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Peru's anchoveta have made up about a tenth of the world's commercial fish catch since 1970, more than any other species. A strong El Niño, along with warming seas and long-running overfishing, is devastating the fishery.
Anchoveta are the main raw material for fishmeal, so a collapse in the catch tightens global fishmeal supply and supports high prices for feed buyers.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.