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NOAA's Oceanic Niño Index for March-May came in at +0.7, still in El Niño territory. Weather forecasters expect La Niña to develop later in the summer, after most US corn pollination has occurred.
A delayed La Niña lowers the risk of pollination-stage heat and drought in the US Corn Belt, which tends to ease corn and soybean price support.
dtnpf.comBryce AndersonJun 20, 2024After 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.
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.
