The Business Times
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Prices of agri commodities could hit new highs from severe El Nino weather

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Uma Devi

Uma Devi

Published Wed, Oct 4, 2023 · 05:00 AM
    • Cocoa futures on the Intercontinental Exchange rose to a peak of US$3,757 per tonne in mid-September, coming close to the commodity’s all-time high of US$3,763 per tonne in February 2011. Prices softened to US$3,502 per tonne on Oct 2.
    • Cocoa futures on the Intercontinental Exchange rose to a peak of US$3,757 per tonne in mid-September, coming close to the commodity’s all-time high of US$3,763 per tonne in February 2011. Prices softened to US$3,502 per tonne on Oct 2. PHOTO: REUTERS

    AGRICULTURAL commodities could come under intense price pressure and greater volatility amid supply risks, as the El Nino weather phenomenon kicks in and ravages crops such as sugar, cocoa and rice across the world.

    However, market observers believe there is little risk – at least for now – of countries imposing protectionist measures to safeguard their domestic supply of these crops.

    The global supply of several agricultural commodities – including key crops such as wheat, corn, cocoa, sugar and oilseeds – typically falls as a result of drier weather associated with El Nino.

    CommoditiesAgriculture/FarmingcocoaPalm oilsugarEl Nino

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