House Ag Panel on Thursday to Markup House Farm Bill

Iran president missing | Israel in crisis | Fed’s Powell positive for Covid-19 | Food prices | Anti-dumping duties on 2,4-D imports from China, India

•

May 19, 2024 08:58 PM

Iran president missing | Israel in crisis | Fed’s Powell positive for Covid-19 | Food prices | Anti-dumping duties on 2,4-D imports from China, India

Washington Focus

The House and Senate are both in session this week.

The House Ag Committee on Thursday (May 23) will mark up the House farm bill titled the Farm, Food, and National Security Act of 2024. Link to our Special Report released Sunday that compares some of the key topics in the proposed House and Senate farm bills.

U.S. food prices will be the topic of two events this week:

Wednesday: Senate Banking, Housing and Urban Affairs Economic Policy Subcommittee hearing on “Protecting Consumers’ Pocketbooks: Lowering Food Prices and Combatting Corporate Price Gouging and Consolidation.”
Friday: Food Price Outlook from USDA.

On Tuesday, Georgia, Idaho, Kentucky and Oregon hold their primaries, and voters in California’s 20th Congressional District will head to the polls in a special runoff election to fill the vacant seat in Congress left by former House Speaker Kevin McCarthy (R-Calif.).

ITC advances petition for anti-dumping duties on 2,4-D imports from China, India. The U.S. International Trade Commission (ITC) agreed to advance a petition by Corteva Agribusiness to place anti-dumping and countervailing duties on imports of the herbicide 2,4-D shipped from China and India.

The National Corn Growers Association said, “We are disappointed that ITC did not listen to the feedback from farmers about how harmful these tariffs could be to rural America,” said Minnesota farmer and NCGA President Harold Wolle. “Corn prices are already low and input costs have been rising. This decision will only compound our problems.”

Of note: Six major commodity groups, including the National Corn Growers Association (NCGA), sent a letter to ITC in April encouraging it to vote against advancing a petition.

NCGA said in a statement: “Growers have said the imports covered by this case are the major sources of supply other than Corteva, which is the only U.S. manufacturer, and that America’s farmers cannot rely upon a sole domestic supplier of 2,4-D to meet nearly all the market’s needs. Duties on 2,4-D imports from the two countries would intensify what is already a difficult period for many growers as key input costs continue to increase. USDA is projecting record-high farm production cash expenses for 2024. At the same time, crop values are declining. USDA projects total cash receipts for crops in 2024 will be 11.7% lower than 2022. NCGA intends to continue to engage in this case as it goes to the next stage, including the final phase at the U.S. International Trade Commission early next year.”

Other Events & Hearings

Monday, May 20

Federal Reserve. Fed Governor Christopher Waller delivers opening remarks at Washington, DC, conference; Fed Vice Chair for Supervision Michael Barr talks on Monetary Policy and Bank Regulation; Fed Vice Chair Philip Jefferson speaks on the U.S. Economic Outlook and Housing Price Dynamics; Atlanta Fed President Raphael Bostic (2024 voter) scheduled to speak.
Role of the U.S. dollar. Federal Reserve Board and the Federal Reserve Bank of New York hold the Third Conference on the International Roles of the U.S. Dollar; runs through Tuesday.
Taiwan outlook. Atlantic Council virtual discussion on “Exploring the outlook for Taiwan under the Lai administration.”
U.S./India relations. Hudson Institute discussion on “Strategic Synergies: India-U.S. Technology Cooperation.”
FERC transmission rulemaking. American Council on Renewable Energy virtual discussion on “A Big FERCing Deal: Reactions to Historic Transmission Rulemaking.”
Mexican presidential debate. Wilson Center’s Mexico Institute virtual discussion on “Mexico’s Third Presidential Debate.”
Economic outlook. National Association for Business Economics (NABE) virtual discussion on the results of the NABE May 2024 Outlook Survey.
Economic opportunity. House Ways and Means Tax Subcommittee field hearing on “Creating More Opportunity and Prosperity in the American Rust Belt.”

Tuesday, May 21

Federal Reserve. Fed Governor Christopher Waller to speak on the Economic Outlook; Fed Vice Chair for Supervision Michael Barr to speak on Bank Regulation and Supervision; Richmond Fed President Thomas Barkin (2024 voter), Atlanta Fed President Raphael Bostic (2024 voter) scheduled to speak.
FY 2025 Budget: State. Senate Appropriations State, Foreign Operations and Related Programs Subcommittee hearing on “A Review of the President’s FY 2025 Budget Request for the U.S. Department of State.” Secretary of State Antony Blinken testifies.
U.S., China and climate-smart agriculture. Brookings Institution virtual discussion on “Cultivating U.S./China collaboration on climate-smart agriculture.”
Food as medicine. Senate Health, Education, Labor, and Pensions Primary Health and Retirement Security Subcommittee hearing on “Feeding a Healthier America: Current Efforts and Potential Opportunities for Food is Medicine.”
U.S. monetary policy. Peterson Institute for International Economics virtual discussion on “The U.S. economy and monetary policy.”
Trade enforcement. Senate Finance International Trade, Customs, and Global Competitiveness Subcommittee hearing on “Examining Trade Enforcement and Entry of Merchandise at U.S. Ports.”
Cybersecurity for water systems. Environmental Protection Agency meeting of the Small Communities Advisory Subcommittee to discuss improving federal funding to smaller communities and cybersecurity for small water systems.
AI automation. The Government Executive Media Group’s Federal Computer Week/Nextgov and Route Fifty hold a virtual workshop on “AI/Automation.”
Trade issues. Georgetown University Law Center’s Office of Executive & Continuing Legal Education 45th annual International Trade Update conference; runs through Wednesday.
Carbon capture on federal lands. Energy Department virtual meeting of the Carbon Dioxide Capture, Utilization, and Sequestration Federal Lands Permitting Task Force for an ethics briefing and presentations relevant to the Utilizing Significant Emissions with Innovative Technologies Act (USE IT) duties; runs through Wednesday.
USAID on Middle East aid. U.S. Agency For International Development (USAID) virtual meeting of the Partnership for Peace Fund (PPF) Advisory Board to receive updates on progress and changes to USAID programming under the Middle East Partnership for Peace Act (MEPPA) following the terrorist attacks of Oct. 7, 2023, and discuss recommendations for the strategic direction of MEPPA in this new context.
Antibiotic resistance. Health and Human Services Department meeting of the Presidential Advisory Council on Combating Antibiotic-Resistant Bacteria to deliberate and vote on the Global Antimicrobial Resistance (AMR) Working Group report to the Secretary of Health and Human Services and to update on AMR in conflict zones, the environment, and the voice of the patient; runs through Wednesday.
Carbon management. International Trade Administration meeting of the Environmental Technologies Trade Advisory Committee to discuss issues of interest to specific environmental technology sectors, deliberate on potential recommendation topics and hear briefings from the U.S. gov’t related to tax incentives for carbon management projects, among other topics.
Electricity demand. Senate Energy and Natural Resources Committee hearing on “Opportunities, Risks, and Challenges Associated with Growth in Demand for Electric Power in the United States.”
FTC priorities. Federalist Society for Law and Public Policy Studies Corporations, Securities & Antitrust Practice Group discussion with FTC Commissioner Melissa Holyoak, focusing on “her vision and priorities for the Federal Trade Commission.”
Roadway safety. Senate Commerce, Science, and Transportation Surface Transportation, Maritime, Freight, and Ports Subcommittee hearing on “Examining the Roadway Safety Crisis and Highlighting Community Solutions.”

Wednesday, May 22

Food prices. Senate Banking, Housing and Urban Affairs Economic Policy Subcommittee hearing on “Protecting Consumers’ Pocketbooks: Lowering Food Prices and Combatting Corporate Price Gouging and Consolidation.”
FY 2025 Budget: State. House Appropriations State, Foreign Operations and Related Programs Subcommittee hearing on “FY 2025 Request for the Department of State.” Secretary of State Antony Blinken testifies.
FY 2025 Budget: Energy. Senate Appropriations Energy and Water Development Subcommittee hearing on “A Review of the President’s FY 2025 Budget Request for the Department of Energy, including the National Nuclear Security Administration.” Energy Secretary Jennifer Granholm testifies.
FY 2025 Budget: USGS. House Natural Resources Energy and Mineral Resources Subcommittee hearing on “Examining the President’s FY 2025 Budget Request for the United States Geological Survey and the Office of Surface Mining Reclamation and Enforcement.”
U.S. diplomacy. House Foreign Affairs Committee hearing on “The State of American Diplomacy in 2024: Global Instability, Budget Challenges, and Great Power Competition.” Secretary of State Antony Blinken testifies.
Nutritious foods and SNAP. House Appropriations Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Subcommittee hearing on “Nutritious Foods in the Supplemental Nutrition Assistance Program (SNAP).”
FDA oversight. House Energy and Commerce Health Subcommittee hearing on “Check Up: Examining FDA Regulation of Drugs, Biologics, and Devices.”
Elections and tax policy. Politico holds a discussion on “Election 2024: The Future of Taxation.”
Oversight of arms sales to Israel. House Foreign Affairs Committee markup of legislation to provide for congressional oversight of proposed changes to arms sales to Israel.
Renewable energy and trade. International Trade Administration meeting of the Renewable Energy and Energy Efficiency Advisory Committee to discuss major issues affecting the competitiveness of the U.S. renewable energy and energy efficiency industries and to provide an overview of its recommendations to the relevant U.S. gov’t officials from the Trade Promotion Coordinating Committee agencies.
Deficit spending. Hudson Institute discussion on “Can the US Rein in Chronic Federal Deficit Spending?”
Impact of regs on small businesses. House Small Business Committee hearing on “Burdensome Regulations: Examining the Biden Administration’s Failure to Consider Small Businesses.”
OPM oversight. House Oversight and Accountability Committee hearing on “Oversight of Our Nation’s Largest Employer: Reviewing the US Office of Personnel Management, Pt. II.” Acting Office of Personnel Management Director Rob Shriver testifies.
AI and Homeland Security. House Homeland Security Committee hearing on “Advancing Innovation (AI): Harnessing Artificial Intelligence to Defend and Secure the Homeland.”
Union issues. House Education and the Workforce Health, Employment, Labor, and Pensions Subcommittee hearing on “Big Labor Lies: Exposing Union Tactics to Undermine Free and Fair Elections.”
Digital funds. Axios virtual discussion on “The Future of Digital Funds,” focusing on government fund allocation in the form of grants, subsidies and public benefits.
Silicon Valley Bank bailout. American Enterprise Institute for Public Policy Research virtual discussion on “The Federal Reserve and Financial Stability Risk,” focusing on the FDIC bailout of Silicon Valley Bank
Clean energy infrastructure. Brookings Institution’s Hamilton Project and the Stanford Doerr School of Sustainability conference on “Building Clean Energy Infrastructure: Roadblocks, Tradeoffs and Solutions.”
SEC climate rule requirements. United States Energy Association virtual discussion on “Knowing Your Company’s Obligations Under the SEC Rule on Climate-Related and Green House Gas (GHG) Emissions Disclosure Requirements.”
Green buildings. House Energy and Commerce Energy, Climate, and Grid Security Subcommittee hearing on “Green Building Policies: Jeopardizing the American Dream of Homeownership.”

Thursday, May 23

Federal Reserve. Atlanta Fed President Raphael Bostic (2024 voter) scheduled to speak.
Farm bill markup. House Agriculture Committee markup of the “Farm, Food, and National Security Act of 2024.”
Supply chain resilience. U.S. Trade Representative hearing on objectives and strategies that advance US supply chain resilience in trade negotiations, enforcement, and other initiatives.
FY 2025 Budget: BOEM, BSEE. House Natural Resources Energy and Mineral Resources Subcommittee hearing on “Examining the President’s FY 2025 Budget Request for the Bureau of Ocean Energy Management, the Bureau of Safety and Environmental Enforcement, and the Office of Natural Resources Revenue.”
FY 2025 Budget: FAA. House Appropriations Transportation, Housing and Urban Development, and Related Agencies Subcommittee hearing on “FY 2025 Request for the Federal Aviation Administration.” FAA Administrator Michael Whitaker testifies.
DOE oversight. House Oversight and Accountability Committee hearing on “Oversight of the U.S. Department of Energy.” Energy Secretary Jennifer Granholm testifies.
U.S./-China relations. U.S./China Economic and Security Review Commission hearing on “Key Economic Strategies for Leveling the U.S./-China Playing Field: Trade, Investment, and Technology.”
Regulatory landscape. Investment Company Institute 2024 Leadership Summit final day. SEC Chair Gary Gensler delivers remarks on “The Regulatory Landscape.”
AI and productivity. PunchBowl News discussion on the “news of the day and how AI can affect productivity and innovation.”
Senate views on China. Hudson Institute discussion on “The Senate Perspective on the U.S./China Rivalry.”
Gaza outlook. Center for Strategic and International Studies virtual discussion on “Where Does the US Go from Here - Gaza: The Human Toll.”
Health care monopolies. House Budget Committee hearing on “Breaking Up Health Care Monopolies: Examining the Budgetary Effects of Health Care Consolidation.”
Tariffs on China EVs. Washington International Trade Association and the Asia Society Policy Institute virtual discussion on “From 25 to 100: New Tariffs on Chinese Electric Vehicles (EVs).”
EV subsidies. Cato Institute virtual briefing on “Electric Vehicle Subsidies and the State of U.S. Industrial Policy.”
‘Member day’. House Appropriations State, Foreign Operations and Related Programs Subcommittee hearing on “Member Day.”
Battleground states. Washington Post Live virtual discussion on “2024 Battleground States, Issues and Stakes.”
U.S./Brazil relations. Wilson Center’s Brazil Institute discussion on “Bridging Histories, Forging Futures: Celebrating 200 Years.

Friday, May 24

Federal Reserve. Fed Governor Christopher Waller to speak in Finland.
Market schedule. Securities Industry and Financial Markets Association has recommended an early close for the bond market (1 pm CT) while most other markets will trade normal house. Markets and U.S. gov’t offices will be closed on Monday, May 27.
U.S./Kenya relations. U.S. Chamber of Commerce U.S./Kenya Business Forum. Kenyan President William Ruto delivers remarks.
Mexico energy outlook. Inter-American Dialogue discussion on the outlook for Mexico’s energy sector.

Economic Reports and Events for the Week

Focus will likely be the sales numbers for new and existing homes for April. Wednesday brings minutes of the Federal Reserve’s April/May monetary policy meeting. A plethora of Fed speakers are on tap this week.

Nvidia (NVDA), the chip company and perceived leader of the artificial intelligence (AI) space is scheduled to announce fiscal first quarter earnings on Wednesday.

Target is expected to post a decline in first-quarter revenue on Wednesday as cautious shoppers remain selective in spending on essentials amid elevated and sticky inflation. Investors will look out for comments on the state of the middle and lower-income consumer, progress of its new membership program Target Circle 360, as well as comments on freight and shrink.

Monday, May 20

Federal Reserve. Fed Governor Christopher Waller delivers opening remarks at Washington, DC, conference; Fed Vice Chair for Supervision Michael Barr talks on Monetary Policy and Bank Regulation; Fed Vice Chair Philip Jefferson speaks on the U.S. Economic Outlook and Housing Price Dynamics; Atlanta Fed President Raphael Bostic (2024 voter) scheduled to speak.
China: Chinese banks left their benchmark lending rates unchanged following the central bank’s decision last week to hold a key rate on loans it offers to lenders. The one-year loan prime rate was held at 3.45% on Monday as expected by economists surveyed by Bloomberg. The five-year rate, a reference for mortgages, was kept at 3.95%, according to the People’s Bank of China, in line with forecasts.

Tuesday, May 21

Federal Reserve. Fed Governor Christopher Waller to speak on the Economic Outlook; Fed Vice Chair for Supervision Michael Barr to speak on Bank Regulation and Supervision; Richmond Fed President Thomas Barkin (2024 voter), Atlanta Fed President Raphael Bostic (2024 voter) scheduled to speak.
Canada: Statistics Canada is scheduled to report the nation’s consumer price inflation figures. On an annual basis, the CPI likely rose 2.7% in April, after a reading of 2.9% in the previous month. Month-on-month, the inflation print is expected to show a 0.5% gain in April, after rising 0.6% in March.

Wednesday, May 22

MBA Mortgage Applications
Existing Home Sales: The U.S. National Association of Realtors releases existing home sales data. In April, existing home sales likely rose to a seasonally adjusted rate of 4.22 million units after posting 4.19 million units in the previous month.
Atlanta Fed Business Inflation Expectations
FOMC Minutes

Thursday, May 23

Jobless Claims: The Labor Department’s weekly jobless claims data is likely to show initial claims for state unemployment benefits fell by 2000 to a seasonally adjusted 220,000 for the week ended May 18.
Chicago Fed National Activity Index
PMI Composite Flash: The flash manufacturing PMI reading is expected to be 50, after a similar reading in the previous month, while the flash services PMI is expected at 51.3, following same reading in April. S&P’s flash composite PMI reading is also expected on the same day.
New Home Sales: A report from the Commerce Department will likely show new home sales were likely at 675,000 units in April, compared to 693,000 units in the month before.
Fed Balance Sheet
Money Supply
Federal Reserve. Atlanta Fed President Raphael Bostic (2024 voter) scheduled to speak.
Mexico: Mexico’s national statistics agency, INEGI, is likely to disclose the country’s gross domestic product figures for the first quarter, along with inflation data for the first half of May. On the same day, Mexico’s IGAE economic activity numbers for May are also on tap.

Friday, May 24

Durable Goods Orders: The Commerce Department’s Census Bureau is scheduled to report orders for durable goods likely declined 0.7% in April, after a 2.6% rise recorded in the previous month. Excluding transport, orders for durable goods likely rose 0.1% in April, after gaining 0.2% in the month before.
Consumer Sentiment: University of Michigan’s preliminary reading on the overall index of consumer sentiment is expected at 67.6 in May, after reporting a reading of 67.4 the month before.
Federal Reserve. Fed Governor Christopher Waller to speak in Finland.
Mexico is expected to post its trade deficit numbers for April.

Key USDA & international Ag & Energy Reports and Events

Ag focus this week is on Monday’s China release of April trade data, including country breakdowns for commodities. On Thursday, the International Grains Council report (link) arrives. Friday brings USDA’s update on food prices.

Monday, May 20

Ag reports and events:

Export Inspections
Milk Production
Crop Progress
China’s 3rd batch of April trade data, including country breakdowns for commodities
Malaysia’s May 1-20 palm oil exports