Cotton futures are having a rough day, down 14-18 points at midday after starting even lower. What caught my eye though is that crude oil is pulling off its early losses too, currently down just $3.39/barrel around $61.82. The dollar strength at $97.50 isn't helping commodity bulls either. Here's the thing though - Trump posted earlier about a call with Modi where the US is cutting tariffs on India from 25% down to 18%, and India's committing to buy over $500 billion in US goods including energy, tech, and agriculture. Since India historically buys a ton of US cotton, this trade deal could be a catalyst for the market. Looking at the technicals, managed money added over 13k contracts to their net short position as of late January, pushing it to 65k. The Cotlook A Index dropped 20 points to 73.95 cents, and certified stocks jumped 25k bales. The Adjusted World Price came in at 50.23 cents/lb, down 76 points week-over-week. Futures are all in the red across the board - March at 63.02 (down 15), May at 64.76 (down 17), July at 66.41 (down 14). Interesting to watch if that India deal actually moves the needle here.