Cotton Steadies Its Bullish Composure

After rallying some 250 points just this week, the cotton market is attempting to maintain that gain into the weekend. Although the public reason for this is adverse weather, the main buyers have been net-short traders. Thus, Friday’s CFTC update will be key to further advance.

As mentioned, Friday afternoon at 3:30 p.m. EDT the CFTC will update its weekly Commitments of Traders information. For nearly two years, and certainly through last week, the managed-money funds have been bearish to the cotton market, posting, at one time, a record net-short carry. However, at last count they were pegged slightly net-short by a mere 2,020 contracts.

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

Crude oil is slipping after President Trump said the war in Iran “should be ending pretty soon.” Trump on Thursday said “the war in Iran is going along swimmingly,” reiterating rosy predictions about the end of the war that began on Feb. 28.

The U.S./China trade meeting is still on for mid-May. As of April 2026, the U.S. and China are navigating a tense trade environment with high tariffs, in some cases up to 145%, on Chinese goods. Following a truce in May 2025 and a meeting between Presidents Trump and Xi, both sides have been trying to stabilize economic ties.

Chart support for July cotton stands at 76.45 cents and 76.00 cents, with resistance around 79.00 cents and 79.50 cents. Friday morning’s estimated volume is 21,225 contracts.

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