Loading…
The Illinois State Climatologist reports that the Pacific has moved from La Niña to ENSO-neutral and that some models show a weak El Niño by summer. The National Weather Service outlook gives Illinois equal chances for summer temperature and precipitation, a shift from earlier forecasts of a warmer summer.
A neutral-to-mild summer outlook for Illinois reduces the chance of a heat-driven Corn Belt drought premium, which is mildly bearish for corn and soybean prices.
stateclimatologist.isws.illinois.eduJim AngelFeb 16, 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.
