
StoneX's Quarterly Commodity Outlook, reported 23 October 2025, sees a growing likelihood of a weak La Niña. It warns of drought risk in southern Brazil and heavy rains in other producing regions, and says the event could last into early 2026 based on historical precedent.
Drought risk in southern Brazil threatens soybean and corn output for export, which can lift soymeal and corn prices, although heavy rains elsewhere partly offset the risk.
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 1,465 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 453 past bullish weather events, Soybean Meal moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% 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.