What’s HOT
HOT Cocoa
Cocoa’s hot streak continues - up nine consecutive sessions to settle at another record high of $5,410 today.
HOT Temps
Temperatures have been hot too, with highs 20 or more degrees warmer than normal in some spots:
In fact, February’s warmth has been one for the record books:
The ‘heat’ will be sticking around through the end of the week, bringing temps as high as 70 to the middle part of the country:
HOT Spot
Transits around the Cape of Good Hope remain elevated as Middle Eastern conflict remains hot.
The Houthis continue to attack ships transiting the Red Sea. The Iranian-backed rebel group claims they are targeting ships which are Israeli-owned, flagged or operated, or ships that are heading to Israeli ports.
Many of the vessels which have been attacked have no connection with Israel, however, causing major shipping companies to stop transits through the area, opting for the long way around the Cape of Good Hope instead.
As a result, Suez Canal transits are down 50% from late December, when the attacks first began, while Cape of Good Hope transits have nearly doubled.
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