El Nino could have a bigger impact on grain and oilseed markets than drought in Russia and Ukraine, which may be alleviated before the crucial spring growth period, analysts said on Wednesday. “You can’t have a drought problem overnight,” David Hightower, president of research firm The Hightower Report, said of conditions in Russia and Ukraine. Speaking at the Global Grain conference in Geneva, he said El Nino, however, could have far-reaching effects if it lowers palm oil output in top producers Indonesia and Malaysia. A 10 percent drop in palm oil exports next year would require 4.7 million tonnes of alternative edible oils to be supplied for the world market, he said. “We don’t know what the impact of El Nino is going to be but China and India are much more significant (consumers) than in the previous El Nino cycle.” Tightening supply in oilseed markets could spill over […]