Oh boy, another reason to raise prices.
Check it out:
The U.S. weather forecaster said on Thursday the chances that the much-feared El Nino phenomenon that can wreak havoc on global crops would strike by the Northern Hemisphere summer exceeded 50 percent.
The U.S. outlook raises the prospect of damaging floods and droughts across the globe and came after Australia’s Bureau of Meteorology on Tuesday pegged the chances of El Nino in 2014 at more than 70 percent.
Global cocoa prices have rallied to 2-1/2-year highs on worries El Nino could return in 2014, while other agricultural commodity markets could also be hit by the specter of the weather anomaly.