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NIWA's seasonal outlook says ENSO-neutral conditions persisted in the tropical Pacific in August 2017, with some indicators leaning toward La Niña. International guidance gives a 65% chance of neutral conditions for September to November 2017.
Neutral ENSO with a slight La Niña tilt generally implies no major El Niño-driven drought or flood risk for key grain and oilseed origins over the coming months, which keeps weather premium limited.
niwa.co.nzAug 30, 2017After 224 past neutral weather events, Wheat (SRW) 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.
