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The WMO's Global Seasonal Climate Update for November-January 2025-26, dated 21 October 2025, expects Niño 3.4 sea surface temperatures to decline toward a weak La Niña. It also projects a negative Indian Ocean Dipole and continued warm western Pacific waters that keep La Niña-like conditions in place.
A weak La Niña with a negative Indian Ocean Dipole raises the risk of dry weather in Argentina, southern Brazil and parts of Australia, which can cut export supplies and support grain and meal prices.
wmo.intOct 21, 2025After 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 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 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), 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.
