Top 5 Things to Watch
End to Heat Wave Coming, Fed Contemplates Interest Rates
OMAHA (DTN) -- Here are the Top 5 things the DTN Newsroom is tracking for the week of July 27. Watch for coverage of these and other topics through the week on our subscription platforms as well as on www.DTNPF.com.
Note that all report release and webinar times are Central Daylight Savings Time unless otherwise noted.
1. Latest Fed rate decision Wednesday: With the White House's tweet-storm and other public attempts to pressure the Federal Reserve to lower interest rates, markets will be watching Wednesday's Fed meeting and press conference. Most analysts expect the Fed governors and chairman Jerome Powell to stand pat, as market uncertainty from various tariff actions seems to be the focal point of Fed decisions. There is more talk of a rate reduction in September if economic trends support that move.
2. End of the Heat Wave: Though temperatures are soaring again during the weekend, a front will slowly push through the country during the week, eliminating the heat and bringing down humidity. Ahead of that front though, it will continue to be very hot and humid and may take until week's end to get to the southernmost reaches of the country. There is some potential that the front may not even make it to the Gulf. Cloud cover and showers should help bring temperatures down a few degrees, though humidity would stay high.
3. International conditions: In Brazil, rain systems could hamper harvests, but build moisture for winter wheat plantings. Argentina will see some showers in the north. Rainfall also is in the cards for much of Europe, while drier conditions in the Black Sea help wheat harvest but hurt the region's corn crop. China cropping areas are expected to be drier after rains the past week, while Australia picks up some badly needed rain.
4. Will markets stay quiet?: Traders see little reason to look beyond good crop ratings for late July, as good weather appears to continue as we head for August.
5. Reports due this week: Monday we'll see Grain Inspections at 10 a.m., then at 3 p.m. the weekly USDA NASS Crop Progress report complete with DTN commentary. Tuesday at 7:30 a.m. we'll see the U.S. Trade Balance and Retail and Wholesale Inventories data, at 8 a.m. the S&P Case-Shiller Home Price Index then at 9 a.m. the Consumer Confidence and Job Openings figures. At 2 p.m. the latest Egg Products data is out. Wednesday begins at 7:15 a.m. with ADP Employment figures, then GDP data release at 7:30 a.m. At 9 a.m. Pending Home Sales data is released, followed by EIA Weekly Petroleum, including Ethanol data, at 9:30 a.m. At 2 p.m. we'll see Broiler Hatcher figures and the FOMC Interest Rate Decision, then at 2:30 p.m., Fed Chair Powell holds his press conference. Thursday at 7:30 a.m. is the release of Initial Jobless Claims, Grain Export Sales, Personal Income and Spending and PCE Index reports. At 8:45 a.m. the latest Chicago Business Barometer is out, then the Weekly Economic Index at 10:30 a.m. Then at 2 p.m. Agricultural prices and Slaughter Weekly numbers are released. Friday at 7:30 a.m. there is the U.S. Employment report and Unemployment rate, and Hourly Wages data. At 8:45 a.m. is S&P Final Manufacturing PMI, followed by Construction Spending and Consumer Sentiment at 9 a.m. At 2 p.m. Fats and Oils, Flour Milling, Grain Crushing and Land Values reports. At 2:30 pm, CFTC's Commitment of Traders report will come out.
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