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IRI's February 2025 ENSO update says weak La Niña conditions persist in the equatorial Pacific, with Niño 3.4 slightly below -0.5 °C. Forecasts give equal odds of La Niña and neutral for Feb–Apr, and favour neutral from Mar–May through summer.
A move toward neutral through the summer lowers the chance of a classic La Niña-driven drought in the US and South America. That keeps weather-driven upside in grain prices limited for now.
iri.columbia.eduFeb 19, 2025After 2,467 past weather events, Corn moved a median +0.1% over 5 sessions (51% higher; middle half -1.5% to +1.7%), and +0.6% over 20.
After 1,964 past weather events, Soybeans moved a median +0.1% over 5 sessions (51% higher; middle half -1.7% to +1.8%), and +0.3% over 20.
After 1,773 past weather events, Wheat (SRW) moved a median +0.1% over 5 sessions (52% higher; middle half -1.5% to +2.1%), and +0.2% over 20.
After 361 past weather events, Palm Oil moved a median +0.0% over 5 sessions (51% higher; middle half -1.3% to +1.3%), and -0.2% 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.
