The Bureau of Meteorology reports the 2020-21 La Niña has passed its peak and is weakening, with ENSO expected to return to neutral during autumn. Atmospheric indicators remain at La Niña levels while subsurface waters are easing.
A fading La Niña reduces the risk of dry conditions in Australia and parts of South America later in the year, which slightly eases supply concerns for grains and oilseeds.
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.
Not enough comparable past events yet for a historical read.
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.