Tracey Allen, JPMorgan Chase's head of agricultural commodities, stated in a research report published on September 18 that the intensifying El Niño phenomenon, coupled with global diesel and fertilizer shortages, is expected to significantly exacerbate its maximum impact on agricultural production by early next year. The report cited predictions from the U.S. National Oceanic and Atmospheric Administration (NOAA) that El Niño will peak around November, with a 90% probability of evolving into a "super El Niño" that will persist throughout the Northern Hemisphere's autumn and winter. Currently, the Bloomberg Agriculture Spot Index has risen to its 2023 high.