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The WMO outlook for December 2025 to February 2026 expects a weak La Niña, with Niño 3.4 and Niño 3 sea-surface temperatures forecast to decline. The Indian Ocean Dipole is projected to move toward neutral.
A weak La Niña typically brings drier risk to Argentina and southern Brazil and wetter conditions to Southeast Asia and Australia, which can tighten soy, corn and palm oil supply expectations. The impact on prices is gradual and mostly a risk premium.
wmo.intNov 21, 2025After 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.
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 181 past bullish weather events, Palm Oil moved a median +0.5% over 5 sessions (56% higher; middle half -0.9% to +1.9%), and +0.3% 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.
