"Getting Incrementally Bullish": Bottom-Fishing Goldman Analyst Spots "Cracks In Cotton Bear Narrative" 

Cotton futures have tumbled more than 50% since their peak in early 2022. Goldman commodity derivatives analyst Hugo Fuentes cited a note from softs trader Eugene Miravete about turning "incrementally bullish" on cotton as signs of weakness in the bearish thesis begin to emerge.

Miravete outlined to clients five reasons why cotton has underperformed since the peak: