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Grain Central reports that forecast models point to a possible negative Indian Ocean Dipole from mid-winter and a La Niña-like state in the Pacific in late winter or spring. Current Bureau of Meteorology ENSO and IOD indicators remain neutral.
A negative IOD and possible La Niña usually bring wetter eastern and southern Australia, which tends to support crop prospects and limits upside in Australian grain export prices.
graincentral.comGrain CentralMay 14, 2020After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% 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.
