February 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 February 2026, with links to the full articles:
January 31: Cotton Prices Dip Despite Bullish Fundamentals
Summary: Cotton prices have fallen to new contract lows despite generally strong fundamentals, including solid export sales, steady shipments, and active mill pricing, as the market remains in a downward trend largely driven by weak demand. Traders continue to follow bearish technical signals, with futures slipping in recent sessions and prices hovering in the low 60-cent range, even as rising open interest suggests the potential for a short-covering rally that has yet to occur. While global stocks are sufficient but not excessive and export movement has improved at lower prices, sluggish demand and increasing on-call purchase pressure are expected to keep prices under pressure, with any significant upside likely dependent on weather-related production issues or shifts in planting intentions. Read the full commentary from Dr. O.A. Cleveland here.
February 9: Cotton Market Singing the Same Old Song
Summary: Cotton prices continue to follow a familiar bearish pattern, with futures repeatedly hitting new lows and the market trending downward for more than a year, as nearby contracts fall into the low 60-cent range and new crop prices show little strength without a production threat. Despite solid export sales and steady shipments, weak consumer demand—both in the U.S. and globally—remains the dominant force weighing on prices, reflecting a broader shift in which cotton is no longer the preferred fiber in the textile market. With planting intentions expected to remain steady and prices still below the cost of production, growers have limited alternatives, leaving the market largely dependent on potential weather issues or supply disruptions to generate any meaningful price recovery. Read the full commentary from Dr. O.A. Cleveland here.
February 18: Cotton Prices Slip On Bearish Fundamental Signs
Summary: Cotton prices edged lower, with nearby futures settling into the low 62-cent range as the market continues to face pressure from shifting fundamentals. Adequate global supplies, rising U.S. carryover, and declining export expectations have added weight, while demand remains a concern, with many textile mills operating below full capacity. An ongoing imbalance between grower selling and mill buying—along with mills delaying price fixation—has further contributed to the gradual downward movement in prices. With production expected to remain steady and global stocks increasing, the market outlook remains cautious, and any meaningful price recovery will likely depend on stronger demand or unexpected supply disruptions. Read the full commentary from Dr. O.A. Cleveland here.
February 23: Hopefully, Cotton’s Market Low is In
Summary: Cotton prices edged lower, with nearby futures settling into the low 62-cent range as the market continues to face pressure from shifting fundamentals. Adequate global supplies, rising U.S. carryover, and declining export expectations have added weight, while demand remains a concern, with many textile mills operating below full capacity. An ongoing imbalance between grower selling and mill buying—along with mills delaying price fixation—has further contributed to the gradual downward movement in prices. With production expected to remain steady and global stocks increasing, the market outlook remains cautious, and any meaningful price recovery will likely depend on stronger demand or unexpected supply disruptions. Read the full commentary from Dr. O.A. Cleveland here.
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