Cotton Higher Monday; Outside Markets Wild

The cotton market is somewhat higher Monday morning in the face of tumultuous outside markets. Gold, silver, and crude have taken precipitous lower turns, while the Dow Jones has jumped some thousand points higher. At the heart of the news was President Trump’s announcement that, for now, he would not strike Iran’s power grid and energy facilities. 

Last Friday, CFTC reported managed-money funds bought in some 26,000 positions, reducing their net-short carry to 40,205 contracts. Their record net-short position stands at 81,000-plus contracts.

USDA will issue its Planting Intentions Report on March 31. This will be the first official look at 2026 acres. The survey will be released at noon, EDT on that date.

The White House has announced China had agreed to postpone President Trump’s visit to Beijing. The meeting was delayed as the war with Iran continues in its third week. The U.S./China trade mission has been tentatively pushed out some six to seven weeks.

Chart support for July cotton stands at 69.10 cents and 68.78 cents, with resistance around 70.20 cents and 70.75 cents. Monday morning’s estimated volume is 24,415 contracts.

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