U.S. upland classing of 967,649 running bales last week boosted the total for the season to 11.675 million RB, up 23% from a year ago and 75% of the production estimate.
A modest early rally fizzled as cotton futures settled slightly lower Tuesday, extending a losing string to three sessions in a row.
March closed down 23 points to 69.34 cents, a new low finish since Nov. 14 and two ticks off the low of its tight 52-point range. It finished below the prior-session low as fund long liquidation countered trade buying and mill fixations.
The May contract dropped 26 points to close at 69.77 cents, while December 2017 slipped 22 points to settle at 68.63 cents.
Volume slowed to an estimated 19,939 lots from 38,075 lots the previous session when spreads accounted for 31%, EFP 252 lots and EFS 273 lots. Options volume totaled 1,749 calls and 1,861 puts.
U.S. upland cotton classing slowed last week to 967,649 running bales from 1.136 million RB the previous week, bringing the seasonΆs total to 11.675 million RB, according to the latest USDA weekly figures.
The Dec. 15 total, up 23% from 9.527 million RB graded through Dec. 17 last year, amounted to 75% of the production estimate. Cotton tenderable on futures contracts totaled 72.4% for the week and 71.6% for the season, compared with 56% and 56.1%, respectively, a year ago.
Pima classing dipped to 36,164 RB from 37,148 RB the week before, hiking the extra-long staple total for the season to 355,191 RB, up from 330,355 RB a year ago.
The all-cotton total of 12.031 million RB compared with 9.857 million RB last year and 12.808 million two years ago.
Classing of Texas upland cotton slipped to 516,693 RB from 560,365 RB the prior week. The statewide total for the season reached 4.61 million RB, 64% of the USDA crop forecast and up from 4.09 million RB a year ago.
Harvesting and ginning made slow progress in the southern High Plains ahead of bitter cold over the weekend.
Lingering damp conditions from recent rainfall slowed harvesting progress and allowed some gins to process all modules on their yards, USDA reported. Reports indicated that module trucks were parked in some locales, waiting for fields to firm and harvesting to resume.
In the northern High Plains, harvesting proceeded at an active pace and gins continued operating on modules accumulated on gin yards. Module haulers were busy transporting cotton from fields. Producers were encouraged with yields and quality. Some had completed harvesting.
Elsewhere in Texas, about 10 gins in the Winter Garden and eastern areas continued intermittent operations around rainfall. Planted acres are expected to increase next year.
In Oklahoma, local reports indicated that harvesting was drawing to a close and ginning neared the halfway mark.
Classing of 204,110 RB of Georgia cotton boosted the state total to 1.864 million RB, about 85% of the crop estimate and up from 1.66 million RB a year ago.
Futures open interest fell 5,143 lots Monday to 247,375, with MarchΆs down 6,337 lots to 169,968 and MayΆs up 556 lots to 41,959. Cert stocks declined 22 bales to 74,077.
