
NOAA scientists report higher-than-usual confidence that La Niña will develop by mid-to-late 2024, ending a strong El Niño. NOAA then issued a La Niña Watch in its February 8 update.
A La Niña would raise the odds of US drought and affect Southern Hemisphere crops, which could support corn and soybean prices later in the year.
After 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.
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.