U.S. 2016-17 export commitments widened the lead over cumulative sales a year ago to 4.71 million running bales and shipments topped the year-ago pace by 3.156 million RB.

Cotton futures closed little changed to marginally ahead Thursday, slipping from a seven-session high in spot May following a supportive USDA weekly export sales report.

May finished up nine points at 78.17 cents, near the low of its 89-point range from up 81 points at 78.89 to down eight points at 78 cents. It touched the high about an hour after the U.S. export sales report and the low about four-plus hours later.

July managed a three-point gain to 79.12 cents, trading from 79.80 to 79 cents. December edged up 11 points to 75.46 cents, trading from a new contract high at 75.64 to 75.23 cents. It high topped the prior contract peak of 75.54 set last Thursday.

Volume rose to an estimated 22,703 lots from 19,927 lots the prior session when spreads accounted for 8,127 lots or 41% and EFS 150 lots. Options volume declined to 4,681 lots — 3,110 calls and 1,571 puts from — 9,594 lots.

All-cotton export sales for shipment this season of 340,800 running bales during the week ended last Thursday, up from 263,000 RB the previous week, boosted 2016-17 commitments to 12.113 million RB.

Commitments — outstanding sales of 4.644 million RB plus shipments — were up 4.71 million RB or 64% from a year ago and were 95% of the USDA export estimate. A year ago, commitments were 83% of final 2015-16 exports.

All-cotton shipments of 346,200 RB, down from the marketing year high of 544,100 RB the previous week, brought the total for the season to 7.469 million RB, up 3.156 million RB or 73% from a year ago.

Those exports during the week ended March 2 were one of the largest shipment weeks recorded by USDSA since the early 1970s.

Shipments were 58% of the export estimate, compared with 49% of final exports at the comparable point last season. To achieve the forecast, shipments need to average roughly 266,800 RB a week, while weekly sales averaging around only 34,600 RB would match the export projection.

All-cotton sales for shipment next season of 144,200 RB, down from 218,100 the week before, boosted the weekly total for both marketing years to 485,000 RB. Sales for both crop years the last four weeks have totaled an impressive 2.028 million RB.

Commitments for 2017-18 reached 1.425 million RB, up from forward bookings a year ago of 994,700 RB. The new-crop sales were 11% of USDAΆs 2017-18 export forecast reported at the Outlook Forum in February. Forward sales a year ago were 8% of the current 2016-17 export estimate.

Futures open interest grew 2,788 lots Wednesday to 277,494, with MayΆs up 722 lots to 159,609, JulyΆs up 565 lots to 48,479 and DecemberΆs up 1,484 lots to 61,639.

The final one-lot notice on the expired March contract was issued by ADM Investor Services and stopped by SG Americas Securities, believed for Glencore, as were the other March deliveries. The period total was 278, with 277 issued by Term Commodities, trading arm of Allenberg Cotton Co.

Certificated stocks increased 178 bales to 325,106. The new certs were at Memphis, lifting the total there to 168,248 bales. No cotton awaited review.