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This Week in Commodities: July 27 to July 31

July 26, 2020 at 5:21 by Andrew Moran

Monday, July 27 

The US Department of Agriculture (USDA) will issue its weekly crop progress report for corn, soybeans, cotton, rice, wheat, and other agricultural commodities across key growing areas. 

Tuesday, July 28 

The American Petroleum Export Institute (API) reports on US crude oil stockpiles for the week ending July 24. Last week, it reported an increase in domestic inventories by 7.54 million barrels. 

Wednesday, July 29 

The US Energy Information Administration (EIA) releases domestic crude oil data for the week ending July 24: oil, gasoline, and distillate inventories, storage levels, refinery crude runs, heating oil supplies, and gasoline and distillate fuel production. 

The Federal Reserve completes its two-day Federal Open Market Committee (FOMC) policy meeting for July. The US central bank is widely anticipated to leave its benchmark interest rates unchanged at 0.25%. It is also expected to provide updates to monetary policy. Fed Chair Jerome Powell will also deliver a briefing. 

Thursday, July 30 

The Bureau of Economic Analysis (BEA) will release the much-anticipated official gross domestic product reading for the second quarter. All eyes will be on this report as it will show how hard the economy was affected when it was forced under lockdown. Economists are forecasting a contraction of approximately 35% in the April-to-June period. 

The EIA publishes its domestic natural gas numbers for the week ending July 24. 

The USDA will post the country’s weekly agricultural exports, including soybeans, wheat, corn, beef, and pork. 

China’s National Bureau of Statistics (NBS) will release manufacturing and non-manufacturing purchasing managers’ index (PMI) readings for July. The numbers will show how well the recovery is going in the world’s second-largest economy. 

Friday, July 31 

The $600 weekly unemployment benefit roughly 30 million jobless Americans will expire. The Congress has yet to present a plan before it ends on Friday. Experts believe Republicans and Democrats will eventually compromise and offer half the amount. But this could be the catalyst to both sides agreeing to another trillion-dollar-plus stimulus package. All of these developments are bullish for gold, mainly due to heightened inflation concerns and greater economic uncertainty.  

The Baker Hughes oil rig count and total rig count data will be published for the week ending July 31. 

Big Oil companies Chevron and Exxon Mobil will post their quarterly earnings reports. 

If you have any questions and comments on the commodities today, use the form below to reply. 

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