SoftSignal Research
ENSO Intelligence
Ocean–Atmosphere State & Commodity Implications  Free Supplement
May 2026 Monthly update · Sources: NOAA CPC
Phase
Neutral
Not yet at event threshold (5 periods) · Trend: warming
ONI
+0.11°C
FMA 2026
RONI
Rnino34
-0.24°C
Monthly raw — 2026-04
SOI
+2.00
Standardized (latest month)
OLR
+5.60 W/m²
Tropical convection anomaly
Seasonal implications: Neutral ENSO conditions offer no systematic temperature bias. Regional weather patterns will dominate seasonal demand.

Gold solid = ONI (traditional 3-month smoothed). Faint gold = Niño 3.4 monthly (ERSSTv5) — the unsmoothed source ONI is derived from, most current data point. Teal dotted = RONI (climate-adjusted 3-month smoothed). Faint teal = Rnino34 monthly — the unsmoothed source RONI is derived from. A negative gap (RONI < ONI) means the traditional index overstates warmth.

Monthly SST anomalies for four Niño monitoring regions. Niño 3.4 is the basis for ONI — watch it for the primary ENSO signal. Niño 4 (western Pacific) warming before 3.4 can signal an upcoming El Niño. Niño 1+2 (far eastern Pacific) reflects coastal impacts — Peru fisheries, South American precipitation. Source: NOAA ERSSTv5, 1991–2020 baseline.

Blue bars = positive SOI (La Niña signal: higher pressure over Darwin, lower over Tahiti). Red bars = negative SOI (El Niño signal). Persistent signals over multiple months carry more weight than individual months. Source: NOAA CPC standardized SOI.

OLR measures thermal radiation from the tropical Pacific (160°E–160°W). Negative anomaly (blue) = enhanced convection / more cloud cover = La Niña-like. Positive anomaly (red) = suppressed convection / clearer skies = El Niño-like. Source: NOAA CPC.

These are the historically typical impacts of each ENSO phase across commodity growing regions. Strong events amplify effects; weak or neutral conditions produce mixed results. Always read alongside current positioning (COT) and agro-climatic data (CWSI, drought monitor) for a complete picture.
Commodity / Region El Niño Effect La Niña Effect
Brazil Arabica Coffee
Supply risk
Drier conditions in Minas Gerais & São Paulo during flowering/cherry set. Supply risk in severe events.
Supply supportive
Wetter, more favorable conditions. Generally supportive of production.
Vietnam & Robusta
Mixed
Warmer and drier in parts of the Central Highlands. Mixed impact — can stress robusta.
Supply supportive
Cooler, wetter. Generally favorable for robusta growth.
Colombia Arabica
Mixed
Elevated rainfall can cause fungal disease (la roya) and harvest delays.
Supply supportive
Wetter. Favorable for production overall; excess rain risk in some years.
US Corn Belt
Minimal impact
Warmer winters; spring/summer near normal. Minimal directional impact historically.
Mixed
Colder winters; drier summers in southern parts of belt. Slight supply risk.
HRW Wheat (TX / OK / KS)
Supply supportive
Wetter winters in southern plains. Generally favorable for winter wheat.
Supply risk
Elevated drought risk in TX/southern plains. Significant supply risk.
Australian Wheat
Supply risk
Drier conditions across eastern and southern Australia. Strong negative supply impact.
Supply supportive
Better rainfall in grain-growing regions. Supportive of supply.
🧵 Cotton (US & Global)
Mixed
Wetter US southern plains → favorable. Drier in Australia.
Supply risk
Drier TX/southern plains → acreage at risk; elevated drought stress.
US Natural Gas Demand
Supply risk
Warmer winters across northern/central US → reduced heating demand.
Supply supportive
Colder winters across northern/central US → elevated heating demand.
Indian Monsoon
Supply risk
Weaker monsoon. Dry stress for Indian crops (cotton, sugarcane, pulses).
Supply supportive
Stronger monsoon. Generally favorable for Indian agricultural output.
PhaseStrengthStartEnd PeriodsPeak RONI
La Niña Weak JAS 2025 JFM 2026 7 -0.97°C
La Niña Moderate JJA 2024 MAM 2025 10 -1.13°C
El Niño Moderate JJA 2023 JFM 2024 8 +1.49°C
La Niña Strong AMJ 2020 JFM 2023 34 -1.54°C
El Niño Weak SON 2018 MAM 2019 7 +0.77°C
La Niña Moderate ASO 2017 MAM 2018 8 -1.26°C
La Niña Moderate MJJ 2016 JFM 2017 9 -1.11°C
El Niño Strong MAM 2015 MAM 2016 13 +2.37°C
La Niña Moderate JAS 2011 FMA 2012 8 -1.05°C
La Niña Strong AMJ 2010 MAM 2011 12 -1.74°C
El Niño Strong ASO 2009 FMA 2010 7 +1.56°C
La Niña Weak OND 2008 FMA 2009 5 -0.90°C
La Niña Strong MJJ 2007 MJJ 2008 13 -1.60°C
El Niño Weak ASO 2006 DJF 2007 5 +0.94°C
La Niña Weak OND 2005 FMA 2006 5 -0.93°C