Just checked the cotton futures this morning and it's pretty mixed right now. May contracts are up 32 points sitting at 71.63, which is the bright spot, but July and December are both down a couple points. Interesting that May is holding up better while the rest of the curve is soft.

The dollar index dropped to 98.64 and crude's down pretty significantly following that Iran-US ceasefire deal. Strait of Hormuz is reopening but traffic is still light so far. That's probably weighing on energy-linked commodities like cotton.

Looking at the fundamentals, ICE certified stocks held steady at 128,213 bales earlier in the week. The Cotlook A Index was up over 100 points though, which suggests some underlying support. Adjusted World Price got bumped up to 56.99 cents last week too. So there's some mixed signals - the physical market is showing some strength but the futures aren't following through.

Seam reported around 4,433 bales moving at 70.76 cents. If you're tracking cotton like I have been through various market data sources, this sideways action is typical for this time of year before seasonal demand kicks in. May's the contract to watch right now.