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The CLIMAS Southwest Climate Outlook for October 2018 says ENSO-neutral conditions persist but forecasts from JMA, Australia's Bureau of Meteorology, NOAA and IRI point to El Niño forming by late 2018. Several agencies put the chance at around 70 to 75 percent.
Consistent multi-agency forecasts raise confidence that El Niño will develop, which historically cuts Australian and Southeast Asian crop output. This supports firmer prices for palm oil and grains over the coming months.
climas.arizona.eduOct 19, 2018After 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.
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 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.
