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The WMO says the 2023-24 El Niño peaked in December as one of the five strongest on record and is now gradually weakening. It estimates about a 60% chance El Niño persists through March-May and about an 80% chance of neutral conditions in April-June.
Above-normal temperatures are forecast for almost all land areas from March to May.
Lingering heat and the shift toward neutral or La Niña conditions affect crop prospects in several origins, which can support feed grain and oilseed prices if dryness persists into planting.
wmo.intMar 4, 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, SOY 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 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.
