Australia's Bureau of Meteorology declares El Niño; could become strongest on record
Australia's Bureau of Meteorology (BOM) officially declared an El Niño event. ABC News reports that officials flagged the risk that this episode could become the strongest on record. Farmers, water managers and agricultural markets are bracing for potential drought and heatwaves.
Australia's Bureau of Meteorology (BOM) has officially declared an El Niño event after long-watched Pacific indicators crossed the threshold. ABC News reports that officials highlighted warming and ocean-temperature readings and flagged the risk that this episode could be the strongest on record.
The BOM warned that drought and heatwave risk is expected to rise across the country's eastern states. Farming groups said they are reviewing production plans, particularly for wheat and cattle operations.
ABC notes that water managers are watching reservoir levels and that state governments have updated bushfire preparedness plans. Agricultural commodity prices and insurance premiums are likely to move in response. Investors will follow near-term BOM updates closely. None of this constitutes investment advice.
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