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The IRI June Quick Look states that in mid-June 2017 the tropical Pacific remained ENSO-neutral, with sea-surface temperatures close to the El Niño threshold. Latest model ensembles favor neutral conditions through summer, with El Niño odds rising to about 40-45% in fall and early winter.
Neutral conditions through summer reduce near-term weather risk to global grain and oilseed crops. Rising fall El Niño odds are a longer-term watch item for Southeast Asian palm oil and Australian wheat supply.
iri.columbia.eduJun 15, 2017After 19 past neutral weather events, Palm Oil moved a median +0.2% over 5 sessions (53% higher; middle half -0.4% to +1.1%), and +2.4% over 20.
After 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.
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.
