Short Answer

Both the model and the market expect the highest temperature in Chicago on April 12, 2026, to be 80° to 81°, with no compelling evidence of mispricing.

1. Executive Verdict

  • Chicago's spring warming trend has increased average April high temperatures.
  • Mid-April 2026 forecasts indicate very low probability of extreme heat.
  • Reaching 80°F on April 12, 2026 is considered highly unlikely.
  • Specific April 2026 temperature anomaly forecasts are currently unavailable.
  • Lack of 2026 ENSO/PDO forecasts prevents analog year identification.

Who Wins and Why

Outcome Market Model Why
73° or below 1.0% 1.0% A late-season cold front or persistent cool air mass could keep temperatures low.
82° or above 34.0% 32.8% An early significant warm spell with southerly winds could push temperatures into the 80s.
80° to 81° 36.0% 34.7% Strong spring warming trends can occasionally bring temperatures to the low 80s in Chicago.
76° to 77° 11.0% 10.8% Mild spring conditions are common, allowing temperatures to rise comfortably into the upper 70s.
78° to 79° 18.0% 17.6% Above-average spring warming is plausible, leading to pleasant temperatures near 79 degrees.

2. Market Behavior & Price Dynamics

Historical Price (Probability)

Outcome probability
Date
This market has demonstrated a strong downward trend, with the probability of a "YES" outcome declining from a starting price of 7.0% to its current low of 1.0%. The most significant price movement occurred between April 11 and April 12, 2026, the day of the market's resolution. The price plummeted from 7.0% to 1.0% during this period. As this sharp decline coincided with the resolution date itself, the drop was almost certainly caused by real-time weather observations indicating that the high temperature in Chicago would not reach the threshold specified by the contract. The market was actively repricing based on the actual, unfolding weather event.
The trading volume provides insight into market conviction during this final price move. Volume increased significantly on the resolution date, as seen in the sample data points. This surge in trading activity alongside the steep price drop suggests a high degree of certainty among participants as they reacted to incoming weather data and closed their positions. The market established a new support level at the 1.0% floor, indicating virtually no belief in a last-minute reversal.
Overall, the price chart reflects a strong and decisive market sentiment against the "YES" outcome. The initial 7.0% probability, representing some early speculation or uncertainty, completely eroded as the event date arrived. The final price of 1.0% indicates an overwhelming consensus that the temperature condition for a "YES" resolution was not met, with the market efficiently processing real-world information to reach its conclusion.

3. Significant Price Movements

Notable price changes detected in the chart, along with research into what caused each movement.

📈 April 12, 2026: 21.0pp spike

Price increased from 16.0% to 37.0%

Outcome: 80° to 81°

What happened: No supporting research available for this anomaly.

4. Market Data

View on Kalshi →

Contract Snapshot

This market resolves to "Yes" if the highest temperature recorded at Chicago Midway, IL, on April 12, 2026, is less than 74°F, as verified by the National Weather Service's Climatological Report (Daily); otherwise, it resolves to "No." Trading for this market concludes at 11:59 PM ET on April 12, 2026, with payouts projected one hour after expiration, which is tied to the release of the April 12 data on April 13, 2026. Traders should rely only on the official NWS Climatological Report for settlement and note that preliminary NWS data may contain rounding or conversion nuances.

Available Contracts

Market options and current pricing

Outcome bucket Yes (price) No (price) Last trade probability
80° to 81° $0.36 $0.65 36%
82° or above $0.34 $0.67 34%
78° to 79° $0.18 $0.83 18%
76° to 77° $0.10 $0.91 11%
74° to 75° $0.03 $0.98 3%
73° or below $0.02 $0.99 1%

Market Discussion

Limited public discussion available for this market.

5. What is the March-April-May 2026 ONI consensus forecast?

IRI/CPC ENSO plume forecast for March-May 2026Not available due to empty research results [N/A] [^]
Strong El Niño favoring higher temperaturesCannot be determined [^]
La Niña favoring lower temperaturesCannot be determined [^]
The specific March-April-May 2026 ENSO forecast is unavailable. The consensus forecast for the Oceanic Niño Index (ONI) for the March-April-May 2026 season from the IRI/CPC ENSO plume prediction models cannot be provided. This is because the "Web Research Results" section, which should contain this information, was empty.
Details regarding the ONI outlook could not be extracted. A comprehensive answer detailing the consensus forecast is unavailable as the section designated for these results was empty, preventing the extraction of specific facts, data points, or statistics related to the forecast. While several relevant sources from the International Research Institute for Climate and Society (IRI) and the Climate Prediction Center (CPC) were listed, which typically contain such detailed ENSO forecasts, the actual content required to determine the March-April-May 2026 ONI outlook was not presented [^]. Therefore, it is not possible to state whether a strong El Niño or a La Niña is currently favored for that specific season, nor to provide the associated probabilities or model averages.

6. Has Chicago O'Hare Spring Warming Increased 75F+ Days in Early April?

April Average High Temperature Increase (5 decades)2.1°F [^]
Fastest Warming Month in ChicagoApril [^]
Fastest Warming Season in ChicagoSpring [^]
Chicago O'Hare experiences a significant, accelerating spring warming trend. Average April high temperatures have risen 2.1°F over the last five decades, establishing April as the fastest-warming month. While specific decadal breakdowns for 75°F+ days between April 10th and April 15th from 1990-2025 are not available, this pronounced and accelerating warming trend strongly suggests an increased frequency of such warmer days over successive decades.
Broader climate data confirms an accelerating spring warming pattern. Historical climate analysis consistently shows a significant warming trend in Chicago's spring temperatures over the past 50 years [^]. Spring itself is warming faster than any other season, with April demonstrating the most rapid increase in temperatures [^]. This directly supports the conclusion that the occurrence of days reaching or exceeding 75°F between April 10th and April 15th has likely become more frequent across decades, indicating an accelerating trend.

7. What are the ENSO and PDO climate forecasts for 2026?

ENSO Forecast 2026Strong, potentially record-strength El Niño [^]
PDO Forecast 2026Not available in provided sources [^]
KORD April 12 High Temp DataAvailable only for 1991, recorded 63°F (17°C) [^]
Identifying analog years is not possible due to data gaps. The identification of three analog years since 1980, based on forecasted 2026 El Niño-Southern Oscillation (ENSO) and Pacific Decadal Oscillation (PDO) states, is not possible due to significant data limitations. While the 2026 ENSO is projected to be a strong, potentially record-strength El Niño [^], the provided research does not include an explicit forecast for the Pacific Decadal Oscillation (PDO) for that year.
Missing forecasts and historical data prevent finding analogs. The absence of an explicit 2026 PDO forecast, combined with a lack of historical ENSO and PDO climate data within the provided sources, makes it impossible to pinpoint specific analog years since 1980. Consequently, fulfilling the request to identify three closest analog years based on these climate indices cannot be achieved with the current information.
Only one year of KORD temperature data is available. Furthermore, historical high temperature data for Chicago O'Hare International Airport (KORD) on April 12th is severely limited, with information available for only a single year: 1991 [^]. In 1991, which was characterized by a moderate El Niño, the high temperature recorded at KORD on April 12th was 63°F (17°C) [^].

8. Are Great Lakes April 2026 Temperature Forecasts Currently Available?

April 2026 Forecast AvailabilityNot available from current research [^]
ECMWF Forecast Link PurposeTemplate for accessing future data [^]
NCEP CFSv2 Link ContentCurrent seasonal and monthly outlooks [^]
Specific April 2026 temperature anomaly forecasts are currently unavailable from leading models. The requested 2-meter temperature anomaly forecast for the Great Lakes region for April 2026, from the ECMWF SEAS5 and NCEP CFSv2 models based on late 2025 and early 2026 runs, was not found within the provided web research. The supplied sources primarily function as general access points to current or template forecast outputs, rather than archived future forecasts [^].
Climate models release forecasts dynamically, closer to their actual valid periods. Models such as ECMWF's SEAS5 and NCEP's CFSv2 generate seasonal and monthly forecasts, with their outputs becoming available closer to the valid forecast periods. For example, the ECMWF link provided, although structured with future dates, represents a template for accessing data that will only be generated and published at those future times [^]. Similarly, NCEP CFSv2 links lead to the Climate Prediction Center's pages for current forecasts, which continuously update for upcoming months but do not offer archived forecasts for April 2026 [^]. Therefore, to obtain the specific 2-meter temperature anomaly forecasts for April 2026, it would be necessary to consult the official ECMWF and NCEP CPC platforms closer to late 2025 and early 2026, when these particular future model runs and their outputs are actually generated and made public.

9. What is Chicago's Temperature Outlook for Mid-April 2026?

Probability of >79.5°F on April 11, 20262% [^]
Likelihood of 80°F or higher in mid-April 2026Unlikely [^]
April 10, 2026 forecastSeasonable conditions, close to average [^]
Sub-seasonal models indicate low probability for mid-April extreme heat. Current long-range forecasts for Chicago in mid-April 2026 assign a very low probability for temperatures to reach 80°F or higher [^]. Market predictions further emphasize this by assigning only a 2% chance for temperatures to exceed 79.5°F on April 11, 2026 [^]. This low probability is primarily because sub-seasonal outlooks suggest a very low likelihood for the development of the strong, high-amplitude ridging pattern over the Midwest that would be necessary to bring such extreme temperatures between April 10-14, 2026.
Other forecasts suggest general warmth, not the specific strong ridge. While one outlook points to an increased chance of above-normal temperatures across the central and eastern U.S. from April 10-20, attributed to an emerging Madden Julian Oscillation and upper-level ridging over the Southeast, this particular pattern is not the strong ridge over the Midwest specifically required for extreme heat [^]. More precise forecasts for April 10, 2026, anticipate dry and seasonable conditions, with temperatures expected to remain close to seasonal averages rather than exhibiting extreme warmth [^]. Furthermore, some models hint at potential storm activity around April 10 [^], a weather pattern generally inconsistent with the stable high-pressure ridging needed to produce extreme heat.

10. What Could Change the Odds

Key Catalysts

Catalyst analysis unavailable.

Key Dates & Catalysts

  • Strike Date: April 13, 2026
  • Expiration: April 19, 2026
  • Closes: April 13, 2026

11. Decision-Flipping Events

  • Trigger: Catalyst analysis unavailable.

13. Historical Resolutions

Historical Resolutions: 20 markets in this series

Outcomes: 3 resolved YES, 17 resolved NO

Recent resolutions:

  • KXHIGHCHI-26APR10-T57: NO (Apr 11, 2026)
  • KXHIGHCHI-26APR10-T50: NO (Apr 11, 2026)
  • KXHIGHCHI-26APR10-B56.5: NO (Apr 11, 2026)
  • KXHIGHCHI-26APR10-B54.5: NO (Apr 11, 2026)
  • KXHIGHCHI-26APR10-B52.5: YES (Apr 11, 2026)