Tightening availability of current supplies continued to vie for attention with prospects for increased plantings. Chances for showers forecast for the Texas High Plains.
Cotton futures rallied from a morning sinking spell to close higher in the front four contracts Tuesday, led by October.
Most-active July gained 57 points to close at 79.36 cents, regaining a bit more than what it lost the prior day and settling on its highest finish since March 6. It finished just off the high of its 144-point range from down 82 points at 77.97 to up 62 points at 79.41 cents.
Maturing May settled up 62 points to a new high at 80.71 cents. October, which had an open interest coming into the session of 78 lots, closed up 90 points to 76.10 cents.
December edged up five points to finish at 75 cents, its highest close since March 27 and just off the high of its 61-point range from 74.45 to 75.06 cents. Traded contracts from March forward closed down three to seven points.
Tightening availability of U.S. current supplies continued to vie for attention with prospects for increased new-crop plantings and production.
Volume slowed to an estimated 21,236 lots from 27,255 lots the previous session when spreads accounted for 8,220 lots or 30% and EFP 199 lots. Options volume increased to 7,612 lots (3,246 calls and 4,366 puts) from 5,120 lots (2,571 calls and 2,549 puts).
A 20% chance for light showers is forecast for the Lubbock area on the Texas High Plains for Wednesday, with chances returning Friday and Saturday when forecasters say amounts could range to half an inch or so.
Patchy blowing dust whipped by winds gusting to 40 miles per hour was expected Tuesday afternoon and evening. The National Weather Service issued a rangeland fire danger statement for much of the region and a high wind advisory for the southwestern Plains.
Rainfall has totaled 0.81 of an inch thus far this month at Lubbock, down from the long-term average of 1.06 inches, but precipitation since Jan. 1 of 4.4 inches has topped the normal of 3.56 inches and 1.61 inches last year.
Topsoil and subsoil moisture both were rated 54% short to very short in the southern Texas High Plains as of Sunday, according to the weekly crop progress report by USDAΆs regional field office at Austin. In the northern district, topsoil was 71% adequate and 1% surplus and subsoil moisture was 71% adequate.
Statewide, topsoil moisture was 65% adequate and 6% surplus and subsoil moisture was 64% and 8%, respectively.
The traditional optimum cotton planting period opens May 5 on the High Plains, which last year accounted for 65% of the Lone Star StateΆs planted cotton area.
Elsewhere, the northern Delta got some much needed rain. Some farmers there were reported to have
