Loading…
NOAA Climate.gov reports that a second-year La Niña has formed in the tropical Pacific, with the September Niño-3.4 index at -0.5°C and an 87% chance of La Niña this winter. Subsurface cool water is strengthening, and models expect the cool conditions to persist through winter.
La Niña raises the risk of drought in South America and the US Plains during the 2022 crop season, which tends to support soybean, corn and meal prices through risk premiums.
climate.govEmily BeckerOct 14, 2021After 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.
