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Nutrien Ag Solutions' Eric Snodgrass says the La Niña pattern is fading after three years and a shift to El Niño would generally bring a wetter spring to the Midwest. Models show wetter conditions from the mid-South to the Ohio Valley, though the western Corn Belt drought is not yet resolved.
Better spring moisture would ease drought worries in the western Corn Belt and support planting prospects, which is bearish for corn and soybean risk premiums. Tighter planting windows in the eastern Corn Belt could offset some of that.
brownfieldagnews.comadminJan 31, 2023After 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.
