SYDNEY (Reuters) - Australia's weather bureau said on Tuesday there were clear signs El Nino was developing in the eastern Pacific, raising concerns over the potential impact of the weather event on agriculture at time of soaring global food prices.
El Nino is a periodic warming of the eastern equatorial Pacific Ocean and its arrival comes as fears grow about food prices. Severe drought in the United States has withered the corn crop, sending prices up 60 percent in two months. Soy prices have also jumped after drought in South America.