Classing at Corpus reached 82,756 bales. Weather benefited cotton in areas of the Southeast and Delta. Crop made good progress in the Texas Plains. Harvesting began in Arizona. Open bolls sighted in many San Joaquin Valley fields.
Cotton futures settled at a new low close for the move Tuesday, unable to maintain early gains on follow-through action from the prior sessionΆs outside-range reversal to the upside.
Benchmark December closed down 78 points to 82.71 cents, just off the low of its 143-point range from up 61 points at 84.10 to down 82 points at 82.67 cents. It completed an inside day at its lowest settlement since May 31. March settled down 47 points to 82.27 cents.
Volume slowed to an estimated 16,900 lots from 21,508 lots the previous session when spreads totaled 4,689 lots or 22%, EFS 281 lots and EFP 103 lots. Options volume fell to 1,357 calls and 239 puts.
Cotton classed at Corpus Christi increased to 38,347 bales during the week ended Thursday, Aug. 29, to boost the total for the season to 82,756 bales, down from 423,306 bales a year ago.
Tenderable cotton slipped to 43% for the week and 51.6% for the season, against 59.2% and 58.9%, respectively, a week earlier. A year ago, tenderable cotton totaled 47.5%.
A window of dry weather benefited the crop in areas throughout Alabama, the Florida Panhandle and Georgia, the cotton division of USDAΆs Agricultural Marketing Service said in a weekly review.
Scattered showers brought moisture to localized areas, but most areas experienced hot, sunny conditions which invigorated the crop and helped dry waterlogged fields. Producers waited on crop dusters to treat fields with fungicides and pesticides.
Overcast conditions and unseasonably cool temperatures prevailed in the Carolinas and Virginia. Producers scouted fields and treated localized infestations of corn earworms.
Hot, dry conditions also allowed the Delta crop to make good progress. Producers considered the usefulness of additional crop protection treatments in the North Delta and treated a few hotspots in Mississippi for plant bugs and spider mites. A few dryland fields were defoliated in southwest Louisiana.
Mostly clear to partly cloudy weather prevailed in South Central Texas and the Rio Grande Valley. Localized shower activity briefly interrupted field work in some areas, but rainfall accumulations were light and the moisture quickly evaporated. Harvest preparations were underway and fields were defoliated in the Blacklands.
Favorable weather helped the crop to make good progress in the West Texas Plains. Specialists advised growers to consider the cost versus the benefits of additional crop protection treatments compared to harvest aid chemicals. Early-planted fields had reached cutout.
Defoliation was in full swing around Yuma, Ariz., and harvesting began. Final irrigations were underway in New Mexico and around El Paso.
The San Joaquin Valley crop advanced toward cutout. Open bolls were sighted in many fields. The crop was 10 to 14 days ahead of schedule. Some water-stressed fields exhibited spider mite hotspots and chemical controls were used. Whitefly and aphid populations remained below treatment thresholds.
Futures open interest fell 2,446 lots Friday to 176,254, with DecemberΆs down 3,394 lots to 128,315 and MarchΆs up 650 lots to 35,849. Certificated stocks fell 2,938 bales to 18,158. Awaiting review were 2,100 bales.
World values as measured by the Cotlook A Index remained at 89.40 cents Tuesday morning. The premium to FridayΆs futures settlement was unchanged at 5.91 cents.