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Alternative Market Briefing

HSBC: Weather is on 'steroids’, impacting grain prices for now

Tuesday, July 24, 2012

Benedicte Gravrand, Opalesque Geneva: We all know about this year’s weather, which is so far proving to be quite difficult in certain areas. There are heat waves in the U.S. and Australia, droughts and floods in India and Brazil, more floods in Brazil, Saudi Arabia, Russia and China. This week-end for example, the heaviest rain to hit Beijing in more than 60 years left at least ten people dead and forced more than 50,000 to evacuate, Chinese state media said. And climate scientists are apparently suggesting that the U.S.’ freakish weather patterns in the last few weeks show a glimpse of some of the worst of global warming, namely wildfires, heat waves, droughts, floods, and wind storms.

Climate indicators for an El Niño event (a temporary change in the climate of the Pacific ocean in the region around the equator) in the western Pacific have eased slightly, but meteorologists still expect the weather pattern, which can bring drought to the Asia-Pacific and damage crops to form late in 2012, Reuters reported.

According to a recent ......................

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