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Meteorologists say La Nina is fading and El Nino is returning, with Corn Belt models pointing to decent summer thunderstorm activity and fewer long heat episodes. Drought linked to La Nina had weighed on 2022 corn yields.
A favorable summer for the Corn Belt would raise expected corn yields and weigh on prices after two drought-hit years. Market impact depends on how the forecast holds through summer.
agweb.comApr 21, 2023After 357 past bearish weather events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.3%), and -0.5% over 20.
After 363 past bearish weather events, Soybeans moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% 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.
