Cotton Timidly Above 80 Cents

Overnight, the cotton market continued to trade above the 80-cent line, although narrowly. Last Friday the market posted new contract highs with an 80-cent settlement, which was its first time over that herald pricing level. Traders will have renewed focus on the U.S./Iran War as that situation seems to be unraveling.

Last Friday the CFTC updated its weekly Commitments of Traders information. For the first time in nearly two years, the managed-money funds have flipped to the bull side. Numerically they bought, per last Tuesday’s close, some 18,800 positions, changing their long-time net-short carry to one of 16,825 contracts net long.

First notice day for the May contract is April 24. Its delivery period runs through May 6.

Monday at 4 p.m., USDA will issue its weekly crop progress report. At last count the 2026 crop was some 7% planted versus its five-year average of 7% complete. The data will be out at 4 p.m. EDT.

Crude oil is sharply higher this morning as the U.S. and Iran teeter on a renewed war. On Sunday, the U.S. Navy fired on an Iranian container ship in the Gulf of Oman, with U.S. Marines seizing the vessel. This was in response to Iranian Revolutionary Guard gunboats firing on tankers and container ships in international waters.

Chart support for July cotton stands at 78.30 cents and 77.20 cents, with resistance around 80.20 cents and 81.00 cents. Monday morning’s estimated volume is 17,451 contracts.

Keith Brown can be reached at commodityconsults@gmail.com or by calling (229) 890-7780.