Tropical storm headed for Florida. Soaking rain would help areas of Southeast. Cool temperatures slowed plant development in the North Delta. Bolls reported in Rio Grande Valley. High Plains crop estimated 70% planted. Extreme heat hit Far West.
Cotton futures settled on the second triple-digit gains in a row on heavy volume Monday, with spot July triggering buy-stops when it took out what had been persistent resistance in the 64.50 area.
July finished up 163 points to 65.55 cents, in the upper quarter of its 209-point range from 63.81 to 65.90 cents. It posted its highest intraday price since Dec. 10.
December also closed up 163 points, finishing at 65.54 cents, also in the upper quarter of its 194-point trading span from 63.81 cents to 65.75 cents. That also was its highest intraday price since Dec. 10.
Volume jumped to an estimated 54,578 lots from 36,280 lots the previous session when spreads accounted for 22,309 lots or 62% and EFP 81 lots. Options volume totaled 13,875 calls and 8,359 puts.
On the weather scene, Tropical Storm Colin churned Monday toward FloridaΆs Gulf coast and was expected to make landfall near the Big Bend area in the mid-afternoon, move across the Florida peninsula into Georgia and then along or just off the South Carolina coast.
A tropical storm warning also was in effect for the entire Georgia coast and the lower South Carolina coast. Colin was expected to pass the Georgia coast before dawn Tuesday.
Earlier, mostly sunny to partly cloudy conditions were seen across the lower Southeast during the week ended Thursday and producers would welcome soaking rainfall in most areas, USDAΆs Agricultural Marketing Service reported Friday in a weekly review.
Moderate drought conditions had developed across parts of northern Alabama and replanting was underway in fields that remained too dry. In Georgia, producers sprayed fields for heavy thrips pressure. Scouts also monitored fields for resistant pigweed that escaped herbicide programs.
Scattered showers brought accumulations of around 1.25 inches to parts of South CarolinaΆs coastal plain with lesser inland amounts. Day-to-day rain totals measured from trace amounts to around half an inch in North Carolina and Virginia. Sunny skies late in the period allowed producers to rush planting ahead of more rain in the forecast.
Intermittent showers interspersed with sunny skies dominated weather in the North Delta. Up to 3 inches fell, mainly in northeastern Arkansas and the Missouri Bootheel. Some damage to emerging seedlings was reported in areas that experienced high-intensity rain.
Cool nighttime temperatures slowed plant development and increased susceptibility to thrips infestations. In drier areas, producers reported outbreaks of spider mites in fields treated for thrips. Producers also treated fields with herbicides to control weeds.
Growers welcomed up to 2 inches of moisture in the South Delta, while irrigation continued in areas that missed the rain. Fields were scouted for weed and insect pests, including thrips, spider mites and fleahoppers.
Small to medium sized bolls were reported in the Texas Rio Grande Valley, according to the Pest Cast newsletter. Most fields in the Blackland Prairies were planted but were waterlogged and needed warmer temperatures and sunshine. The earlier fields that had been replanted were mostly established but most replanted stands struggled.
Dodging rainfall events, producers on the High Plains had managed to get an estimated 70% of the regionΆs expected cotton acres planted as of Friday, according to the Lubbock-based Plains Cotton Growers, Inc.
Extreme heat was reported late in the period in areas of the Desert Southwest and the San Joaquin Valley. Industry sources said the heat will help cotton to catch up where a moderate amount of replanting was done in Central Arizona.
Futures open interest expanded 2,221 lots Friday to 201,714, with JulyΆs down 4,701 lots to 81,617 and DecemberΆs up 6,292 lots to 99,772. Cert stocks grew 955 bales to 109,829. Awaiting review were 2,135 bales.
