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An ENSO outlook says Niño 3.4 temperature anomalies sit on the El Niño threshold at +0.5°C as of 29 April. Forecast indicators are wavering, and ENSO-neutral is now the most likely state for June-August.
Downside risk is flagged for Black Sea crops and upside potential for US crops.
Neutral conditions remove a clear El Niño drought signal, while Black Sea dryness risk remains a possible source of wheat and corn price support. Buyers should watch these indicators for changes in supply expectations.
linkedin.comMay 9, 2019After 224 past neutral weather events, WHEAT moved a median -0.1% over 5 sessions (46% higher; middle half -1.4% to +1.5%), and +0.4% over 20.
After 445 past neutral weather events, CORN moved a median +0.1% over 5 sessions (52% higher; middle half -1.4% to +1.6%), and +0.7% 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.
