiative. German Marshall Fund of the United States webinar on "The China/Pakistan Economic Corridor and the Future of the Belt and Road Initiative."

     • Environmental issues and trade. Washington International Trade Association webinar on "Trade and the Environment," on how existing trade agreements address environmental issues.

     • U.S. Postal Service. Economic Club of Washington, D.C. webinar with Postmaster General Louis DeJoy.

     • USMCA. Mayer Brown virtual discussion on "The New USMCA (U.S.-Mexico-Canada Agreement): Key Challenges and Concerns."

     • Antimicrobial resistance. National Academy of Sciences, Engineering, and Medicine Committee on the Long-Term Medical and Economic Effects of Antimicrobial Resistance. Virtual meeting.

     • Climate change and elections. Resources for the Future webinar on "Climate Insights 2020: Climate Change and the American Voter," focusing on voters' priorities.

     • CFIUS reforms. House Financial Services National Security, International Development, and Monetary Policy Subcommittee hearing on "An Examination of the Administration's Implementation of Statutory Reforms to the Committee on Foreign Investment in the United States (CFIUS)."

     • U.S., China and Europe. Johns Hopkins University Paul H. Nitze School of Advanced International Studies webinar on "The New World Disorder: The Power Struggle Between China, the U.S. and Europe."

     • Social Security. House Ways and Means Social Security Subcommittee hearing on "Save Our Social Security Now."

     • Agricultural commodities/CFTC. Commodity Futures Trading Commission (CFTC) teleconference of the Agricultural Advisory Committee, including updates from the Livestock Task Force; Second quarter National Farm Loan data; Impending launch of a Brazil-based Soybean futures contract; and Discussion regarding the Division of Enforcement's Self-Reporting Program and the role of intermediaries and the National Futures Association in protecting market participants from fraud.

     • Climate change. House Oversight and Reform Environment Subcommittee hearing on "Climate Change, Part IV: Moving Toward a Sustainable Future."

     • Korea and Covid-19. Asia Society webinar with Republic of Korea Minister of Foreign Affairs Kang Kyung-wha, on Korea's response to Covid-19.

Friday, Sept. 25


     • Covid-19 impact on restaurants. House Ways and Means subcommittee online hearing on the impact of the Covid-19 pandemic on restaurants.
     • PPP loan forgiveness. House Small Business Economic Growth, Tax and Capital Access Subcommittee hearing on "A Review of PPP (Paycheck Protection Program) Forgiveness."

     • Federal Reserve. University of Maryland's Center for Financial Policy and the Federal Reserve Board virtual third annual Federal Reserve Short-Term Funding Markets Conference.

     • Covid-19 and climate change. National Press Club virtual discussion on "the state of the world during the Covid-19 pandemic and the ongoing threats caused by climate change."

 


Economic Reports and Fed Reserve Appearances for the Week


 

Several housing-market indicators will be published this week. On Tuesday, the National Association of Realtors reports existing-home sales for August. Then on Wednesday, the Federal Housing Finance Agency releases its home price index for July. Finally, the Census Bureau reports new-home sales for August on Thursday.

 

     Other economic data out this week include IHS Markit’s composite purchasing managers index for September on Wednesday. The overall index and both of its manufacturing and services components are expected to decline slightly from August. And on Friday, the Census Bureau will publish the durable goods report for August — a decent proxy for business investment. Forecasts are for a 1.2% month-over-month gain.

 

Monday, Sept. 21


     • Federal Reserve releases its second-quarter Financial Accounts of the U.S., which details household and nonprofit balance sheets and changes in net worth, among other data. In the first quarter, household net worth fell by $6.5 trillion, to $110.8 trillion, led by a huge decline in the value of stock holdings as the S&P 500 index fell 20%.
     • Federal Reserve Bank of Chicago releases its National Activity Index for August. Consensus estimate is for a 1.2 reading, even with the July figure. The index has had three consecutive positive monthly readings after hitting a record low of negative 17.91 in April.
     • Federal Reserve Board open meeting to discuss advance rulemaking on the Community Reinvestment Act. Fed Governor Lael Brainard speaks about the Act at a virtual event hosted by the Urban Institute.

Tuesday, Sept. 22


     • National Association of Realtors (NAR) reports existing-home sales for August. Economists forecast a seasonally adjusted annual rate of 5.88 million homes sold, a tick above July’s 5.86 million. July saw a 24.7% month-over-month jump in total existing-home sales, a record high, and median home prices topped $300,000 for the first time, according to the NAR.
     • Richmond Fed Manufacturing
     • Fed Chairman Jerome Powell and Treasury Secretary Steven Mnuchin testify on the CARES Act before the House Financial Services Committee.
     • Chicago Fed President Charles Evans takes part in a webinar discussion on the U.S. economy and monetary policy hosted by OMFIF, the Official Monetary and Financial Institutions Forum.

Wednesday, Sept. 23


     • IHS Markit releases its composite Purchasing Managers’ Index for September. Expectations are for a 54 reading, just behind the August level. The manufacturing and services PMI components are seen clocking in at 52.8 and 54.6, respectively. Both figures are slightly below the August data.
     • Federal Housing Finance Agency releases its Home Price Index for July. In the June-quarter report, the FHFA data showed home prices increasing 5.4% year over year, led by Western states. Idaho, Arizona, Washington, and Utah were the best markets, all with annual price appreciation of more than 8%.
     • Fed Chairman Jerome Powell appears before the House Select Subcommittee on the Coronavirus to discuss the central bank’s response.
     • Federal Reserve. Chicago Payments Symposium has remarks by Cleveland Fed President Loretta Mester on “payments and the pandemic.” Chicago Fed President Charles Evans takes part in a MNI-moderated discussion on the U.S. economy.
     • Federal Reserve. Boston Fed President Eric Rosengren discusses the economy at an event hosted by the Boston Economic Club. San Francisco Fed President Mary Daly takes part in a discussion on the impact of the pandemic on the labor force. Fed Vice Chair for Supervision Randal Quarles speaks on the economic outlook to the Institute of International Bankers. All events virtual.

Thursday, Sept. 24


     • Census Bureau reports new-home sales for August. Consensus estimate is for a seasonally adjusted annual rate of 860,000 homes sold, below July’s 901,000. New-home sales in July reached their highest levels since December 2006.
     • Jobless Claims
     • KC Fed Manufacturing
     • Fed Balance Sheet
     • Money Supply
     Covid-19 relief. Fed Chairman Jerome Powell and Treasury Secretary Steven Mnuchin testify to the Senate Banking Committee about coronavirus relief.
     • Federal Reserve. St. Louis Fed President James Bullard discusses the economy and monetary policy on a Global Interdependence Center webinar. The Chicago Fed’s Charles Evans discusses the outlook for the U.S. economy in a virtual event hosted by the Illinois Chamber of Commerce

Friday, Sept. 25


     • Census Bureau releases the Durable Goods report for August. Economists forecast a 1.2% month-over-month gain in new orders for manufactured durable goods, to $233.5 billion. Excluding transportation, new orders are seen rising 1.2%.
     • New York Fed President John Williams speaks via conference call with community development and nonprofit leaders from the Rochester area. He also talks about the Covid-19 job market with young adults in the area, via videoconference.

 


Key USDA & international Ag & Energy Reports and Events


 

Monday, Sept. 21

 

         Ag reports and events:

  • Export Inspections
  • Crop Progress
  • EU weekly grain, oilseed import and export data
  • Malaysia Sept. 1-20 palm oil export data
  • Holiday: Japan
     

         Energy reports and events:

  • International Atomic Energy Agency annual general conference in Vienna, with topics ranging from safeguards in Iran and Saudi Arabia to climate change and nuclear’s role in the energy balance, through Sept. 25.
     

Tuesday, Sept. 22

 

         Ag reports and events:

  • Chickens & Eggs
  • Cold Storage
  • Holiday: Japan
     

         Energy reports and events:

  • API weekly U.S. oil inventory report
     

Wednesday, Sept. 23

 

         Ag reports and events:

  • Broiler Hatchery
  • Cotton Ginnings
  • China customs publishes data on imports of corn, wheat, sugar and cotton
     

         Energy reports and events:

  • EIA weekly U.S. oil inventory report
  • U.S. weekly ethanol inventories
  • China second batch of August trade data, including oil products trade breakdown
     

Thursday, Sept. 24

 

         Ag reports and events:

  • Weekly Export Sales
  • Hogs and Pigs
  • Livestock Slaughter
  • Poultry Slaughter
  • Turkeys Raised
  • Port of Rouen data on French grain exports
  • Brazil’s Unica to release cane crush and sugar output data during the week
  • International Grains Council monthly report
     

         Energy reports and events:

  • EIA natural gas storage change
  • Bloomberg-hosted panel discussion on oil market outlook including Citi’s Ed Morse, Standard Chartered’s Emily Ashford, IEA’s Neil Atkinson, OilX’s Florian Thaler, Bloomberg NEF’s Anastacia Dialynas
     

Friday, Sept. 25
 

         Ag reports and events:

  • CFTC weekly commitments of traders report
  • Peanut Prices
  • Food Price Outlook
  • Cattle on Feed
  • China customs publishes country-wide soybean and pork import data
  • S&P Platts Sugar and Ethanol Conference, Sao Paulo
  • FranceAgriMer weekly update on crop conditions
  • Malaysia palm oil export data for Sept. 1-25
     

         Energy reports and events:

  • Baker Hughes weekly U.S. oil/gas rig counts
  • China third batch of August trade data, including country breakdowns for energy and commodities

 

 

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