After an almost three-year absence, forecasters are predicting El Nino will develop over the next few months, causing concern among market observers as to its effects on agricultural production across the world. El Ninos are caused by the periodic warming of the Pacific, while their reverse, La Ninas are indicated by a cooling of surface waters. The patterns affect weather worldwide and can roil markets as farmers contend with drought or battle too much rain. The worst drought since 1956 in the United States drove corn and soyabeans to records earlier in August as heat waves in southern Europe wither crops. In the next three months, parts of Australia, the second-biggest wheat exporter, will be drier-than-normal.
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