It's crazy scary. You usually just see moves like this in one of the traditionally "wacky" markets like Cocoa. Cotton was always a little more respectful of technicals, but not lately.
I guess the fundamentalists are all pointing to the flood in Pakistan for the run on Cotton. I don't know if it's true, but it reminds me of forgetting to buy gas futures when Katrina hit all those refineries in the US.
I guess that's what happens when you don't watch the news.