ChinaΆs stockpile sales could exceed earlier forecast. U.S. crop estimates have spanned a wide range. Classing totaled 43,881 bales from South Texas. Slight rain chances forecast for the Texas Plains.

Cotton futures started the week with closing losses of 14 to 69 points in 2016-17 marketing year contracts in slow trading Monday, with December posting the biggest decline.

December settled at 76.05 cents, in the lower third of its 155-point range from up 36 points at 77.10 to down 119 points at 75.55 cents. The range for the session was established in overnight dealings. A rally from below FridayΆs low stalled at the daytime high of 76.81 cents.

March lost 43 points to close at 76.54 cents, while nearby October finished down 58 points at 76.06 cents. December 2017 settled up 16 points to 74.15 cents.

Volume fell to an estimated 19,508 lots from 33,767 lots the prior session when spreads accounted for 11,601 lots or 34%, EFS 30 lots and EFP three lots. Options volume totaled 3,611 calls and 2,075 puts.

Though generally expected, a joint announcement by the National Development Reform Commission and the ministry of finance that ChinaΆs auctions of its cotton stockpile will be extended a month through the end of September may have contributed to pressure on futures.

The sales total could exceed the originally estimated 2 million metric tons (9.2 million 480-pound bales), the announcement indicated. Sales since the auctions began in May are reported to have totaled 1.7 million tons (7.8 million bales) or 98% of the offerings.

Looking ahead, U.S. crop estimates have spanned a wide range ahead of USDAΆs first survey-based forecast of the season, with hot, dry conditions in much of the Cotton belt during July widely expected to result in a cut from last monthΆs projection.

The USDA report, based on conditions around Aug. 1, is scheduled for release at 11 a.m. CDT on Friday.

Informa Economics, Memphis-based analytical firm, has estimated a crop of 14.863 million bales, sources said, compared with USDAΆs forecast last month of 15.8 million bales and 12.89 million bales harvested in 2015-16.

Some other private estimates have ranged from 15.2 million to 15.67 million bales. The USDA report will have reviewed updated certified acreage figures from the Farm Service Agency along with results of objective yield surveys from the National Agricultural Statistics Service.

The monthly supply-demand report is expected to show a reduction in world ending stocks, with global cotton watchers still of the opinion USDA has significantly overestimated IndiaΆs carryout as well as ChinaΆs.

Meanwhile, USDAΆs Agricultural Marketing Service graded samples from 33,544 bales from the area served by the Corpus Christi classing facility last week to bring the seasonΆs total to 43,881 bales. Tenderable cotton accounted for 88.2% for the week and 88.1% for the season.

Because of laboratory conditioning problems at the Corpus Christi office, sample receipts are being shipped to the Memphis facility for classing, USDA said. The laboratory equipment is being repaired, and there was no firm timeline as to when classing will resume at Corpus.

Gins were reported running full swing in the Rio Grande Valley and harvesting expanded in the Coastal Bend. Dryland cotton reached cutout in East Texas and the Blackland Prairies and some bolls had begun to open in the Brazos Bottom.

On the weather front, a 20% chance for showers and thunderstorms is forecast Monday and again Tuesday night for the Lubbock area on the Texas High Plains. A chance for rain also is forecast for Friday and Saturday.

Isolated showers northwest of Lubbock overnight brought 0.22 inch of moisture at Friona in Parmer County and 0.35 near Hereford in Deaf Smith County, while western areas of the Rolling Plains east of the High Plains got 0.88 northwest of Childress in Childress County, 0.41 near Northfield in Motley County and 0.24 near Paducah in Cottle County.

Futures open interest expanded 1,530 lots Friday to 248,042, with DecemberΆs open interest down 96 lots to 186,251 and MarchΆs up 1,099 lots to 30,959. Certified stocks declined 2,807 bales to 98,055.