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The U.S. Climate Prediction Center sees a 56% chance of ENSO-neutral conditions in August-October 2025, meaning neither El Niño nor La Niña is likely. The outlook suggests stable weather for planting and yield expectations for U.S. and South American corn and soybeans, but slightly weaker expectations for Australian wheat.
Neutral ENSO conditions favour stable yields in the US and South America, which tends to weigh on corn and soybean prices, while lower Australian wheat yield expectations offer modest support for wheat.
reuters.comJul 10, 2025After 357 past bearish weather events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.3%), and -0.5% over 20.
After 363 past bearish weather events, Soybeans moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% 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.
