Inside-range price action prevailed. Weekly classing slowed as the total for the season reached 7.4 million running bales. Tenderable cotton improved.
Cotton futures gave back most of the previous sessionΆs gain on lethargic, inside-range price action Monday.
Most-active March settled down 73 points to 78.62 cents, in the lower quarter of its 118-point range from up 18 points at 79.53 cents to down 100 points at 78.35 cents.
Volume was estimated at 13,400 lots, just below 13,604 lots during the abbreviated session on Friday when spreads totaled 4,487 lots or 33% and EFS seven lots. Options volume totaled 1,009 calls and 1,318 puts.
U.S. classing of all cotton slowed to 1.001 million running bales during the week ended Nov. 28 from 1.291 million the previous week to bring the total for the season to 7.395 million RB.
Classing totaled about 58% of the USDA crop estimate and was about 64% of the 11.605 million running bales classed at the corresponding point last season. A year ago, about 67% of the final output had been graded.
Upland classing slipped to 953,553 running bales from 1.238 million the week before. The upland total for the season rose to 7.059 million RB, against 11.259 million a year ago.
Cotton tenderable on futures contracts improved to 66.1% of the upland classed for the week and 62.9% for the season. A year ago, 56.9% for the season was tenderable.
A strong cold front entered the Southeast and brought bands of sleet and moderate to heavy rainfall from Alabama to Virginia during the classing period, according to a weekly review by the cotton division of USDAΆs Agricultural Marketing Service.
Harvesting was interrupted in most areas. Ginning continued. Most gins planned to be down for Thanksgiving, but some were to maintain operating schedules.
In the North Delta, producers in the Bootheel of Missouri and western Tennessee again had to wait for cotton to dry and soils to firm enough to support equipment. Some gins in Missouri completed operations despite cold, wet weather.
Heavy rain early in the week measured up to a welcomed 3 inches in the South Delta. Ginning was rapidly drawing to a close. Producers hoped for a cold period to help control overwintering insect pests.
Some East Texas-Oklahoma areas got up to six inches of moisture. The Upper Coast, Coastal Bend and South Texas districts received about half an inch to an inch of rain.
A winter storm brought beneficial moisture and halted harvesting in the West Texas Plains. Some gin plants were idled after finishing with modules on their yards. Quality was good, but industry people were concerned about heavier leaf counts, bark and low micronaire.
Harvesting and ginning also were delayed in Arizona as a slow-moving storm early in the period brought accumulations ranging from 2 to 3.5 inches. In the CaliforniaΆs San Joaquin Valley, producers shredded stalks and prepared beds for winter crops.
Futures open interest dipped 333 lots Friday to 156,682, with DecemberΆs down 142 lots to 384 and MarchΆs down 926 lots to 111,536.
Certificated stocks grew 411 bales to 237,696. Awaiting review were 2,762 bales for a possible total of 240,458.
World values as measured by the Cotlook A Index gained 100 points Monday morning to 85.90 cents. The premium to FridayΆs March futures settlement widened nine points to 6.55 cents.