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The IRI July climate briefing reports sea-surface temperatures in mid-July were slightly below average but in the neutral range. Its model runs give a 50-55% probability of weak La Niña for August-October through October-December, slightly below the official forecast.
Weak La Niña odds for late 2020 point to a higher risk of dryness in South America and wetter weather in Asia, a modest bullish factor for soy, corn and palm oil over the coming months.
iri.columbia.eduJul 21, 2020After 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 1,465 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 181 past bullish weather events, Palm Oil moved a median +0.5% over 5 sessions (56% higher; middle half -0.9% to +1.9%), 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.
