Cotton has had a good run up so far this year. Cotton is quite sensitive to the economic cycle, and with an ongoing recovery, should be expected to do well. Global stocks are low; Chinese imports are back to 2007 levels; and India has suspended exports in an attempt to keep domestic prices under control, which should be bullish for US cotton prices. Technically the market broke out yesterday and then re-tested its breakout on the same day. This made me rather cautious, but an opportunity to get in this morning so close to the breakout level was hard to pass up.