0545 GMT - Weather phenomenon El Nino is starting to make its mark on agriculture production, with the peak of the impact expected in the first quarter of 2027, analysts at J.P. Morgan say in a note. El Nino in 2026 has been intensifying rapidly, and the analysts say that risk premiums could evolve across exposed agriculture commodity prices through the end of the year and start of next year. More clarity will come when harvests ramp up, as the hit on production comes to light, they say.