Caught cotton futures getting hit pretty hard today - we're talking 70 to 80 points down across the board. Meanwhile crude's having a decent day, up like 3.50 bucks after that US and Israel action over the weekend, though it's pulled back from the overnight peak. Dollar index sitting around 98.44 and climbing.

Looking at the data from Barchart and other sources, the spec funds trimmed about 14k contracts from their short positions earlier in the week, which is interesting. ICE bumped certified stocks up by over 6700 bales recently, now hovering around 126k total. That Cotlook A Index dropped another 80 points, so there's definitely pressure on cotton right now.

Price-wise, the near-term contracts are struggling - May cotton down 80 points, July off 74. Even March holding up relatively better. With the Adjusted World Price sitting in the low 50s per pound, it's been a rough stretch for the commodity overall.