Cotton was getting hit pretty hard early this week. Saw the front month contracts down somewhere in the 45-55 point range on Tuesday, which is a solid selloff. Mar contract closed around 62, May around 64, Jul at 65.95 - all down roughly 50+ points depending on the month.

The broader soft commodities pressure seems to be coming from a few directions. Crude was rallying hard, up almost 3.60 to near 75 bucks, and the dollar kept climbing too - up another point to 98.50. That's usually a headwind for commodity prices. Plus there's still this uncertainty around China and geopolitical tensions that's weighing on risk appetite.

On the fundamentals side, ICE certified stocks got a bump - added about 3,100 bales on Monday to hit 129k total. The Cotlook A Index bounced back 25 points to 75.90, and actual sales showed 3,444 bales moving at an average of 61.70 cents. World price adjusted up 1.79 cents to 51.84. So mixed signals - some support underneath but the downside pressure from macro factors seems to be winning out for now.