Fears of a drought in Australia are pushing up wheat prices:
Wheat prices in Chicago rose to a nine-year high on speculation that drought will cut production by as much as half in Australia, the third-largest exporter of the grain behind the U.S. and Canada.
John-
Thanks for this, it raises an interesting question: What has a bigger economic impact, ENSO or ENSO predictions?
I don’t know the answer to this question, but it is clear that ENSO predictions move markets, as your link shows.
See:
http://www.isse.ucar.edu/signal/13/guest.html
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