March 2026 Cotton Market Recap: Expert Analysis From Dr. O.A. Cleveland
April 2, 2026 Dr. O.A. Cleveland, professor emeritus of Agricultural Economics at Mississippi State University, brings more than 50 years of experience in commodities to his role as a trusted voice in the cotton industry. As an advisor, analyst, and consultant to many of the world’s top cotton organizations, his insights have guided growers and traders alike. For over 20 years, Dr. Cleveland has also delivered weekly market commentary to Cotton Grower readers. Now, to help you stay informed at a glance, we’re introducing a monthly recap featuring key takeaways from his weekly columns. Below are highlights from March 2026, with links to the full articles:
March 2: Bulls Finally See a Reason to Celebrate
Summary: Cotton prices moved higher, giving bulls something to celebrate as the market rebounded from recent lows and showed signs that a price bottom may be in place. Strength was supported by improved on-call positioning—where mills have a greater need to buy than growers have to sell—along with solid export activity and earlier buying interest when prices were lower. While key support levels held firm and futures pushed into the mid-60s range, further gains will likely depend on stronger demand, which remains limited, meaning the rally is expected to hold but may struggle to extend significantly higher without new bullish factors. Read the full commentary from Dr. O.A. Cleveland here.
March 9: Cotton’s Bulls Lose Some Momentum
Summary: Cotton prices lost some upward momentum after a brief rally, slipping back into their familiar trading range as futures struggled to hold gains and dipped below key support levels. While demand continues to emerge around the mid-60 cent range and on-call positions remain relatively balanced, the market still lacks the strength needed for a sustained move higher. Although the likelihood of revisiting recent lows has diminished slightly, prices are expected to stay rangebound, with resistance limiting upside potential and meaningful movement largely dependent on stronger demand or a weather-driven supply shift. Read the full commentary from Dr. O.A. Cleveland here.
March 16: Positive Price Movement Can Hardly Be Believed
Summary: Cotton prices showed unexpected strength, with recent gains surprising many in the market as futures pushed into the mid-60 cent range and opened the door for a potential move higher. Strong export sales, improved on-call positioning, and support from rising oil prices have helped create a short-term bullish tone, suggesting a possible recovery is underway. However, despite this improved outlook, demand remains a limiting factor, and while prices could continue to climb modestly, sustaining a larger rally will likely require stronger underlying consumption or additional supportive market factors. Read the full commentary from Dr. O.A. Cleveland here.
March 23: Cotton’s Bulls Pause for a Rest
Summary: Cotton prices paused after their recent rally, with the market taking a breather as it waits for clearer direction from supply and demand factors. While earlier bullish momentum pushed prices higher, uncertainty around production conditions, input costs, and overall demand has slowed further gains, leading to a period of consolidation. Export sales have softened compared to prior weeks, suggesting higher prices may be tempering demand, and with several unknowns still in play, the market is expected to remain steady until stronger signals emerge to drive the next move. Read the full commentary from Dr. O.A. Cleveland here.
March 30: Cotton’s Month of Recovery Continues
Summary: Cotton’s recovery trend continued, with prices pushing higher than expected as both old and new crop futures gained strength and moved into the upper-60 to mid-70 cent range. The rally has been supported by stronger export shipments, steady sales, and a continued imbalance in on-call positions, with mills needing to buy futures at a greater rate than growers are selling—helping drive prices upward. While the market has exceeded earlier expectations and maintains upward momentum, higher prices may begin to limit demand, and with ample global supply still a factor, the pace of gains could slow even as the overall trend remains positive. Read the full commentary from Dr. O.A. Cleveland here.
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