U.S. 2016-17 export commitments top year-ago cumulative sales by 5.787 million running bales and are 103% of the USDA forecast. Cumulative 2017-18 bookings stand about double forward sales a year ago.

Cotton futures settled on modest gains Thursday, with most-active July trading within a narrow, inside day range.

July settled up 14 points to 78.91 cents, trading within a 65-point range from down nine points at 78.68 to up 56 points at 79.33 cents. It couldn’t generate much momentum in either direction and finished a bit below midrange.

December gained 22 points to close at 74.75 cents, near the middle of its 54-point range from 74.50 to 75.04 cents. It regained a little over half the prior dayΆs loss. Maturing May hit a new high at 81.56 cents and settled up 14 points at 80.83 cents.

Commodity prices posted broad losses even as U.S. dollar index futures retreated to a 0.5% loss after touching a nine-session high. June crude oil skidded to the lowest since early August and traded near there, down 5.2% to $45.36.

Volume remained light at an estimated 14,461 lots, down from 16,135 lots the prior day when spreads were 6,664 lots or 41%, block trades 500 lots and EFS 44 lots. Options volume slowed to 1,426 lots (832 calls and 594 puts) from 4,127 lots (1,775 calls and 2,352 puts).

U.S. all-cotton export sales for shipment this season of 154,000 running bales during the week ended April 27, up from the lowest since mid-September of 121,400 RB the prior week, brought 2016-17 commitments to 13.967 million RB.

Commitments widened the lead over year-ago cumulative sales to 5.787 million RB or 71% and were 103% of the USDA export forecast. A year ago, bookings were 92% of final 2015-16 shipments.

All-cotton shipments of 375,400 RB, up from 317,900 RB the previous week, raised the total for the season to 10.247 million RB, up 4.208 million RB or 70% from exports a year ago.

Shipments were 75% of the USDA projection, compared with 68% of 2015-16 exports at the corresponding point last season. To achieve the estimate, shipments now need to average roughly 256,400 RB for the 13 weeks remaining in the marketing year.

Upland sales for shipment next season increased to 97,200 RB from all-cotton sales of 72,800 RB the week before and boosted 2017-18 commitments to 2.345 million RB, about double forward sales a year ago of 1.181 million RB. Sales for both marketing years of 251,200 RB were up from 194,200 RB the previous week.

The report reinforced general expectations for an increase in 2016-17 exports and a decrease in ending stocks in USDAΆs monthly supply-demand estimates on Wednesday.

Much attention in the May report will be on the U.S. new-crop balance-sheet and the World Agricultural Outlook BoardΆs first detailed 2017-18 global supply-demand projections.

Futures open interest expanded 1,514 lots to 261,572 Wednesday, with MayΆs unchanged at 40 lots and no delivery notices, JulyΆs up 945 lots to 141,467 and JulyΆs up 392 lots to 104,725.

Certified stocks grew 1,464 bales to 323,238. There were 1,701 newly certified bales and 237 bales decertified. Awaiting review were 3,780 bales, including 964 at Galveston and 2,816 at Memphis.