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The WMO reports that ENSO-neutral conditions currently prevail in the tropical Pacific. Most forecast models suggest neutral conditions through the third quarter, with a possible gradual warming toward weak El Niño levels by the fourth quarter.
The agency notes that long-lead forecasts carry substantial uncertainty.
A possible El Niño later in 2018 raises the risk of drier conditions in Australia, Southeast Asia and parts of South America, which could affect crop supplies later in the year. Current neutral conditions give little near-term price impetus.
wmo.intJun 14, 2018After 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.
