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The IRI's August briefing reports that sea-surface temperatures in the Nino3.4 region have cooled to the cool side of neutral. Its ENSO alert system is not active, with no El Niño or La Niña signal expected in coming months.
With no El Niño or La Niña developing, there is no clear large-scale weather threat to South American or Australian crops, so the ENSO driver adds little price pressure to grains and oilseeds.
iri.columbia.eduAug 24, 2017After 324 past neutral weather events, Soybeans moved a median +0.0% over 5 sessions (52% higher; middle half -1.4% to +1.7%), and +0.7% 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.
