
La Nina conditions are present and could persist through February to April. Recent dry weather linked to La Nina has started to hurt soybean and corn crops in Argentina, though rain forecast for mid-January should bring relief to the core farm region.
La Nina-linked dryness in Argentina raises the risk of smaller South American soybean and corn crops, supporting prices if the rains fail to arrive.
After 1,079 past bullish weather events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
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.
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.