Good stands reported in the Southeast. Dry period needed in the Delta. South Texas fields reached full bloom. Texas Plains has recorded most rain since 2010. Hot, dry conditions prevailed in the West.

Cotton futures finished mixed Monday, with soon-to-mature July closing moderately ahead with the only gain and December settling in the red to complete an outside-range reversal.

July closed up 67 points to 87.65 cents, its highest finish since May 22. It settled just below the midpoint of its 144-point range from up two points at 87 cents to up 146 points at 88.44 cents. July posted the low on the Sunday night opening, shot quickly to the high and tested the low several times during the morning session.

December lost 63 points to close at 77.12 cents, near the low of its 95-point range from up 20 points at 77.95 cents to down 75 points at 77 cents. It nudged above highs of the previous five sessions, fell to the dayΆs low in the late going and closed below FridayΆs low.

Volume slowed to an electronically estimated 24,500 lots from 28,311 lots the previous session when spreads accounted for 16,161 lots or 57%, EFS 1,616 lots, EFP 111 lots and block volume 110 lots.

Scattered thunderstorms brought accumulated rainfall of half an inch up to more than 2.25 inches in localized areas of Alabama, the Florida Panhandle and South Georgia, the cotton division of USDAΆs Agricultural Marketing Service said in a weekly review released Friday.

Good stands were reported in most areas as seedlings thrived under hot daytime temperatures ranging from the upper 80s to lower 90s. Producers considered management options for pigweed, which also made rapid growth, and treated fields for thrips and spider mites.

Overcast skies with locally heavy, intermittent rain dominated the weather in the North Delta. Up to 4 inches fell in some areas. Producers hoped for a dry, clear period and were concerned about weed problems where heavy rains had inhibited the effectiveness of herbicides or prevented treatments.
Fields were treated for thrips and spider mites.

Some areas in the South Delta got up to 8 inches of rain. Rapid cotton growth and rains diminished thrip and spider mite populations. A surge of migratory cutworms required treatment in Mississippi.

About 2 inches of beneficial rain fell in the Texas Blackland Prairies. As fields dried, a second treatment for fleahoppers was applied. Cotton in the Corpus area and the Rio Grande Valley continued to establish a foundation for a good fruit load under warm, sunny conditions. Fields were in full bloom in South Texas and the valley.

Recent beneficial moisture brought precipitation to the most since 2010 in the Texas High and Rolling Plains. Hail and wind inflicted significant damage. Aerial herbicide applications were underway. Full-throttle planting continued in the southern Rolling Plains.

Precipitation for the year through Sunday at Lubbock totaled 8.19 inches, up from the normal of 7.85 inches and 4.25 inches a year ago.

Triple-digit temperatures continued in the Desert Southwest. The crop made good progress in Arizona. No significant insect pressures were reported. Severe drought conditions persisted.

High temperatures reached 108 to 110 degrees in the San Joaquin Valley and broke century old records on June 9. Cooler nighttime temperatures facilitated excellent crop progress. Some fields were treated for aphids.

Futures open interest fell 3,837 lots Friday to 180,680, with JulyΆs down 6,095 lots to 44,770 and DecemberΆs up 2,100 lots to 116,991. Cert stocks fell 1,322 lots to 418,240. There were 262 bales newly certified, 1,584 bales decertified and 17,952 bales awaiting review.

World values as measured by the Cotlook A Index gained 125 points Monday morning to 91.70 cents. The premium to FridayΆs July futures settlement narrowed 11 points to 4.72 cents.

Forward A Index values for 2014-15 held steady at 84.95 cents, widening the discount to the 2013-14 index to 6.75 cents and the premium to FridayΆs December futures close by eight points to 7.20 cents.