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Reuters reports that US forecasters see a 57% chance La Niña develops before December. AccuWeather's Dale Mohler says the event is expected to be weak and short-lived, so crop impacts may be smaller than typical.
A weak, late La Niña is unlikely to cut crops materially, so the price effect on grains and oilseeds is limited.
reuters.comNov 14, 2024After 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.
After 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 224 past neutral weather events, Wheat (SRW) moved a median -0.1% over 5 sessions (46% higher; middle half -1.4% to +1.5%), and +0.4% 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.
