El Nino is more of an art than a science.

Much of the run-up this year has to do with a smaller-than-expected crop in China due to excessive rains.

We need volatility to make money. We need strong demand.

The heavens opened and the rains started.

Science is what we understand well enough to explain to a computer. Art is everything else we do.

Rate-making and setting of rate proposals is part science and part art because there are judgments that have to be made.