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DTN's ag meteorologist reports that a La Niña event, roughly 1.5°C below normal in the Pacific, is expected to persist into spring 2021 and is among the eighth-strongest since 1950. Precipitation is forecast to be below normal in the western Midwest and most of the Plains, where drought is likely to persist, while the northwestern US and eastern Midwest are expected to be wetter.
Drier forecasts for the western Midwest and Plains raise concern about the 2021 corn and soybean crops, which can support futures and feed prices if planting-season dryness develops.
dtnpf.comBryce AndersonJan 1, 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.
