ItΆs difficult, if not impossible, to generalize crop conditions on the Texas High Plains, an agronomist says. Estimated 60% to 65% of the planted acres still standing.
Cotton futures hit an eight-session high, fell to three-session low and pared the setback to finish with a moderate loss slightly above the midpoint of the expanded range in benchmark December Tuesday.
December closed in the red for the first time in four sessions, down 52 points to 85.67 cents after trading within a 195-point range from up 36 points at the overnight high at 86.55 to off 159 points at 84.60 cents. March settled down 78 points to 84.04 cents.
Volume increased to an estimated 14,900 lots from 8,738 lots the previous session when spreads accounted for 1,895 lots or 22%. Options volume totaled 2,235 calls and 2,212 puts.
ItΆs difficult, if not impossible, to generalize current cotton crop conditions on the Texas High Plains, says Mark Kelley, extension cotton agronomist at Lubbock. A May 2 freeze, resulting in later-than-usual planting, crop damage from June hail and wind along with drought have created a wide range of conditions.
Some irrigated cotton that either escaped significant weather damage or was planted into a cover crop was at early bloom but still slightly behind, Kelley said in a report last week in Focus on South Plains Agriculture. Blooming typically begins in early July.
As for the remainder of the crop, growth stages under irrigated systems ranged from pinhead to candling square, Kelley said. Condition of the surviving dryland crop also varied greatly, he noted.
“Those locations that received rain and got a stand established are struggling and in need of additional moisture to continue or, in some cases, resume growth and development,” he added. “Unfortunately, in most cases, dryland crops exhibit skippy stands and are well behind developmentally.”
The fate of the standing dryland acreage is yet to be determined, the agronomist said, commenting when widespread rain was falling across the Plains, ranging at the time from a trace to more than 6 inches.
Though extended periods of cool, cloudy conditions can result in square shed, Kelley said this likely has been minimized by breaks in the clouds during the rainy weather. Square set under irrigation thus far has been “exceptionally good” because of light early season insect pressure, he said.
Because of the lateness of the crop and the uncertainty of additional rainfall, Kelley urged growers to make timely irrigation, insect control and weed management decisions in order to maintain the current fruit set.
With good growing conditions the remainder of the season and an open fall, good yields of high quality cotton are “very possible,” he said.
Based on reports from growers, gin managers and others, the Plains Cotton Growers, Inc., estimated that 60% to 65% of the regionΆs 3.7 million planted cotton acres were “still in the game,” Mary Jane Buerkle of the PCG said in the organizationΆs latest newsletter. Plantings on the High Plains fell 11.5% from last year.
Futures open interest increased 798 lots to 164,494, with DecemberΆs up 541 lots to 142,796 and MarchΆs up 145 lots to 14,869.
Certificated stocks fell 117,741 bales to 330,115. There were 117,757 bales decertified, 16 bales newly certified and 85 bales awaiting review.
World values as measured by the Cotlook A Index held steady Tuesday morning at 93.50 cents. The premium to MondayΆs December futures settlement widened a point to 7.31 cents.
