NY futures traded in a tight range of 63–65 throughout the month. Despite supportive factors such as a better WASDE and strong export sales, the market failed to sustain gains and break the upper band.
Overall, the market remains stuck in a narrow range.
Risk appetite is cautious to start February, with policy uncertainty and a busy week of data keeping markets on watch.
• Markets start the week on a cautious note, with a sharp selloff in precious metals weighing on broader risk sentiment. Attention now shifts to a heavy slate of earnings and key economic releases, the most watched being unemployment data, that could set the tone for the next leg of trading.
This week’s apologies go to Rodney Dangerfield: Cotton can’t get any respect. Cotton fundamentals were very good all week with one exception, yet the market moved lower. It didn’t just lower; it recorded a new life of contract low. Export sales were strong, and shipments were exceptionally strong. On-call sales fixations dwarfed on-call purchase fixations. Yet, prices moved lower seemingly every day.
Market Movement from 26th Jan 2026 to 31st Jan 2026.
• NY March futures traded in a narrow range of 62.75 to 64.40 during the week. Despite strong export sales reported consistently over the past three weeks, the market largely ignored the positive data and remained range-bound, as broader macroeconomic conditions failed to provide support. NY March closed the week with a loss of 64 points on a week-on-week basis.
There was no shortage of major developments during last week’s shortened trading week. Markets and politics were active on multiple fronts.
• Another partial government shutdown is looming, the U.S. dollar has fallen to new four-month lows, and the Buying American Cotton Act (BACA) is back in focus after gaining renewed momentum in both the Senate and the House of Representatives.