Spot July closed limit up. Rain chances linger on Texas Plains. Planting advanced rapidly in the Southeast and was done in some Delta areas. Crop progress reported excellent in Lower Rio Grande Valley and good in Arizona. Some wind damage seen on San Joaquin Valley crop.

Cotton futures rebounded from a long losing streak with a vengeance Monday, closing up the just-reverted 300-point limit in spot July.

The July contract touched the limit around 12:30 p.m. CDT, up 304 points from the low set during the overnight session, and stayed there or just off the limit to finish at 82.36 cents. October also touched limit up and closed up 297 points at 84.86 cents.

December surged 226 points to settle at 84.32 cents, nine ticks from the high of its 269-point range from down 34 points at 81.72 to up 235 points at 84.41 cents. This was its highest close since May 26.

The recent widening of the discount of spot futures to international values increased the competitive position of U.S. cotton and stimulated inquiries from abroad, including from China, analysts said. A lot of inquiries have been for prompt shipment.

Volume increased to an estimated 36,200 lots from 31,299 lots the previous session when spreads totaled 16,033 lots or 51%, EFP 234 lots and EFS 108 lots. Options volume totaled 4,673 calls and 3,585 puts.

A 20% chance for late-day and nighttime showers and thunderstorms is in the forecast for the Lubbock area on the Texas High Plains after some generally light overnight rainfall.

Although coverage is expected to be limited, any storms that develop will be capable of producing 2-inch diameter hail and 70 mile-per-hour wind gusts, forecasters say. Slight rainfall chances are foreseen almost daily through Sunday.

Overnight rainfall averaged 0.41 of an inch at 11 of 34 National Weather Service cooperative sites from which overnight reports were received. Amounts ranged from 0.06-inch to 1.05 inches. The heaviest amounts were at Plains followed by and 0.85-inch at Denver City, both in Yoakum County, and 0.60 at Morton in Cochran County.

Cotton insurance planting deadlines expired Friday in parts of the northern High Plains and will end Wednesday in the central area and June 10 in southern counties. The deadline is June 20 in the Rolling Plains.

Elsewhere, planting advanced rapidly last week in the Southeast, according to a review by the cotton division of USDAΆs Agricultural Marketing Service.

Abnormal dryness developed in parts of South Alabama, South Georgia and the Florida Panhandle. Grasshoppers caused stand loss in some fields in Central Alabama. Thrips were heavy in areas of Georgia and producers applied treatments. Some replanting was underway in areas of the Carolinas and Virginia owing to recent standing water and soggy soils.

Some low-lying fields remained flooded or were still too wet for field activities to resume in parts of the Delta. Planting was completed in some areas of the North Delta because of the reduced acreage. Pressure from thrips was moderate and building in the South Delta.

The Lower Rio Grande Valley crop in Texas made excellent progress. Fields planted in February rapidly approached cutout. Other fields were producing squares and blooming. Cotton made good progress in the Upper Coast and Winter Garden. Moisture is needed. Some cotton was zeroed out by insurance adjusters and replanted to grain sorghum and sesame.

The crop made good progress in Arizona. Some fields were squaring. Dry, windy conditions prompted irrigation. Cool, windy weather slowed crop progress in the San Joaquin Valley. Some wind damage was reported.

Futures open interest fell 2,309 lots Friday to 180,283, with JulyΆs down 4,952 lots to 96,476 and DecemberΆs up 2,473 lots to 76,500.

Certificated stocks grew 3,879 bales to 517,787. There were 3,945 newly certified bales, 66 bales decertified and 14,043 bales awaiting review.