Caught an interesting setup in the cotton pits today. Futures were getting hit hard early, but they're pulling off those lows now - we're seeing Mar contracts at 63.02 (down 15 points), May at 64.76 (off 17), and Jul at 66.41 (down 14). The broader commodity complex is taking it on the chin though - oil pulling back $3.39 to sit at $61.82 per barrel, and the dollar index climbing to 97.500.

Here's what caught my attention: Trump just posted about wrapping up a call with India's Modi where they cut tariffs on Indian goods from 25% down to 18%. In return, India's committing to over $500 billion in US purchases across energy, tech, ag, and coal. India's historically one of our top 8 cotton buyers, so this deal could actually be pretty bullish for demand down the line.

On the data side, managed money added another 13k contracts to their net short position (now at 65k as of late January). The Cotlook A Index dropped 20 points to 73.95, and ICE certified stocks jumped 25k to sit at 34,226 bales. Adjusted World Price came in at 50.23 cents per pound, down 76 points week-over-week. Auction sales showed 56.571 cents per pound on 4,462 bales.

So we've got this interesting dynamic - oil pulling lower with the broader selloff, but cotton potentially getting some support from the India trade news. Worth watching how this plays out heading into next week.