Trading hit record or near-record volume. July at limit-up had jumped 11 cents or 14.4% from the four-week low of three days ago. Low-lying cropland reported either flooded or saturated in the North Delta.

Volatile cotton futures closed at a new three-year high in spot July Monday, powering up the expanded 500-point daily limit, falling to within 34 points of unchanged and rebounding to finish in the upper half of the range on what may have been a record or near-record volume.

July settled up 314 points at 85.32 cents, its highest finish on a daily continuous chart since June 23, 2014. It hit the limit about 7 a.m. CDT and stayed there until around 8:40 a.m. Then it ticked down to the low at 82.52, rebounded to 85.79 and ticked back and forth into the close.

At limit up, July had jumped 11 cents or 14.4% from the four-week low three sessions ago. Talk circulated of contact renegotiations amid concerns about potential sales cancellations.

December closed up 134 points to 75.06 cents, its highest finish since March 24 and just off the high of its 179-point range from 73.36 to 75.15 cents.

Volume was estimated at a massive 109,542 lots, up from 55,638 lots the previous session when spreads accounted for 29,420 lots or 53% and EFP 22 lots. Options volume rose to 37,053 lots (23,194 calls and 13,858 puts) from 35,674 lots (32,949 calls and 2,725 puts).

On the U.S. crop scene, low-lying cropland near most rivers was either flooded or saturated last week in the North Delta, delaying planting and/or threatening stand development, USDAΆs Agricultural Marketing Service said in a cotton review Friday.

Flood warnings were in effect along the lower Mississippi River owing to recent heavy rains and extended at Memphis to Friday. Damage assessments to planted fields were underway. Some replanting was likely.

Sunny, warm conditions dominated the weather pattern in the South Delta. Soil moisture varied widely, with some fields too wet to plant and others needing rain to establish good stands.

In the Southeast, fieldwork and planting advanced under dry and warm conditions. Producers pushed planting ahead of wet weather forecast for much of the region over the weekend.

Rainfall has fortified soil moisture in the lower Southeast in recent weeks and warmer conditions have enhanced seed germination. Seedlings were emerging in the earliest planted fields in Central and South Alabama.

Blooms were reported in the Texas Rio Grande Valley. Water demand increased and irrigation was underway. Fleahoppers were on the rise in the Upper Coast, where most fields had squared. Some early planted fields were replanted because of heavy wind damage.

Planting was mostly delayed in the Texas High Plains because of windy or stormy conditions. Some stands had emerged in Andrews, Dawson, Gaines and Martin counties and planting expanded in the Panhandle.

Crop progress was described as normal around Yuma and good in Central and Safford, Ariz. In the San Joaquin Valley, cotton ranged from just breaking ground to around the four-leaf stage. Concerns were expressed about the lateness of some of the plantings.

Futures open interest grew 2,589 lots to 255,100 on Friday, with JulyΆs up 162 lots to 131,456, DecemberΆs up 1,710 lots to 105,398 and MarchΆs up 272 lots to 11,975.

Attracted by the big old-crop premium, certificated stocks grew 33,562 bales to 353,694. There were 33,729 newly certified bales and 167 bales decertified. Awaiting review were 352 bales.