Highlights
Late yesterday US time, the US launched airstrikes against Iran-backed militias in Syria and Iraq as the Mideast war continues to expand. The US struck 85 targets linked to Iran’s Islamic Revolutionary Guards Corps’ Quds Force and affiliated groups. “Our response began today,” Biden said in a statement, “It will continue at times and places of our choosing.”
It was widely rumored at midday Friday that a substantial military strike would be launched within hours. None-the-less, March crude oil settled $1.54 lower.
Tidbits
Cocoa futures settled higher for a sixth straight trading session yesterday. Front month cocoa futures were up $53 (1.1%) yesterday and settled at $5,009 per mt, the highest price since July 20, 1977.
Jack Scoville, vice president of the Price Futures Group, said:
"Traders are worried about another short production year and these feelings have been enhanced by El Niño that is threatening West Africa crops with hot and dry weather."
Two points to consider: