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NOAA's March 2024 ENSO update says El Niño is still present in the tropical Pacific but is expected to transition quickly to neutral by April-June. It puts the chance of La Niña by June-August at 62%.
Niño-3.4 sea surface temperatures were 1.6 °C above the long-term average in February, clearly off the late-2023 peak.
A likely shift to La Niña raises the risk of a drier US Midwest summer, which could tighten corn and soybean supply expectations and support feed prices later in the year.
climate.govEmily BeckerApr 1, 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.
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.
