U.S. 2017-18 export commitments still totaled 83% of the USDA forecast after heavy cancellations cut weekly upland sales to the lowest since Sept. 7. Shipments lagged. Upland outstanding loans declined to 4.758 million RB.

Cotton futures tumbled to steep losses Friday after U.S. weekly export sales fell much more than generally expected, with spot March holding just above the bearish reversal of Jan. 12.

March lost the most, settling down 140 points at 80.48 cents, its lowest close since Jan. 10 and near the low of its 166-point session range from up 10 points at 81.98 to down 156 points at 80.32 cents. The low was two ticks above the low of that wild 435-point range two weeks ago.

May closed down 136 points at 81.22 cents, July finished down 134 points at 81.72 cents and new-crop December closed down 50 points at 75.51 cents. For the week, the market lost 294 points in March, 254 points in May, 251 points in July and 24 points in December.

Volume increased to an estimated 47,300 lots from 35,503 lots the previous session when spreads accounted for 21,524 lots or 61% and EFP 463 lots. Options volume quickened to 17,519 lots (7,448 calls and 10,071 puts) from 4,753 lots (1,572 calls and 3,181 puts).

Net U.S. all-cotton export sales for shipment this season of 72,900 running bales during the week ended Jan. 18, down from 286,200 the prior week, brought 2017-18 commitments to 11.891 million RB.

Upland sales of 67,700 RB, lowest since the week ended Sept. 7, reflected gross sales of 257,900 RB and cancellations of 190,200 RB. Cancellations have been rumored for quite some time.

The lead of commitments over year-ago bookings narrowed 391,000 RB to 2.032 million, still up 21% from last year and about 83% of the USDA estimate. A year ago, commitments of 9.859 million RB were about 68% of final 2016-17 exports.

Net all-cotton sales for shipment next season of 109,100 RB, up from 104,600 RB of only upland the prior week, raised 2018-19 commitments to 1.579 million RB. New-crop commitments stand a bulging 967,000 RB ahead of forward bookings a year ago.

combined commitments for 2017-18 and 2018-19 reached 13.47 million RB, up 2.998 million RB or 29% from combined bookings for 2016-17 and 2017-18 last year.

All-cotton shipments of 249,300 RB, down from a marketing year high of 302,900 the week before, boosted the total for the season to 4.253 million RB, 458,000 RB behind exports a year ago. Shipments were about 30% of the USDA forecast, compared with 33% of final 2016-17 exports at the corresponding point last season.

To achieve the USDA projection, shipments need to average roughly 374,200 RB a week over the 27 weeks remaining in the marketing year, while sales averaging approximately 91,300 RB would match the export forecast.

Meanwhile, U.S. upland loans outstanding on 2017-crop cotton declined 129,408 RB to 4.758 million during the week ended Monday, according to the latest USDA figures.

Repayments were made on 454,175 RB and entries were 324,767 RB. Loans outstanding included 467,832 RB of Form A issued to individual growers and 4.29 million of Form G issued to marketing cooperatives or loan servicing agents.

Futures open interest expanded 1,539 lots to a new record 320,744 on Thursday, with March’s down 3,469 lots to 156,812 and May’s up 3,290 lots to 85,971. Certified stocks grew 250 bales to 48,681. The stocks were added at Galveston.