Good crop progress reported in the Southeast. Delta cotton responded well to heat. Fields flooded in the Texas Blacklands. First bale picked in the valley. Planting delayed in Oklahoma. Plains crop varied from emergence to six true leaves. Far West welcomed lower temperatures.
Cotton futures finished mixed Monday, with most-active December chopping within the previous-session range and inching out a small gain.
December settled up seven points at 65.99 cents, near the middle of its 124-point range from up 71 points to 66.63 cents — a tick below FridayΆs high for the move — to down 53 points at 65.39 cents.
July, which will enter its delivery notice period on Friday, closed down 18 points at 64.39 cents, trading within a 141-point range from 65.35 to 63.94 cents.
Volume slowed to an estimated 25,783 lots from 49,142 lots the previous session when spreads accounted for 20,937 lots or 43%, EFS 1,460 lots, block trades 573 lots and EFP 18 lots. Options volume totaled 3,623 calls and 4,746 puts.
Traders looked ahead to the crop report due after the close from USDAΆs National Agricultural Statistics Service for the week ended Sunday.
Meantime, widespread thunderstorms brought moisture to areas scattered across the Southeast during the reporting week ended Thursday, USDAΆs Agricultural Marketing Service said Friday in a cotton review.
Despite the scattered moisture, hot, sunny weather dominated, with daytime highs in the upper 90s. The crop made good progress under ideal weather and planting neared the end.
Cotton varied from just planted to blooming in the lower Southeast. Field scouts monitored for square retention. Sprays were applied for plant bugs, stink bugs and spider mites. Producers were advised to be mindful when selecting insecticides to treat multiple pests.
Clear skies and hot temperatures characterized weather in Delta. Thunderstorms brought moisture to some areas. Severe storms packing winds up to 60 miles per hour and marble-sized hail moved through the North Delta mid-period. No damage to crops was reported.
A heat advisory was in effect for most of the Delta late in the period as a result of high temperatures combined with high humidity. The crop responded well to the hot weather and made excellent progress. Producers were irrigating in areas that received scant rainfall.
More than 5 inches of rain flooded fields and roadways in the Texas Blackland Prairies. Damage assessments continued. Up to around 4 inches fell in the Upper Coastal Bend.
Cotton progressed under hot, sunny conditions in the Rio Grande Valley, where the first bale of the 2016 crop was harvested.
Thunderstorms saturated most fields and delayed planting in Oklahoma. The moisture was beneficial and helped early seedlings. The insurance planting deadline loomed June 20. Some producers planted in the wheat stubble of recently harvested fields.
Young cotton advanced in the West Texas Plains. Progress varied from emergence to six true leaves. Some stands were close to squaring. Thunderstorms brought heavy rain to some areas on June 12 and June 15. Hail damage was reported as extensive on limited acres.
Slightly below-average temperatures were welcomed in the Far West after the prior weekΆs high heat. Blooming and boll development advanced around Yuma, Ariz.
Futures open interest increased 1,868 lots Friday to 196,309, with JulyΆs down 5,537 lots to 13,762 and DecemberΆs up 6,981 lots to 153,287. Cert stocks grew 1,324 bales to 128,036. Awaiting review were 1,861 bales.
