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The WMO's February 2026 ENSO update says the weak La Niña is fading into neutral conditions, with neutral expected until July. Model forecasts show El Niño chances rising, with about a 40% probability by May to July.
The chance of El Niño developing later in 2026 raises the risk of drought in key producing regions such as Australia, India and Southeast Asia. Early forecast uncertainty means the price effect is currently small.
reliefweb.intMar 3, 2026After 224 past neutral weather events, Wheat (SRW) moved a median -0.1% over 5 sessions (46% higher; middle half -1.4% to +1.5%), and +0.4% over 20.
After 19 past neutral weather events, Palm Oil moved a median +0.2% over 5 sessions (53% higher; middle half -0.4% to +1.1%), and +2.4% over 20.
After 31 past neutral weather events, Rough Rice moved a median -0.0% over 5 sessions (48% higher; middle half -2.1% to +2.1%), and -1.5% 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.
