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The IRI November 2025 Quick Look puts La Niña at 67% probability for November–January, easing to 53% for December–February. Neutral conditions are expected to become dominant from early 2026, with El Niño odds rising to 35% by July–September 2026.
The shift from La Niña toward neutral and possible El Niño later in 2026 lowers the odds of drought in South America and raises the risk of drought in Australia and Southeast Asia later in the year. This is a longer-term risk factor for oilseeds and palm oil.
iri.columbia.eduNov 19, 2025After 324 past neutral weather events, Soybeans moved a median +0.0% over 5 sessions (52% higher; middle half -1.4% to +1.7%), and +0.7% 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 445 past neutral weather events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.4% to +1.6%), and +0.7% 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.
