U.S. export commitments for 2014-15 reached 46% of the USDA forecast. The Cotton Association of India projected 2014-15 production at equivalent of 30.96 million 480-pound bales, up from USDAΆs 29 million bales.

Cotton futures settled mixed Thursday as benchmark December wriggled off the session low posted after USDA reported a slowdown in U.S. weekly export sales to finish with a small gain.

December edged up 11 points to close at 65.92 cents, just below the midpoint of its 137-point range from up 86 points at 66.67 cents — its highest intraday price since July 24 — to down 51 points to 65.30 cents. This was its highest close since July 24.

Nearby October closed up 118 points to 66.50 cents, jumping to a 58-point settlement premium to December, and March eased nine points to settle at 66.42 cents.

Volume slipped to an estimated 19,600 lots from a final 21,564 lots the previous session when spreads accounted for 5,197 lots or 24%. Options volume totaled 1,825 calls and 1,884 puts.

Net all-cotton export sales of 158,200 running bales during the week ended Aug. 14, down from 179,700 bales the previous week, brought 2014-15 commitments to 4.772 million RB.

This is 1.278 million bales or 37% ahead of commitments a year ago and 46% of USDAΆs marketing year forecast. A year ago, commitments were 34% of the current 2013-14 export estimate.

All-cotton shipments of 109,900 running bales, up from 99,200 bales, hiked exports for the season to 209,000 bales, about 2% of the USDA estimate. Last year, cumulative shipments of 573,200 bales amounted to nearly 6% of the currently indicated 2013-14 total.

To achieve the estimate, shipments need to average roughly 203,400 running bales a week, while sales averaging approximately 112,100 bales would match the forecast.

On the international scene, the Cotton Association of India has forecast the countryΆs 2014-15 production at 39.625 million bales of 170 kilos or 30.957 million bales of 480 pounds.

The associationΆs initial new-crop forecast is down from an upwardly revised 40.05 million 170-kilo bales or 31.29 million 480-pound bales now estimated for 2013-14.

The CAI estimate for 2014-15 compares with USDAΆs forecast in 480-pound bales earlier this month of 29 million, down 5% from the USDA figure for 2013-14 of 30.5 million bales.

If achieved, the CAI estimate for 2014-15 would rank India ahead of USDAΆs forecast for China of 29.5 million bales as the worldΆs top cotton producer. The USDA estimated ChinaΆs 2013-14 output at 32 million bales.

A late monsoon is expected to boost IndiaΆs cotton area, with some of the area devoted to other crops with an earlier planting window now seen moving into cotton. However, USDA expects yields to be reduced because of the delayed monsoon.

Futures open interest expanded 2,148 lots Wednesday to 167,124, with DecemberΆs up 1,215 lots to 112,887 and MarchΆs up 426 lots to 43,125. Certificated stocks dipped 140 bales to 86,550.

World prices as measured by the Cotlook A Index gained 140 points Thursday morning to 74.90 cents, narrowing the premium to WednesdayΆs December futures settlement by 25 points to 9.09 cents.