While it is unclear what lies ahead for international trade, we do know that the war in Ukraine will continue, despite pressure for Ukraine to surrender. The reconstruction of Gaza is still a long way off and an attack on Iran is imminent. President Trump will not be satisfied with an agreement on Iran's nuclear programme that is in line with the one signed by Barack Obama and recklessly revoked during his first term. He will need another coup to cover up this defeat and contain the explosion that the next documents in the Epstein case are sure to cause. 

In this context, the cotton market lost its bearings, closing the week with a sharp rise. There are several reasons for this feverish activity: 

• - The reduction in projected acreage in the US, but especially in Brazil (-11.5%), which tends to prove that cotton production costs remain high. 
• - The impact of the BACA (Buying American Cotton Act) is beginning to have an effect on textile production policy. Last week's US cotton export figures are a clear example of this. Bangladesh has significantly increased its purchases of US cotton, bringing it up to the level of Vietnam.
• - The end of the March 26, despite massive selling by speculators.

Brazilian cotton continues to be favoured by spinners, despite the fact that prices are tending to firm, particularly for high-quality grades.

The coming week should confirm the upturn in both the dollar and the ICE in New York.