14.05.2015 - Commodity markets wary of false alarm as El Niño blows back
After a five-year absence, El Niño is back. The last time the weather event emerged in 2009-10, droughts damaged crops in Southeast Asia and Australia sending agricultural commodity prices soaring. First observed in the 19th century by Peruvian fishermen, the recurring weather phenomenon is known to affect Australasia as well South America. Its climatic effects can reach as far as west Africa. This week’s announcement by the Australian Bureau of Meteorology (BOM) of a “moderate to strong” El Niño emerging this year may lead to farmers and commodity investors adjusting their hedging and positions...........................................Full Article: Source
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