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CPC forecasts La Nina conditions continuing through June-August at 59% odds and 50-55% through September-October. Sea surface temperatures remain colder than normal across the equatorial Pacific, and the consensus of other models expects La Nina to end as summer begins.
A persistent La Nina raises the risk of drought in the US Plains, Argentina and southern Brazil, which could tighten corn and soybean supplies and support prices. The disagreement between CPC and consensus models leaves the outlook uncertain.
cropwatch.unl.eduApr 28, 2022After 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.
After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% 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.
