El Niño drives prices more than fundamentals

The National Oceanic and Atmospheric Administration projects a 75% probability of the strongest El Niño since records began in 1950. Some of the textbook impacts are already visible in the fields, but market reactions appear to have been amplified by speculative fund positioning. For now, El Niño is driving prices more than fundamentals. Join Carlos Mera and Oran van Dort as they discuss the implications for cocoa, coffee, sugar, and other agricultural commodities.