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The Australian Bureau of Meteorology downgraded its ENSO outlook to inactive, and Japan's agency also sees no El Niño development this winter. Eight international models suggest ENSO-neutral conditions for the second half of 2017, and NIWA is expected to follow.
Lower El Niño risk reduces the chance of drought for Australian and New Zealand grain and pasture, which eases supply concerns for feed grains and barley. Prices are likely to stay steady.
farmersweekly.co.nzGerhard UysJun 22, 2017Not enough comparable past events yet for a historical read.
After 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.
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.
