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The IRI April forecast gives a 60% chance that La Nina develops by June-July-August, earlier than previously expected. The outlook favors below-normal precipitation in the Western Corn Belt, including southern Iowa and northern Missouri, while the Ohio Valley is wetter.
A drier Western Corn Belt summer raises yield risk for corn and soybeans, a bullish factor for feed grain and meal prices.
dtnpf.comBryce AndersonApr 18, 2024After 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.
