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The IRI's November 2017 ENSO Quick Look says weak La Niña conditions were present in mid-November in the tropical Pacific. The latest model collection favors weak La Niña for the rest of northern fall and winter, and the official CPC/IRI outlook carries a La Niña advisory.
A persistent La Niña raises the risk of dry weather in South American crop areas and in parts of the US south, which can support soybean and corn prices. The signal is weak, so the price effect is likely limited for now.
iri.columbia.eduNov 20, 2017After 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.
