By Keith Brown, DTN Contributing Cotton Analyst 

The cotton market was sharply higher Tuesday amid the outrageous surge of surrounding markets. All energies, metals and grains all shot to new highs. Of course, the massive drive in this moment of history is the Russian/Ukraine War. In addition, the generational flooding in Australia may be hurting crops down under.

Wednesday, Fed Chairman Jerome Powell will testify to Congress concerning the U.S. economy and thus interest rates. Mr. Powell will have a fine line to walk to bring a sense of calmness to the already roiling domestic and global markets.

The largest container line in the world, Maersk, has elected to stop shipping to Russia. Such action could possibly make their ships’ availability to ship cotton and other U.S. goods possible. Last week saw a marketing year high of U.S. exports of cotton.

Wednesday, the DOE will release its weekly crude oil inventory. Whatever that number is, it may be a moot point, considering the war in Eastern Europe, with its extenuating circumstances.

Tuesday, March cotton settled at 126.35 cents, up 3.78 cents, July ended at 119.22 cents, up 3.40 cents and December finished at 103.03 cents, 2.67 cents higher; estimated volume was 35,059 contracts.