U.S. 2015-16 export commitments amounted to 89% of the USDA shipments forecast and lagged year-ago bookings by 2.377 million RB. AWP figured at 51.92 cents.

Cotton futures finished lower Thursday, reversing off a push above the prior-day high to complete an outside-range reversal to the downside and finish in most-active July at its lowest close since April 15.

July closed down 99 points to 61.79 cents, near the low of its 192-point range from up 77 points at 63.55 to down 115 points at 61.63 cents. It closed below lows of the prior 11 sessions.

December also shed 99 points, closing at 61.01 cents, just off the low of its 169-point range from 62.60 to 60.91 cents. It also climbed above WednesdayΆs high before heading south and finishing below last weekΆs low.

Maturing May, with its last trading day looming on Friday, settled down 54 points to 61.63 cents.

Volume rose to an estimated 26,271 lots from 22,022 lots the previous session when spreads accounted for 4,842 lots or 22% and EFP 20 lots. Options volume totaled 3,849 calls and 6,336 puts.

Net U.S. all-cotton export sales for shipment this season of 72,700 running bales during the week ended April 28, down from 74,600 the prior week, brought 2015-16 commitments to 8.182 million RB.

The lag behind year-ago commitments narrowed about 40,000 RB to 2.377 million, still about 23%. Commitments — outstanding sales plus shipments — amounted to 89% of the USDA forecast, compared with 97% of final 2014-15 exports at the corresponding point last season.

All-cotton shipments of 290,500 RB, up from 258,700 RB the week before, boosted the total for the season to 6.041 million RB. The gap behind year-ago exports widened 129,000 RB to 1.652 million or to 22%.

Shipments were 66% of the USDA projection, while exports a year ago had reached 71% of the final 2014-15 count.

Upland-Pima shipments combined need to average roughly 244,100 RB for the 13 weeks remaining in the marketing year to achieve the USDA estimate. To match the shipments forecast, weekly sales need to average around 79,400 RB.

Net sales of 24,800 RB for shipment next season, up from 4,700 RB the week before, hiked 2016-17 commitments to 1.801 million RB and widened the lead over forward bookings a year ago to 83,400 RB.

On the competitive-pricing front, the average of the five lowest-quoted world cotton growths for the Far East dropped 41 points to 69.65 cents during the week ended Thursday, according to unofficial calculations based on USDA methodology.

The lowest-quoted U.S. cotton landed there dipped 32 points to 71.73 cents, widening its premium by nine points to 1.98 cents. The adjusted world price, reflecting transportation-quality differentials, is figured at 51.92 cents, resulting in a small marketing loan gain of eight points for the week ending next Thursday.

Futures open interest fell 2,695 lots to 190,729 on Wednesday, with MayΆs down four lots to 56 and JulyΆs down 1,959 lots to 110,903. Cert stocks grew 2,933 bales to 61,273. Awaiting review were 3,467 bales at Memphis.