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Red River Farm Network reports, citing a U.S. government forecaster, that El Niño will likely fade by June and La Niña will follow in the second half of the year. It warns the transition period can bring wildfires, cyclones and prolonged droughts.
The transition to La Niña threatens drought in key US and South American grain areas, which could tighten supplies of corn, soybeans and barley for feed.
rrfn.comAshley LannenMay 9, 2024After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
After 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% 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.
Not enough comparable past events yet for a historical read.
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.
