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The CLIMAS October 2019 El Niño Tracker summarizes forecasts from JMA, NOAA CPC, IRI and the Australian Bureau of Meteorology, all pointing to ENSO-neutral conditions through 2019 and into 2020. The NOAA CPC gave an 85% chance of neutral through fall and 55-60% through spring 2020.
A neutral ENSO outlook removes a major source of large-scale crop-weather risk, so it carries little direct price impact for feed grains.
climas.arizona.eduOct 16, 2019After 2,467 past weather events, Corn moved a median +0.1% over 5 sessions (51% higher; middle half -1.5% to +1.7%), and +0.6% over 20.
After 1,964 past weather events, Soybeans moved a median +0.1% over 5 sessions (51% higher; middle half -1.7% to +1.8%), and +0.3% over 20.
After 1,773 past weather events, Wheat (SRW) moved a median +0.1% over 5 sessions (52% higher; middle half -1.5% to +2.1%), and +0.2% over 20.
After 361 past weather events, Palm Oil moved a median +0.0% over 5 sessions (51% higher; middle half -1.3% to +1.3%), and -0.2% 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.
