Cotton couldnΆt maintain the positive momentum seen last week as the lead December contract spent nearly all of MondayΆs session trading in negative territory. The December contract lost 69 USC points on the day to finish at 76.05 USC, although trading volume in the market was relatively low. ChinaΆs ZCE cotton market ended with losses of 1-2% as news that the Chinese Reserve would extend its auction program a month, now ending the program in September rather than August, was confirmed by the government. In the US, the USDA released its latest crop progress report where 48% of the US cotton crop was estimated to be in good to excellent condition as of 7/8, down from 50% the previous week. In Texas, where dry weather in West Texas has been a major focal point for the cotton market this season, 22% of the total Texas crop is estimated to be in poor or very poor condition, up 2% week over week. The USDA will release its August WASDE report Friday morning in the US, which will see the first survey-based estimate for US cotton production this season.