I Just checked what current cotton is trading for ... First let me say it hit record highs in January trading for over $2.18 lb. This record was so dramatic concidering cotton traded at about . 62- .78 cents a lb for years. The current trading price is at about $1.60..( checked about an hour ago) this is still almost double the rate prior to the rapid escallation. Although current trading is lower than its historic high .... buyers of cotton would have locked in the prices for goods typically the year or 6 months prior depending on market conditions. It will still take a at minimum 6 - 12 months to see any market impact.
If you want to see real data , look at the cotton futures market .