Soybeans and wheat see pressure this week. Corn holds. September 22, 2023
ENSO is the measurement of Pacific Ocean temperatures east of Australia that determines El Nino/La Nina conditions. +0.5 on up is El Nino and -0.5 and below is La Nina. For the latest rolling June-August average the measurement is a strong El Nino at 1.1. This is tied for the sixth strongest El Nino at this time of year since 1950. This monthly update for the El Nino forecast shows a wildly strong 100% chance of El Nino through the November-January period. It drops minimally to 98% in December-February. The current forecast is 60% chance for April-July next year. Drew said the forecast decline is too quick.
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