Record date rainfall brought the July total to 5.84 inches at Lubbock, 3.93 inches above the long-term normal. U.S. 2016-crop upland loans outstanding declined to 580,976 RB.
Cotton futures rallied from a three-session low in benchmark December to finish Tuesday at its highest settlement since June 16.
December gained 45 points to settle at 69.31 cents, just off the high of its 114-point range from down 63 points at 68.23 to up 51 points at 69.37 cents. The high was shy of MondayΆs high of 69.61 and the high for the move on Thursday at 69.72 cents.
March closed up 44 points at 68.69 cents, in the upper quarter of its 101-point range from 67.79 to 68.80 cents. October settled up 67 points to 71.17 cents, the high of its 66-point range.
The market rose in the face of beneficial rains on the Texas High and Rolling Plains where there is uncertainty about overall abandonment in cotton plantings of a combined 5.26 million acres, 79.7% of the statewide upland total of 6.6 million acres.
Volume slipped to an estimated 19,329 lots from 20,782 lots the prior session when spreads accounted for 4,104 lots or 20%. Options volume increased to 6,318 lots (3,644 calls and 2,674 puts) from 4,103 lots (881 calls and 3,222 puts).
A record date rainfall of 1.16 inches at Lubbock on Monday, breaking the old mark of 1.12 inches set in 1968, brought the total for the month to 5.84 inches.
The July total topped the long-term normal by 3.93 inches and was up from 0.58 inch last year. Since Jan. 1, Lubbock has recorded 13.11 inches of precipitation, compared with the normal of 11.16 inches and 6.89 inches last year.
Showers and thunderstorms were expected to continue in the Lubbock area through Tuesday evening, decreasing after sunset. A break in rainfall is seen for Wednesday, returning at 30% Thursday night and 50% on Friday. Slight chances then are forecast to linger into early next week.
Overnight rainfall ranged mostly from a few hundredths of an inch to 2.05 inches at the National Weather ServiceΆs cooperative reporting sites. A couple of notable dryland points reported 0.32 inch at Tahoka and 0.91 inch at Lamesa.
Meanwhile, U.S. 2016-crop upland cotton under loan fell to 580,976 running bales on repayments on 73,783 RB during the week ended July 24, according to the latest USDA figures.
Loans outstanding included 61,817 RB of Form A issued to individual growers and 519,159 RB of Form G issued to marketing cooperatives or loan servicing agents.
Futures open interest increased 365 lots to 216,428 on Monday, with DecemberΆs up 38 lots to 156,000 and MarchΆs up 253 lots to 42,223. Certified stocks decreased 482 bales to 30,988.
