Congress Returns with Key Focus on Whether Biden Will Withdraw from Race

The Week Ahead: July 21, 2024

Congress returns with Washington all abuzz on whether President Joe Biden will decide not to seek re-election.

— There is significant pressure on President Biden to withdraw from the 2024 presidential race, but his campaign maintains that he intends to continue running.

As of July 19, at least 35 congressional Democrats have publicly called on Biden to step aside as the party’s nominee for the 2024 election. This represents more than 10% of the Democratic caucuses in the House and Senate. Sen. Joe Manchin (I-W.Va.) became the fourth senator to call on Biden to leave the presidential race on Sunday, urging the president to be a “uniter” and “pass the torch” to another Democratic candidate.

Of note: Rep. Dean Phillips (D-Minn.), who was a candidate for his party’s 2024 presidential nomination, penned a commentary item in the Wall Street Journal (link) that says Democrats in Congress should hold a confidence vote on Biden, adding it can be a secret ballot to avoid retribution. If a majority still support the president, all must unite behind him.

Democrats cite concerns about Biden’s age, 81, and perceived fitness for office, as well as worries that these factors could jeopardize the party’s chances of winning in 2024.

As of July 16, Biden’s approval rating among registered voters stands at 40.0%.

Biden’s campaign manager, Jen O’Malley Dillon, has firmly stated that “Absolutely, the president is in this race” and that Biden is “clearly, in our impression…the best person to take on Donald Trump.” The campaign denies reports that Biden is considering leaving the race. Biden’s campaign has indicated that he plans to return to the campaign trail next week once he recovers from Covid.

Biden has grown resentful toward Democratic congressional leaders and former President Barack Obama. According to the New York Times (link): “Sick with Covid and abandoned by allies, President Biden has been fuming at his Delaware beach house, increasingly resentful about what he sees as an orchestrated campaign to drive him out of the race and bitter toward some of those he once considered close, including his onetime running mate Barack Obama… He considers Representative Nancy Pelosi, the former House speaker, the main instigator, but is irritated at Mr. Obama as well, seeing him as a puppet master behind the scenes.”

Some Democrats have warmed to the idea of replacing Biden with Vice President Kamala Harris, though there is no consensus within the party on who should replace Biden if he were to step aside. The Democratic National Committee said it won’t begin a roll call vote to officially select Biden as nominee until at least Aug. 1. But the more time that passes, the harder it will be for another nominee to get up to speed in time for the general election campaign. The Democratic National Convention will take place in Chicago at the United Center from Aug. 19 to 22.

Sen. Elizabeth Warren (D-Mass.) praised Harris in an MSNBC interview Saturday morning, saying the vice president is “ready to step up” and “take on Donald Trump,” though she did not go as far as to call on Biden to step aside, saying Biden “is our nominee” and has “a really big decision to make.”

— A Detroit Free Press poll of likely Michigan voters shows former President Trump up 7 points (49%-42%) in one of President Biden’s most vital states. Sunday front page headline: “Michigan poll: Trump’s edge takes notable leap in battleground state.” (Link) Trump led in every region of the state, including metro Detroit, where he was up 2 points.

— Several law enforcement leaders set to testify on Capitol Hill this week about the Trump rally shooting have provided conflicting accounts of what went wrong. Key officials expected to testify include:

• Secret Service Director Kimberly Cheatle

• Representatives from the FBI and Department of Homeland Security

• Local law enforcement leaders from Butler County, Pennsylvania

Cheatle is facing a flurry of questions about how a gunman was able to get a clear line of sight to Trump at the rally site, and some members of Congress have called for her resignation.

The House Oversight Committee hearing, scheduled for Monday, July 22, aims to investigate the security lapses and determine accountability. Additionally, the Senate Homeland Security Committee is being urged to conduct its own inquiry before Aug. 1. These hearings come amid growing scrutiny of the Secret Service’s failure to prevent the assassination attempt, despite warnings from rally attendees about a suspicious person near the venue. The testimonies are expected to provide more clarity on the timeline of events and decision-making processes leading up to the shooting.

— FY 2025 Ag appropriations: On Monday, the House Rules Committee meets to formulate a rule for floor consideration of FY 2025 appropriations measures for Financial Services, Interior and Environment, Energy and Water, and USDA/FDA.

— On Monday, President Joe Biden will host Israeli Prime Minister Benjamin Netanyahu at the White House, two days before Netanyahu will address a joint meeting of Congress. Netanyahu will address Congress at the invitation of House Speaker Mike Johnson (R-La.) and Senate Minority Leader Mitch McConnell (R-Ky.). Netanyahu’s speech is expected to be met by protests outside the Capitol and in Congress as some lawmakers have vowed to boycott his appearance.

— House Ag Committee hearing on financial conditions in the ag sector. The Tuesday, July 23, hearing aims to address the current financial conditions in farm country (link). This hearing comes at a critical time, given the various challenges facing the ag sector, including financial volatility, climate change impacts, and legislative gridlocks.

Key issues:

1. Farm income and financial performance
Recent reports indicate a significant decline in farm income. The USDA forecasts a decrease in net farm income by $39.8 billion (25.5%) from 2023 to 2024, bringing it to $116.1 billion. This follows a previous decline from 2022 to 2023, marking a continued downward trend. Factors contributing to this decline include lower cash receipts from crop and livestock sales, reduced government payments, and increased production expenses.

2. Government payment programs
The role of government payment programs in supporting farm income will be a focal point. The reduction in direct government payments by $1.9 billion (15.9%) from 2023 to 2024 is expected to impact farmers significantly. This decrease is largely due to lower supplemental and ad hoc disaster assistance.

3. Climate change and environmental regulations
Climate change poses both risks and opportunities for agricultural finance. A recent survey revealed that 87% of agricultural finance institutions expect climate change to pose a material risk to their business, while 59% see potential opportunities. The hearing will likely address how to integrate climate-smart practices into agricultural finance to mitigate risks and leverage opportunities. But to date, rules for biofuel tax incentive programs have been very late in being finalized, and when they were, the complex provisions placed burdensome hurdles for farmer participation.

4. Foreign ownership of farmland
The issue of foreign ownership, particularly by Chinese entities, has raised national security concerns. South Dakota Governor Kristi Noem recently testified about the risks associated with Chinese ownership of U.S. farmland, highlighting the need for vigilant policies to protect national interests.

5. Stalled farm bill
The new farm bill has been delayed due to disagreements over food stamp and conservation funding allocations, and guard rails on the USDA secretary’s use of Commodity Credit Corporation (CCC) funding. The bipartisan support needed to pass the bill remains elusive, with significant differences between the House and Senate versions. Farm bill text has been issued by the House but not by the Senate. Meanwhile, the time clock is running out on the farm bill, with odds high that another extension is likely for the 2018 Farm Bill.

— The House Rules Committee late Monday will consider the fiscal year (FY) 2025 Agriculture appropriations bill along with three other appropriations bills. Link to the bill and proposed amendments.

— WRDA vote in House. The House of Representatives is expected to vote on the Water Resources Development Act (WRDA) of 2024 this week. The House Transportation and Infrastructure Committee approved the bill on June 26, 2024, with a bipartisan vote of 61-2, and it now awaits consideration by the full House. The WRDA is a biennial piece of legislation that authorizes projects and policies for the U.S. Army Corps of Engineers related to water resources infrastructure, including ports, harbors, flood and storm protection, and inland waterways. No word yet on when the Senate will take up its version, after which a House-Senate conference will follow.

— House GOP seeks agency details on impact of Chevron Doctrine ruling. Top House Republicans are seeking information from federal agencies on the impact of the Supreme Court’s decision to strike down the Chevron doctrine on their rulemaking authority. House Energy and Commerce Chairwoman Cathy McMorris Rodgers (R-Wash.) and Oversight Chairman James Comer (R-Ky.) have asked agencies, including the Energy Department, to detail the new limits on their regulatory power following the ruling.

Background. The Chevron doctrine, which allowed courts to defer to reasonable agency interpretations of ambiguous laws, was overturned last month in the Supreme Court case Loper Bright Enterprises v. Raimondo. Republicans celebrated the decision, believing it strengthens their ability to challenge Biden administration regulations, particularly in environmental policy.

EPA also under focus. Rodgers, Comer, and other committee leaders, such as Science Chairman Frank Lucas (R-Okla.) and Agriculture Chairman GT Thompson (R-Pa.), also sent a letter to the Environmental Protection Agency, a frequent target of Republican opposition to Biden’s environmental initiatives.

House Republicans see the Supreme Court ruling as a significant tool to counter Biden’s regulatory actions. Speaker Mike Johnson (R-La.) stated that the ruling restores constitutional balance and marks the beginning of the end for the administrative state.

Congress is also examining its own capabilities in a post-Chevron landscape, including the potential need for more detailed regulatory legislation. The House Administration Committee has scheduled a July 23 hearing with witnesses from the American Enterprise Institute, Georgetown University Law Center, and Heritage Foundation to discuss these issues.

— Federal appeals panel upholds EPA’s biogas rule, rejects RNG coalition’s challenge. A federal appeals panel struck down a challenge by the Coalition for Renewable Natural Gas (RNG Coalition) to new standards set by the Environmental Protection Agency (EPA).

The case centered around the EPA’s Biogas Regulatory Reform Rule, which the RNG Coalition contested through a petition for review. The U.S. Court of Appeals for the District of Columbia Circuit unanimously ruled against the coalition, finding that seven of their nine claims lacked merit, while the remaining two were deemed improper for consideration by the court.

The RNG Coalition argued that the new reform rule conflicted with Congress’s directive to promote renewable fuel in the transportation market. They claimed that the rule could potentially force biogas producers out of the biofuel market. However, these arguments failed to persuade the court.

Judge Patricia A. Millett, speaking for the panel, stated, “Because EPA’s modifications are reasonable and supported by substantial evidence, we deny the petition for review.” This indicates that the court found the EPA’s new standards to be well-founded and within the agency’s authority.

Implications: The ruling upholds EPA’s revised biogas accounting rules, which could have significant implications for how biogas is regulated and accounted for in the renewable fuel sector.

— On the trade policy front, the U.S. has presented a compelling case in its dispute with Mexico over genetically engineered corn under the United States-Mexico-Canada Agreement (USMCA), according to Ambassador Doug McKalip, the chief agricultural negotiator in the Office of the U.S. Trade Representative (USTR). Speaking at the National Corn Growers Association’s Corn Congress in Washington, D.C., McKalip emphasized the critical importance of this issue for all farmers, highlighting the need to prevent trading partners from disregarding scientific standards.

Both U.S. and Mexican officials have responded to questions from the panel overseeing the matter, with the panel expected to deliver its final report in November 2024. If the panel rules in favor of the U.S., Mexico will have 45 days to comply with the ruling or face potential trade sanctions.

McKalip also mentioned ongoing efforts to address unfair trade practices with Brazil, particularly the 18% tariffs on U.S. ethanol, which have hindered American biofuel companies from qualifying for Brazil’s program. Brazil reinstated a 16% tariff on U.S. ethanol in February 2023, which increased to 18% in 2024. These tariffs were previously suspended in March 2022, allowing duty-free access. The U.S. ethanol industry has been significantly impacted by these tariffs. U.S. ethanol producers face non-tariff barriers in Brazil. Brazilian ethanol producers have access to the U.S. Renewable Fuels Standard and California’s Low Carbon Fuel Standard program, but U.S. producers do not receive reciprocal treatment in Brazil.

McKalip said USTR is working to diversify its Asian trade portfolio by exploring markets in Vietnam, Thailand, and Malaysia, while maintaining valued trade relations with China.

— NPPC praises Massachusetts for clarification on Question 3 impacting ground pork. The National Pork Producers Council (NPPC) has praised the Massachusetts Department of Agricultural Resources (MDAR) for its updated clarification on Question 3, which significantly impacts the treatment of ground pork. Question 3, a 2016 ballot initiative, bans the sale of pork from hogs raised in non-compliant housing, like California’s Proposition 12. Link for details.

MDAR’s recent update to its FAQ reverses its previous stance that ground pork must comply with Question 3. This follows extensive negotiations and discussions led by NPPC, including a meeting in January with coalition partners. The updated FAQ (link) now states that ground pork and comminuted pork (diced, chopped, or cut into smaller pieces) are not covered by Question 3, as they are not considered whole pork meat.

Additionally, MDAR has agreed not to enforce regulations that applied Question 3 to pork products transshipped through Massachusetts for delivery to other states, pursuant to a settlement with NPPC and New England restaurant and hospitality groups.

NPPC views this update as a crucial development that brings much-needed clarity to the pork market in Massachusetts and New England. The initial requirement for ground pork to be Q3 compliant had caused significant confusion, particularly for ethnic restaurants that rely heavily on ground pork. NPPC said it remains committed to working with its partners to ensure a steady supply of pork to Massachusetts consumers.

— Also on the trade policy front, the European Union is set to impose anti-dumping duties on Chinese biodiesel imports following an investigation into complaints that unfairly priced renewable fuel from China is harming EU producers and workers. The provisional tariffs, ranging from 12.8% to 36.4%, will be implemented in four weeks. This decision comes in response to concerns that Chinese companies may be mixing fuels with cheaper ingredients and mislabeling them to benefit from the EU’s renewable energy incentives.

Dickon Posnett, President of the European Biodiesel Board (EBB), welcomed the move, highlighting the long-standing pressure on European businesses due to these imports.

Similar concerns have arisen in the U.S., with business groups urging the Biden administration to increase levies on Chinese used cooking oil used for low-carbon fuels.

Although the duties are expected to benefit EU producers, the immediate impact might be limited due to the region’s ample biodiesel supply.

The EBB expressed concern that Chinese sustainable aviation fuel (SAF) was not included in the anti-dumping measures and plans to address this issue with regulators urgently.

Notable events include Tuesday’s House Ag panel hearing on the U.S. ag sector financial condition, the three-day Bitcoin 2024 Conference, which will feature an appearance by Republican presidential candidate Donald Trump, and the start of the Paris Olympics, with the opening ceremony of the iconic sporting event scheduled for Friday.

Monday, July 22

• Rural issues. American Enterprise Institute for Public Policy Research “On the Front Porch” discussion on issues facing rural America.

• FY 2025 Budget. House Rules Committee meets to formulate a rule for floor consideration of FY 2025 appropriations measures for Financial Services, Interior and Environment, Energy and Water, and USDA/FDA.

• Trump assassination attempt. House Oversight and Accountability Committee hearing on “Oversight of the US Secret Service and the Attempted Assassination of President Donald Trump.” Secret Service Director Kimberly Cheatle testifies.

• Republican convention recap. Brookings Institution virtual discussion on “What We Learned from the Republican National Convention.”

• China Third Plenum review. Center for Strategic and International Studies virtual discussion on “China’s Third Plenum: A Plan for Renewed Reform?”

• Covid lessons learned. Food and Drug Administration meeting on Best Practices for Meeting Management to discuss issues like lessons learned from the Coronavirus Disease 2019 (Covid-19) pandemic including the use of virtual meeting platforms.

• Iran elections. Middle East Institute virtual discussion on “Unpacking Iran’s Presidential Elections: Drivers and Implications.”

• U.S./UK relations. Heritage Foundation virtual discussion on “Popular Sovereignty: The U.S./UK Special Relationship in the Age of Trump, Farage and Brexit.”

Tuesday, July 23

• Agriculture financial conditions. House Ag Committee hearing on “Financial Conditions in Farm Country.”

• FY 2025 Budget: NRC. House Energy and Commerce Energy, Climate, and Grid Security Subcommittee hearing on “The FY 2025 Nuclear Regulatory Commission Budget.” Several NRC commissioners testify.

• FY 2025 Budget: CPSC. House Energy and Commerce Innovation, Data, and Commerce Subcommittee hearing on “The FY 2025 Consumer Product Safety Commission Budget.” Consumer Product Safety Commission Chair Alexander Hoehn-Saric and other CPSC officials testify.

• Chevron Supreme Court ruling impacts. House Administration Committee hearing on “Congress in a Post-Chevron World.”

• Trump assassination attempt. House Homeland Security Committee hearing on “Examining the Assassination Attempt of July 13.”

• Minority farmers. USDA Office of Partnerships and Public Engagement meeting of the Advisory Committee on Minority Farmers to hear from the USDA Equity Commission Co-Chairpersons, who will share about the Commission and its accomplishments in the first term and their shared vision for USDA; runs through Thursday.

• Energy and climate issues. Atlantic Council Global Energy Center, Department of Energy, and the Romanian Energy Ministry hold fifth meeting of the Partnership for Transatlantic Energy and Climate Cooperation.

• Tuna issues. National Oceanic and Atmospheric Administration virtual meeting of the 32nd General Advisory Committee (GAC) to the U.S. Section to the Inter-American Tropical Tuna Commission (IATTC) and the 17th Scientific Advisory Subcommittee (SAS) to the GAC.

• EU elections. CQ Roll Call and FiscalNote virtual discussion on “EU Election Aftermath: Key Priorities and Policy Shifts.”

• Hostages held by Hamas. House Foreign Affairs Committee hearing on “Member Roundtable with Families of U.S. Hostages Held by Hamas.”

• China surveillance. House (Select) Strategic Competition Between the United States and the Chinese Communist Party Committee hearing on “The Great Firewall and the CCP’s Export of its Techno-Authoritarian Surveillance State.”

• ITC litigation. House Judiciary Courts, Intellectual Property, and the Internet Subcommittee of House Judiciary Committee hearing on “IP Litigation and the U.S. International Trade Commission.”

• CDC oversight. House Energy and Commerce Health Subcommittee hearing on “Are CDC’s Priorities Restoring Public Trust and Improving the Health of the American People?”

• U.S. foreign policy. The Carnegie Endowment for International Peace discussion on “Making Big Changes in U.S. Foreign Policy: Opportunities and Obstacles for the Next Administration.”

• Rail safety after Ohio derailment. House Transportation and Infrastructure Railroads, Pipelines and Hazardous Materials Subcommittee hearing on “Examining the State of Rail Safety in the Aftermath of the Derailment in East Palestine, Ohio.”• Genetic modification in food animals. National Academies of Sciences’ Committee on Heritable Genetic Modification in Food Animals workshop, “Oversight and Food Safety Concerns Posed by Heritable Genetic Modification in Food Animals.”

Wednesday, July 24

• Netanyahu address. Israeli Prime Minister Benjamin Netanyahu addresses a joint session of Congress.

• FY 2025 Budget: FERC. House Energy and Commerce Energy, Climate, and Grid Security Subcommittee hearing on “The FY 2025 Federal Energy Regulatory Commission (FERC) Budget.” FERC Chair Willie L. Phillips and other commissioners testify.

• FBI oversight. House Judiciary Committee hearing on “Oversight of the Federal Bureau of Investigation.” FBI Director Christopher Wray to testify.

• DOT agenda. House Transportation and Infrastructure Highways and Transit Subcommittee hearing on “Examining the Department of Transportation’s Regulatory and Administrative Agenda.”

• SBA oversight. House Small Business Oversight, Investigations and Regulations Subcommittee hearing on “Executive Overreach: Examining the SBA’s (Small Business Administration) Electioneering Efforts.” Associate SBA Administrator for Office of Field Operations Jennifer Kim testifies.

• Covid vaccines. The National Press Foundation holds a virtual briefing on “Covid and Flu Vaccine Updates Explained.”

• Chevron ruling impacts. Federalist Society for Law and Public Policy Studies Corporations, Securities & Antitrust Practice Group virtual discussion on “FTC Negative Option, Junk Fee, and Commercial Surveillance Rulemakings - Weighing Costs, Benefits and Litigation Risk in a Post-Chevron Environment.”

• Forest conservation. Atlantic Council Global Energy Center discussion on “Effective Jurisdictional Approaches to Forest Conservation.”

• Supreme Court review and outlook. CQ Roll Call and FiscalNote virtual discussion on “Supreme Court Recap: Critical Decisions and Future Outlook.”

Thursday, July 25

• CFTC reauthorization. House Ag Commodity Markets, Digital Assets, and Rural Development Subcommittee hearing on “Reauthorizing the CFTC: Stakeholder Perspectives.”

• FY 2025 Budget: Commerce, Interior, State, Transportation. Senate Appropriations Committee markup of the “Commerce, Justice, Science, and Related Agencies Appropriations Act, 2025"; the “Interior, Environment, and Related Agencies Appropriations Act, 2025"; the “State, Foreign Operations, and Related Programs Appropriations Act, 2025"; and the “Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2025.”
• Global economy and food security. Atlantic Council virtual discussion on “Shaping the Global Economy: From Food Security to Digital Transformation.”

• Food policy. Food Tank discussion on “Food Access, Affordability, Food is Medicine, and Preventing Food Loss and Waste,” focusing on “the urgency of prioritizing the health and well-being of future generations in our food policy.”

• Election and other issues. Axios virtual discussion on “this year’s most consequential issues across foreign policy, the upcoming election and an unexpectedly active hurricane season.”

• Long Covid. Washington Post Live virtual discussion on “The Looming Public Health Challenge of Long Covid.”

• Cybersecurity and inconsistent regulations. House Oversight and Accountability Cybersecurity, Information Technology, and Government Innovation Subcommittee hearing on “Enhancing Cybersecurity by Eliminating Inconsistent Regulations.”

• Export controls. Senate Banking, Housing and Urban Affairs Committee hearing on “Advancing National Security through Export Controls, Investment Security, and the Defense Production Act.”

• Supreme Court decisions. Federalist Society for Law and Public Policy Studies Washington D.C. Lawyers Chapter 2024 annual Supreme Court round up.

• Chevron deference and future rulemakings. Kaiser Family Foundation virtual discussion on “Beyond Chevron: How the Court’s Decision Will Change Health Policy Legislating and Rulemaking.”

• Netanyahu visit. Middle East Institute virtual discussion on “U.S./Israel Relations After Prime Minister Benjamin Netanyahu’s Visit.”

• Red Sea conflict. Middle East Policy Council 116th Capitol Hill Conference on “Conflict in the Red Sea: The Role of Great Power Actors.”

Friday, July 26

• Defending Taiwan. Center for Strategic and International Studies virtual book discussion on “The Boiling Moat: Urgent Steps to Defend Taiwan.”

• Clean energy transition. United States Energy Association virtual discussion on “Office of Fossil Energy and Carbon Management’s (FECM) National Requirements for the Clean Energy Transition Partnership (CETP).”

• 2030 Census. Census Bureau virtual meeting of the 2030 Census Advisory Committee to assist the Census Bureau in devising strategies to increase awareness of and participation in the next decennial census, reduce barriers to response, and enhance the public’s trust and willingness to respond.

The White House raised its growth and inflation forecasts for 2024, while projecting significant budget deficits in the coming years. The Office of Management and Budget (OMB) now expects the U.S. gross domestic product (GDP) to increase by 1.9% in the fourth quarter of 2024 compared to the same period last year, up from the 1.3% forecasted in March. The consumer price index (CPI) is anticipated to rise by 3.1%, higher than the previously expected 2.5%. Released on Friday in the OMB’s mid-session budget review (link), the estimates show a fiscal year deficit of $1.87 trillion, close to the March projection of $1.86 trillion. The deficit for next year is expected to be $1.88 trillion, an increase from the $1.78 trillion forecasted in March. As a percentage of GDP, the fiscal 2024 deficit is projected at 6.6%, slightly decreasing to 6.3% in 2025. These deficit ratios would remain among the highest in US history outside of wartime, the financial crisis, and the Covid-19 pandemic. Economists warn of potential economic damage if debt growth is not controlled. The Congressional Budget Office recently projected the US deficit to reach $1.92 trillion in 2024.

The spotlight this week will be on the second quarter earnings season, which will include many high-profile companies releasing quarterly figures. Google-parent Alphabet and Elon Musk’s Tesla will probably garner a lot of attention. Other companies include Coca-Cola and car manufacturers General Motors and Ford. Meanwhile, American Airlines and Southwest Airlines will be reporting its Q2 results on Thursday. ADM earnings come Wednesday.

The economic calendar is relatively light, with the focus on the latest personal income and outlays update for June. That report will contain a reading on the Federal Reserve’s favorite inflation gauge — the core personal consumption expenditures price index.

Monday, July 22
• Chicago Fed National Activity Index

Tuesday, July 23
• Existing Home Sales
• Richmond Fed Manufacturing

Wednesday, July 24
• MBA Mortgage Applications
• PMI Composite Flash
• New Home Sales
• Atlanta Fed Business Inflation Expectations
• Canada interest rate decision, with prospects of a rate cut on the rise.

Thursday, July 25
• Jobless Claims
• Durable Goods Orders
• International Trade in Goods
• Wholesale Inventories
• GDP
• KC Fed Manufacturing
• Fed Balance Sheet
• Money Supply
• G20 finance ministers and central bankers, including ECB Executive Board member Piero Cipollone, meet in Rio de Janeiro through Friday.
• Bitcoin 2024 conference in Nashville. Through July 27, with ex-President Donald Trump set to deliver the keynote address.

Friday, July 26
• Personal Income & Outlays
• Consumer Sentiment
• 2024 Olympics begin with opening ceremony in Paris. Through Aug. 11.

The United Nation’s food security and nutrition, or SOFI, report will be launched in Brazil Wednesday.

Major energy companies will report results toward the end of the week.

Monday, July 22

Ag reports and events:
• Export Inspections
• U.S. Bioenergy Statistics
• Crop Progress
• MARS bulletin on crop conditions in Europe

Energy reports and events:
• WTI August futures expire
• Sasol 4Q production/sales
• Earnings: Galp 2Q
• Holiday: Thailand

Tuesday, July 23
Ag reports and events:
• Dairy: World Markets and Trade
• Vegetables and Pulses Data
• Fruit & Tree Nut Data
• Chickens & Eggs
• Milk Production
• Sugar production and cane crush data from Brazil’s Unica (tentative)

Energy reports and events: • API weekly U.S. oil inventory report
• Woodside 2Q report
• Holiday: Egypt

Wednesday, July 24
Ag reports and events:
• Census of Agriculture: Watersheds
• Broiler Hatchery
• Launch of UN’s The State of Food Security and Nutrition in the World (SOFI) report, in Brazil

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
• Earnings: Equinor 2Q; Saipem; Repsol 2Q; NextEra Energy 2Q
• Holiday: Venezuela

Thursday, July 25

Ag reports and events:
• Export Sales
• Citrus: World Markets and Trade
• Food Price Outlook
• Fruit and Tree Nuts Outlook
• Cold Storage • Poultry Slaughter
• Livestock Slaughter
• Port of Rouen data on French grain exports
• Malaysia’s July 1-25 palm oil exports
• Earnings: Archer-Daniels-Midland Co.

Energy reports and events:
• EIA natural gas storage change
• Insights Global weekly oil product inventories in Europe’s ARA region
• Earnings: Valero 2Q; TotalEnergies 2Q/1H; Centrica; Neste 1H; TechnipFMC 2Q; Baker Hughes 2Q; Enel 1H

Friday, July 26

Ag reports and events:
• CFTC Commitments of Traders report
• Farm Production Expenditures
• Peanut Stocks and Processing
• Peanut Prices
• FranceAgriMer’s weekly crop condition report

Energy reports and events:
• Baker Hughes weekly U.S. oil/gas rig counts
• ICE weekly Commitments of Traders report for Brent, gasoil
• Brent September options expire
• Earnings: Eni 2Q; Vallourec 2Q/1H; EDF 1H; Orano 1H

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 | | Russia/Ukraine war, lessons learned | | SCOTUS on WOTUS | SCOTUS on Prop 12 pork | New farm bill primer | | Gov’t payments to farmers by program | Farmer working capital | USDA Ag Outlook Forum |