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The Australian Bureau of Meteorology reports that ENSO remains neutral and is expected to stay so through the southern winter, with only two of eight models approaching El Niño thresholds by September. The Indian Ocean Dipole is neutral, with three of six models suggesting a possible negative phase in winter that typically brings above-average rain to southern Australia.
Neutral ENSO and a possible negative IOD point to favorable rainfall prospects for Australian winter crops, which tends to limit wheat and barley price upside from weather risk.
graincentral.comGrain CentralApr 25, 2018After 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.
