
An ag meteorologist says drought relief in the Corn Belt could depend on when an El Niño pattern arrives. NOAA gives a 62 percent chance El Niño develops from June to August and has issued an El Niño Watch.
Nearly 42 percent of corn and soybean production is in drought.
A late or weak El Niño would leave Midwest drought unresolved, raising the risk of yield losses and supporting corn and soybean prices.
After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
After 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.