NY Futures (March and May) traded within a 300-point range during the month. March futures moved between 61 and 64 cents, while May futures traded in the 63 to 66 cents range. The issue of higher on-call purchases versus on-call sales in the old crop has largely been resolved, with positions being transferred to the new crop ahead of the March expiry.
The factors mentioned last week led the market higher as cotton bulls celebrated again. However, exciting as it is to see prices move higher, there is considerable work to be done if cotton is to cover the full cost of production. Yet it is wonderful news. Finally, I am giving in and agree that the old crop price low is in.
This week is shaping up to be anything but quiet after the U.S. carried out airstrikes on Iran over the weekend, drawing the U.S. into conflict in the Middle East and bringing volatility across markets.
Market Movement from 23rd Feb 2026 to 28th Feb 2026.
• New York cotton futures have consolidated with the March contract moving into expiry, and the lead month has now shifted to May. Some buying related to on-call fixation has provided slight momentum to the market. At present, on-call purchases are nearly balanced with on-call sales for the current season. However, after certain rolls to December, on-call purchases for the next season remain comparatively high. Overall, the May contract closed the current month with a gain.