Cotton Follows the Leaders

The cotton market is begrudgingly higher Friday morning, encouraged by the rapacious outside markets. Overnight the energies, the metals, and the grains are collectively higher as Hormuz Fever is causing financial delirium. 

Crude oil prices are on track for their biggest weekly gain since Russia’s full-scale invasion of Ukraine in early 2022. The spike comes as the U.S.-Iran conflict spreads across the Middle East, disrupting energy production and bringing traffic in the Strait of Hormuz, a critical shipping route, to a near standstill.

Spot March cotton saw five delivery notices Friday, bringing the total to 605 for this reporting period. Spot delivery runs through Monday, March 9.

This morning the Labor Department will issue new jobs data. Last month saw total nonfarm payroll employment increase by 130,000 in January 2026, after changing little in 2025 (+15,000 per month on average). Job gains occurred in health care, social assistance, and construction, while federal government and financial activities lost jobs in January.

Also Friday at 3:30 p.m. EST, the CFTC will update its Commitments of Traders data. Last week, the managed-money funds had bought-in some 14,140 positions, reducing their net-short carry to 65,368. For context their record bearish position stands at 81,358 contracts.

Chart support for July cotton stands at 65.50 cents and 65.10 cents, with resistance around 66.75 cents and 67.55 cents. Friday morning’s estimated volume is 10,204 contracts.

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