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The IRI May climate briefing says equatorial Pacific sea surface temperatures have cooled to neutral levels, with models favoring neutral conditions from summer through winter. The Aug-Oct outlook gives 51% odds of ENSO-neutral, 30% La Niña and 20% El Niño.
Cooler-leaning ENSO odds point to a higher chance of La Niña later in 2020, which historically brings drought risk to South American crops and can firm soybean and corn prices.
iri.columbia.eduMay 26, 2020After 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.
