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Official meteorologists including the Australian Bureau of Meteorology and Japan Meteorological Agency say La Nina persists in the tropical Pacific but is weakening. Models suggest ocean temperatures could return to ENSO-neutral levels in early 2023, with outlooks beyond April less reliable.
A fading La Nina points to improving rain prospects for South America and the US Plains later in 2023, which could ease drought premiums in corn, soybeans and wheat, though the timing remains uncertain.
grainpricenews.comMike VerdinDec 22, 2022After 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.
After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), 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.
