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The Climate Prediction Center raised the odds of La Niña forming this fall to 70% and expects the event to persist through winter. It also issued its official fall forecast.
A likely La Niña raises the risk of dryness in South America's main grain regions, which can tighten export supplies and support corn and soybean prices.
cropwatch.unl.eduAug 24, 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.
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.
