The cotton market closed slightly lower amid a low volume session. Estimated volume stood at 12,500 contracts. December’s price traversed its 89-point daily range, from up 17 to 71 down, several times over the course of the day. Besides marking time for the crop’s development, other outside influences Monday stemmed from a resurgence in the U.S. and ailing grain prices.

This afternoon USDA will release its latest crop condition numbers at 4 p m. CDT. Expectations are for further crop deterioration to appear, given the record Texas heat of last week. However, under such duress, it was psychologically bearish the market closed lower last week.

Technically, December’s 100-trend is considered “friendly”. To that end, cotton’s seasonality does allow for prices to rally into early August, provided weather conditions remain hot and dry for West Texas. Clearly, time will tell in that situation.

December Cotton settled at 8681, down 27 points, March 19 Cotton at 8677, down 19, and December 19 Cotton settled at 8038, up 13 points.