By Keith Brown, DTN Contributing Cotton Analyst 

Despite accelerating Chicago grains, the cotton market could not muster any bullish sentiment Tuesday. Often considered to be an industrial commodity as much as an agricultural one, traders placed their bullish bets on foods and energies. Of course, the dominant driver of those actions relates to Russia as it slowly engulfs Ukraine.

The Ice exchange will update its delivery information Tuesday afternoon. As of Tuesday morning, there have been no notices issued against the spot March contract. Delivery extends through March 9.

As a reminder, weekly export sales will be released this Friday. The one-day delay is the result of Presidents Day observance.

The Dow Jones lost some 500 points Tuesday after Russian President Vladimir Putin said that he would recognize the independence of two breakaway regions in Ukraine. As a result, the U.S. has placed specific economic sanctions, along with the European Union, on those two regions. Other sanctions, allegedly more stringent ones, will follow on Russia if it continues its military aggression across Ukraine.

Tuesday, March cotton settled at 121.11 cents, down 1.88 cents, July ended at 117.42 cents, down 0.71 cent and December finished at 101.66 cents, 1.13 cents lower; estimated volume was 17,970 contracts.