| Olam International Ltd., one of the world’s largest food commodities traders, expects grain and oilseed prices to weaken further because the El Nino weather phenomenon will be less harmful to harvests than feared. "We are bearish," Olam Chief Executive Officer Sunny Verghese said in an interview in London on Tuesday. "El Nino will not be as severe" as many in the agricultural commodities market expect, he added.
Meteorologists from Australia to the U.S., who have predicted the current El Nino may become one of the strongest ever recorded, matching the 1997-98 event that ruined crops with droughts and floods. El Nino can affect weather worldwide -- and hence, crops -- by baking Asia, altering rainfall across South America and bringing cooler summers to North America...............................................Full Article: Source
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