Young plants thrived in areas of the Southeast. Hot, dry weather welcomed in the Delta. Baseball-sized hail pounded Texas Rolling Plains. Plant development described as normal in Arizona. Blooming began in SJV.
Cotton futures finished higher beyond July Monday, while the old-crop delivery plunged the daily limit right at the end of the session and settled with a moderate loss ahead of first notice day.
December closed up 60 points to 77.68 cents, in the upper quarter of its 122-point range from 76.68 to 77.90 cents. It touched the high near the close and settled above highs of the prior four sessions.
July closed down 64 points to 87.52 cents, trading within a 442-point span from 88.58 to 84.16 cents. It ticked last down the 400-point limit. July trading limits will be with the arrival of its notice period Tuesday.
Volume quickened to an estimated 32,600 lots from 19,819 lots the previous session when spreads totaled 5,828 lots or 29%, EFP 362 lots and EFS 14 lots. Options volume totaled 569 calls and 751 puts.
Light, scattered rain fell and young plants thrived under warm weather in South Alabama, the Florida Panhandle and South Georgia last week, the cotton division of USDAΆs Agricultural Marketing Service said in a weekly review on Friday.
Heavier thunderstorms and persistent showers hampered activities in Central Alabama. Producers applied herbicides to combat pigweed and sprayed fields for plant bugs, thrips and young grasshoppers.
Hot, mostly dry conditions prevailed in the Carolinas and Virginia. Pressure from thrips was diminishing but later planted fields remained vulnerable and continued to be monitored. Spider mites flared in some areas and aphids appeared in some fields.
Producers welcomed hot, dry conditions in the Delta. Insect pressure was building in some areas of the North Delta and producers treated fields for plant bugs, thrips and spider mites. Some fields in the South Delta required multiple applications to combat fleahoppers and thrips.
Reports indicated cotton in South Texas and the Rio Grande Valley needed more rain to maximize yield potentials. Some fields were sprayed to control insects and weeds.
Baseball-sized hail damaged equipment and interfered with planting in the southern Texas Rolling Plains, and weather destroyed some stands around San Angelo. Wind and blowing sand damaged some dryland cotton around Lamesa, but plants had formed new leaves and showed signs of recovery.
Producers worked the fields with rotary hoes and sand fighters. Some acreage was replanted.
Extreme and exceptional drought conditions in Texas have declined to 21.5% from 29.43% a year ago, according to the U.S. Drought Monitor. Three weeks of rainfall improved soil conditions and increased viable dryland planted acreage, but all counties in the West Texas Plains remained in a drought category.
Plant development was described as normal in Arizona. No heat stress and no significant insect pressures were reported. Producers monitored for stinkbugs and whitefly.
Cotton began blooming in the San Joaquin Valley. Growers scouted for spider mites and whitefly. Lygus infestations were chemically controlled.
Futures open interest fell 5,828 lots Friday to 157,280, with JulyΆs down 5,553 lots to 13,007 and DecemberΆs down 567 lots to 123,351.
Cert stocks grew 2,892 bales to 436,979, largest since July 22, 2013, when cotton in deliverable position totaled 447,856 bales. There were 3,158 newly certified bales, 176 bales decertified and 18,994 bales awaiting review.
World values as measured by the Cotlook A Index held steady Monday morning at 91.45 cents. The premium to FridayΆs July futures settlement widened 20 points to 3.29 cents.
Forward A Index values for 2014-15 also were unchanged at 84.35 cents, leaving the discount to the 2013-14 index flat at and widening the premium to FridayΆs December futures close by five points to 7.27 cents.
