Just been watching cotton futures prices this morning and it's a mixed bag out there. May contracts are holding strong up 32 points, but the later months are struggling - July down 2 and December sliding 8 points. Pretty interesting divergence between the near-term and further out contracts.

The dollar weakness isn't helping - index dropped over a point to 98.64, which usually supports commodities. But here's the thing: crude oil is tanking almost 18 bucks following that Iran-US ceasefire deal and the Strait of Hormuz reopening. Limited traffic through there so far though, so it's hard to say if that holds.

Looking at the actual cotton futures prices on the board: May is sitting at 71.63, July at 73.52, and December at 75.39. The Cotlook A Index jumped 105 points to 82.55 cents, which is a decent move. ICE stocks stayed flat at 128,213 bales, nothing new there.

Seam had 4,433 bales move at 70.76 cents per pound on the 7th. Adjusted World Price got bumped up 252 points to 56.99 cents, so there's some underlying support in the market. The cotton futures prices seem to be consolidating right now - waiting to see if May can push higher or if we get some pullback across the board.