Plantings estimated at 9.541 million acres. Bolls began to open in Coastal Bend. Heavy boll loads reported in valley. Mostly sunny, dry conditions prevailed in the Southeast. Delta cotton responded well to heat but rain needed. Excessive heat caused concern in Arizona. San Joaquin crop made good progress.
Cotton futures settled on mostly slight losses on thin volume in traded contracts beyond maturing July Monday, with most-active December completing an inside-range session little changed.
December closed down four points at 64.38 cents, near the low of its 115-point range from down 17 points at 64.25 to up 98 points at 65.40 cents. July finished down 102 points to 63.48 cents, just off the low of its 220-point range from 65.49 to 63.29 cents.
Volume slowed to an estimated 14,371 lots from 20,963 lots the previous session when EFP accounted for 58 lots. Options volume totaled 422 calls and 1,711 puts.
A survey by Reuters pegged U.S. cotton plantings at 9.541 million acres, down from 9.562 million acres foreseen in USDAΆs March prospective acreage report and 8.581 million acres seeded last year.
The USDA will update its acreage report on Thursday. The report will include actual plantings as well as estimates for any remaining cotton to be planted. As of June 19, growers had planted 95% of their expected acreage, up from 93% a year ago but behind the five-year average of 98%.
Meanwhile, bolls began to open at the bottoms of plants in the Texas Coastal Bend during the week ended Thursday, USDAΆs Agricultural Marketing Service reported Friday in a weekly cotton review.
Up to 2 inches of beneficial rainfall fell on June 19 and mid-period showers brought additional moisture. Plant growth regulators were applied where needed. Rainfall slowed boll opening in the Rio Grande Valley. Significant harvesting and ginning were about four weeks away. Heavy boll loads encouraged producers.
Heat units continued to build in the West Texas Plains and young cotton stands responded positively. Some fields had begun to square. Planting neared completion in the Concho Valley. The planting deadline for full insurance coverage expired June 20. Some replanting was underway. Spotty rainfall brought timely moisture to some fields.
Mostly sunny, dry conditions prevailed across the lower Southeast. Light, scattered rain fell in central Alabama and coastal Georgia. Moderate to severe drought persisted in northern Alabama. Skippy stands were reported in Georgia where rain has been mostly negligible. The Carolinas and Virginia also experienced dry, clear conditions.
Cotton made excellent progress as heat gripped the Delta. Some irrigation was underway in drier areas of the North Delta and rain was needed. Subsoil moisture remained adequate in the South Delta and plants established strong root systems. Pressure from plant bugs ranged from moderate to heavy. High numbers of bollworm moths were reported.
Excessive heat warnings were issued for central and western Arizona as temperatures reached 118 to 120 degrees. Nighttime lows in the high 80s didnΆt give cotton a break from the heat. Prolonged high heat exposure was a concern for Level 2 heat stress, which likely will affect squares and impact fruit retention.
The San Joaquin Valley crop made good progress and quickly approached first bloom under daytime temperatures in the low 100s and nighttime lows in the mid-60s.
Futures open interest declined 332 lots Friday to 185,126, with JulyΆs down 360 lots to 429 and DecemberΆs down 197 lots to 152,485. Cert stocks grew a single bale to 135,163.
