Loading…
The IRI's December 2024 quick look reports that ENSO-neutral conditions persist in the equatorial Pacific as of mid-December. Its model gives 59% odds of neutral conditions for Dec-Feb, while the official CPC outlook favors a weak La Nina.
Persistent neutral conditions would reduce the risk of a South American drought from La Nina, supporting steady soybean and corn supply expectations and limiting upside in feed grain prices.
iri.columbia.eduDec 19, 2024After 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 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.
