Surprisingly strong rains in an El Nino year, typically marked by droughts in parts of Asia, have eased concerns of a lower crop output in the region. But weather forecasters are not convinced, warning of severe dryness in the autumn months. The last El Nino in 2009 had brought the worst drought in four decades to India. It hit Australian wheat crop and also reduced oil palm yields across Southeast Asia. While the forecast is for an equally severe dryness this year, recent rains have buoyed farming in India, China and Australia. “Indian monsoon (started in June) is on track, in fact it has been better than expected, and we haven’t seen any decline in rainfall in a serious manner in Malaysia or Indonesia yet,” an Australia-based commodity fund manager said, declining to be identified to avoid speculation over the fund’s investments. “Australia is dry but we have […]