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The WMO's February 2022 update says the La Niña that developed in late 2021 remains active in the tropical Pacific but is showing signs of weakening. Forecasts give about a 65% chance La Niña persists through March-May 2022, with ENSO-neutral the most likely state from April-June onward.
A fading La Niña lowers the odds of drought in the US Plains and Argentina/southern Brazil, which supports crop outlooks for corn, soybeans and wheat; the outlook is mildly bearish for weather premium.
wmo.intMar 1, 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 224 past neutral weather events, Wheat (SRW) moved a median -0.1% over 5 sessions (46% higher; middle half -1.4% to +1.5%), and +0.4% 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.
