Earlier cotton began squaring in Rio Grande Valley. Additional fungicide treatments talked in Southeast. Cold, wet soils delayed planting in Delta. Planting slowed in parts of Arizona. Crusted soils loosened in SJV.
Cotton futures closed higher on light volume Monday after posting a new seven-week low settlement at the end of last week.
Most-active July settled up 79 points to 86.15 cents, even with FridayΆs high after trading within a 110-point range from down 17 points at 85.19 to up 93 points at 86.29 cents. It touched the low within the first 30 minutes of overnight dealings and the high around 5:20 a.m. CDT.
The May contract, where first notice day arrives on Wednesday, settled up 85 points to 84.33 cents and December advanced 102 points to close four points over July at 86.19 cents.
Volume slowed to an estimated 15,235 lots from 19,497 lots the previous session when spreads totaled 19,497 lots or 53%, EFS 158 lots and EFP 91 lots. Options volume totaled 1,493 calls and 2,308 puts.
On the crop scene, weather continued hot and windy in southern Texas except for a cold front that stressed seedlings and brought temperatures in the 50s and daytime highs in the 70s, according to a weekly review by the cotton division of USDAΆs Agricultural Marketing Service.
An Integrated Pest Management newsletter for the Lower Rio Grande Valley reported most cotton was in the seedling or the four to five true-leaf stages.
Earlier fields presented six to nine true leaves and had begun to square. Planting progressed rapidly under mostly clear conditions in the Blackland Prairies. Some producers intended to plant cotton after grain fields were planted.
Drip and pivot irrigation systems were watering fields ahead of planting as dry weather persisted on the High Plains. The traditional optimum cotton planting period there begins May 5, though some producers like to plant earlier if conditions are right.
Specialists in the Southeast advised producers to consider the use of additional fungicide seed treatment if wet, cool conditions continue. Soggy soils and cooler temperatures increase the risk of seedling diseases.
Warm, unsettled conditions dominated the weather pattern in the Delta until a cold front brought severe thunderstorms late in the week. Up to 3 inches of rain fell throughout the North Delta and up to 2 inches throughout the South Delta. A frost warning was issued for parts of northern counties in the Memphis territory.
Cold, wet soils delayed cotton planting in the South Delta. Producers appeared in no rush to get seed in the ground, given the limited acreage expected to be planted in cotton.
Temperatures were in the high 70s with breezy conditions in the Desert Southwest. Planting activity was slowed in parts of central and western Arizona. The crop made good progress around Yuma.
Typical spring weather brought breezy conditions and temperatures in the 80s early in the reporting period in CaliforniaΆs San Joaquin Valley, ending with highs in the mid-60s and lows in the high 30s. Producers loosened crusted topsoil to assist with seedling emergence.
Futures open interest fell 3,161 lots Friday to 174,673, with MayΆs down 3,042 lots to 6,125, JulyΆs down 310 lots to 117,240 and DecemberΆs up 212 lots to 48,928.
Certificated stocks declined 89 bales to 487,786. There were 4,388 bales awaiting review for a possible total of 492,174.
World values as measured by the Cotlook A Index were flat Monday morning at 91.75 cents. Index premiums against FridayΆs futures settlements remained at 8.27 cents to May and widened 12 points to 6.39 cents to July.
