Summary
My 2015 assessments on cotton proved to be correct.
China is playing a very large role in declining stocks.
Overall global production is expected to increase 4%.
Planting season is right around the corner.
Current Spot Prices
During the 2016 Outlook for Cotton, with spot prices around 64 cents, I recommended that cotton was fairly valued and the current spot prices didn't represent enough of a value to initiate any new positions.
This proved to be an accurate assessment. See below for the recent and distant spot price history for cotton:
To find the last time cotton spot prices traded below its current range, you would have to go back to 2009.
