@Exised wrote: "BOM has not called El Niño"Yes, but the World...

@Exised wrote: "BOM has not called El Niño"

Yes, but the World Meteorological Organisation has called El Nino. So at least you can say the shorter-term risk to Agriculture must have ticked-up.

I take your point of the favourable long-term outlook for Agriculture. But I read another of your posts where you confessed to being a bit of a "bottom feeder". So I was wondering how that tactic meshed with your longer and grander view for ELD ?

If I understand correctly, you place more weight on positioning for the long-term prospects of Elders than you do on tactically pausing for the possible emergence of even more ELD Deep Value (because of a higher chance of El Nino).