
December corn futures rose to $4.32, a four-month high, on speculator buying and gains in soybeans and wheat. Pro Farmer notes a weak La Nina forming, which historically brings drier conditions to Brazil.
World Weather forecasts three rounds of Midwest rain that will ease drought in drier soils.
A developing La Nina raises the risk of lighter Brazilian rainfall, which could tighten South American corn and meal supplies. Midwest rain reduces weather risk for US crops, partly offsetting the bullish outlook.
After 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, SOY 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.