Back in late September, in an essay to Money Morning readers, I crowned cotton as the "new king" of the global commodities sector.
At the time, cotton was trading at roughly a dollar a pound - after having traded in a range of 40 cents to 50 cents per pound for decades. I told readers that cotton prices could hit $1.25 a pound anytime within the subsequent six months.
As it turns out, I was correct in being bullish -I just wasn't bullish enough. Just one year ago, cotton was trading at 70 cents a pound. Today it's trading at roughly $2 a pound.
Readers who acted on this call have more than doubled their money. In fact, the exchange-traded note that we recommended in that report has soared more than 120% since I recommended it and is already up 46% year-to-date.
The real question, of course, is: What happens next?
Here's my cotton price forecast. And here's how to play it.