May jumped highest since Aug. 24. Conditions in the Southeast ranged from wet to dry. Rain dominated weather pattern in the Delta. Supplies of higher qualities limited in West Texas. Planting gained momentum in Central Arizona and neared completion in the San Joaquin Valley.

Cotton futures settled with gains of 20 to 169 points Monday, led by maturing May as it entered its delivery notice period and hit its highest intraday price since Aug. 24.

Most-active July closed up 35 points to 64.04 cents, around the upper quarter of its 125-point range from down 59 points at 63.10 to up 66 points at 64.35 cents. It closed just above the prior-session high.

May settled at 64.77 cents, trading from up seven points at 63.15 to up 286 points at 65.94 cents. December closed up 20 points at 62.72 cents, narrowly ahead of ThursdayΆs finish for a new high settlement for the move.

The market appeared little affected by news that commodity exchanges in China announced some margin increases, including for cotton, aimed at cooling a recent buying frenzy as prices and volumes soared. ChinaΆs Zhengzhou cotton futures were lower overnight.

Volume slowed to an estimated 27,723 lots from 32,759 lots the prior session when spreads accounted for 12,970 lots or 40% and EFP 1,522 lots. Options volume totaled 2,337 calls and 1,824 puts.

Excessive rainfall has slowed fieldwork in much of the lower Southeast in recent weeks, while abnormally dry conditions have expanded across the cotton growing areas of North Carolina and Virginia.

Clear, breezy weather helped soft soils in wet areas to firm by the end of the reporting week ended Thursday, the Agricultural Marketing Service said in a cotton review. Some fields had sustained erosion and leaching of nutrients and standing water remained in low-lying areas.

Cotton growing areas of North Carolina and Virginia have experienced rainfall deficits of 4 to 8 inches in the last 90 days, the U.S. Drought Monitor said Thursday. Producers in those areas would welcome a period of soaking rainfall.

Rain continued to dominate the weather pattern in the Delta, bringing total accumulations of up to 3 inches in most areas. Heavier amounts were reported in isolated areas of the North Delta. South Delta producers were expected to begin planting cotton as soon as fields dried sufficiently.

Rainfall totaled approximately 1.5 to 2 inches throughout southern and central Texas, with heavier amounts reported north of Victoria and into the Upper Coast. Flooding was a problem in low-lying areas and a threat in many rivers and creeks in the Upper Coast and Central Texas. More rain fall late in the period.

No damage to cotton was reported. Most fields in the Upper Coastal Bend are planted in raised beds. Cooler temperatures slowed crop progress, which varied from the first true-leaf stage to more advanced.

Merchants in the West Texas Plains reported supplies of high quality cotton were limited. Producers were signing into merchant and cooperative marketing pools for new-crop cotton. Around one-half inch of rain fell mid-period.

The crop around Yuma advanced under sunny skies. Planting gained momentum in Central Arizona and commenced in the Safford Valley.

Planting neared completion in the San Joaquin Valley. Seedlings made good progress under above-average temperatures. No insect pressures were reported.

Futures open interest edged up 88 lots Friday to 189,732, with MayΆs down 2,530 lots to 578 and JulyΆs up 1,709 lots to 113,921. Cert stocks grew 1,232 bales.