A few weeks ago I wrote on how commodities react on El Nino during early stages - summer. Now I want to cover next stage - next 4 months up to the end of December. As before only 4 years - 1982, 1986, 1997, and 2009 will be reviewed and the precautions against results need to be the same - remember, this is a small selection for statistical purposes, expiration bias is possible, past performance is not indicative blahblah and so on...
Grains - wheat and corn declined and rose equal number of times. Soybean group (beans, meal, oil) rose 3 time vs 1 decline. I'd say this is rather neutral result. However, assuming this year's drastic drop of beans I do not rule out that the score will be 4vs1 in near future.
Softs - cotton and cocoa made 3 declines vs 1 growth, coffee was even, orange juice was 3 times green and 1 time red.
Petroleum group and natgas were even. Metals too.
Conclusion - there is no clear impact no matter what crowd thinks. One more proof to abandon herd mentality and use own brain.