Grains were set to start on firmer footing after closing last week strong, but most commodities join oil in looking vulnerable to corrective action as there are lulls in the news about Iran. In the Headlines Daylight saving time kicks in today to spring the clock forward. The 2026 spring equinox will occur on March 20th. Weekend developments in the Middle East included Israeli attacks on Iranian energy infrastructure, with major fuel storage facilities hit. Iran carried out strikes in Bahrain and Kuwait. The Islamic council of Iran announced it had chosen a new supreme leader but did not announce who it was. The Iran-backed Houthi militants based in Yemen made new threats about entering the war, with observers watching the possibility for the Houthi to target vessels in the Red Sea and to launch attacks against Saudi Arabia. Many headlines addressed the conflict’s impact on fuel prices, noting a more than 10 percent jump in the national gasoline average last week and an even bigger move for diesel. Closure of the Strait of Hormuz has crimped flows of oil so that stockpiles are swelling for countries like Kuwait, Iraq, and Qatar. Kuwait’s state oil company declared a force majeure…
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