Outside markets reacted to dovish Yellen comments. A new survey projected U.S. plantings at an average of 9.412 million acres. Increased Turkish cotton production forecast to increase 15%.

Cotton futures meandered Tuesday to a six-session low finish in spot May, which settled in the lower third of a narrow inside-day range after opening overnight on the session high.

The May contract closed down 42 points to 57.38 cents, trading within a 72-point range from up 14 points at 57.94 to down 58 points at 57.22 cents. July also settled down 42 points, finishing at 57.29 cents, and December dipped 44 points to 57.03 cents.

Outside markets reacted uniformly to a dovish outlook for interest rates laid out by Federal Reserve Chair Janet Yellen in a speech at the Economic Club of New York. She said global economic and financial uncertainty has heightened the risk to the U.S. economy and justifies a slower path of rate increases.

Volume was estimated at a light 15,387 lots, compared with 14,347 lots the previous session when spreads accounted for 5,994 lots or 42% and EFP 147 lots. Options volume totaled 1,874 calls and 1,876 puts.

A survey of analysts by Reuters is reported to have shown an average U.S. prospective plantings estimate of 9.412 million acres, up 9.7% from last yearΆs planted area of 8.58 million acres.

Estimates ranged from 9.06 million to 9.84 million acres. The planted acreage last year was the smallest since 1983 and one of the smallest on record.

The USDA will release results of its survey of producer intentions conducted early this month at 11 a.m. CDT on Thursday. It projected plantings at an analysis-based 9.4 million acres at its Outlook Forum last month.

The National Cotton CouncilΆs annual producer survey, released Feb. 6 and reflecting responses from mid-December through mid-January, showed early intentions of 9.1 million acres.

Of the roughly 800,000-acre increase in its preliminary projection, USDA expected a return to cotton of more than 500,000 acres prevented from planting last year by adverse weather.

The prospective plantings report last year came in at 9.55 million acres, with the upland forecast at 9.4 million acres down 13% from 2014 and the estimated Pima area at 150,000 acres down 22%.

A table accompanying the 2015 USDA report showed the difference between the prospective plantings estimate and the final tally during the previous 20 years averaged 606,000 acres for upland cotton.

Differences ranged from just 6,000 acres to a bulging 2.115 million acres. The prospective plantings estimates had understated the final count 12 times and overstated it eight times.

On the international scene, TurkeyΆs cotton area and production are projected to increase about 15% in the 2016 marketing year, according to a U.S. agricultural attach report.

Planted area is forecast at 425,000 hectares (1.05 million acres) and production at 650,000 metric tons (2.98 million bales), the report said, attributing the increases mainly to more favorable local cotton prices compared with low returns on alternative crops such as corn this season.

The post estimated domestic consumption this season at 6.2 million bales, down from USDAΆs 6.4 million, owing to a slowdown in exports of textile products and forecast 6.31 million bales in 2016-17 linked to a slow recovery in European economies.

The antidumping investigation on U.S. cotton exports to Turkey has created “a great uncertainty” in the market, the post said. This caused U.S. exports to fall about 24% last season to 1.55 million bales, it said, adding that importers remain cautious on a possible duty on U.S. imports.

Despite the decline, the United States has remained the leading supplier of cotton to the Turkish market owing to its quality.

Futures open interest expanded 1,675 lots Monday to 215,388, with MayΆs up 435 lot to 110,973 and JulyΆs up 944 lots to 50,811. Cert stocks were unchanged at 47,037 bales.