Cotton prices represent a very small portion of fabric prices, so I wouldn't hold my breath waiting for fabric prices to drop.
We just ordered most of our fabrics for the next 6 months. Prices, especially for batiks are up at the wholesale level, slightly for most fabrics, a lot for batiks and hand-dyes.
We've tried to order early to lock in some prices now, but those who are ordering next month at Quilt Market are likely to see higher prices yet than what we've ordered at.