Spot May spanned a huge 652-point range. U.S. weekly export sales report eyed. Cotton plantings projected up 5.7%. Moisture likely to be short-lived from scattered showers on the dry Texas High Plains.

Cotton futures gyrated wildly Wednesday, initially exploding to a new two-year-plus high and then plummeting a stunning 652 points to the session low in heavy dealings.

Spot May closed down 245 points to 91.66 cents, in the lower quarter of its huge range from up 324 points at 97.35 cents to down 328 points at 90.83 cents. It reversed off the highest intraday price since early February 2012.

July settled down 218 points to 91.36 cents, trading within a whopping 650-point range from 96.76 to 90.26, and December closed down 100 points to 79.30 cents, 15 points off the low of its 135-point range.

Volume jumped to an electronically estimated 55,500 lots from 31,643 lots the previous session when spreads totaled 9,908 lots or 31%, EFS 417 lots and EFP 197 lots.

The U.S. export sales report to be released at 7:30 a.m. CDT on Thursday will give traders a reading on the price-rationing or lack of it of the tight supply in the worldΆs largest cotton exporter.

May futures during the reporting week ended March 20 ranged intraday from 90.56 to 93.29 cents and averaged 92.39 cents on a closing basis, against an average settlement the previous week of 91.68 cents.

Net all-cotton sales for the week ended March 13 totaled 54,800 running bales for shipment this season and 135,900 RB for next season, both of which were considered strong in view of the prevailing prices.

Most of the export cotton to be shipped during the first three months of the new marketing year beginning Aug. 1 likely will come from existing stocks ahead of the volume movement of 2014-crop cotton, analysts and traders say. Some also say the current 2013-14 domestic mill use estimate of 3.6 million bales may be understated.

Net upland sales for shipment this season have averaged 74,400 RB for the four reporting weeks ended March 13 and shipments have averaged 308,700 RB. Both are above the pace required to meet the export estimate.

Meanwhile, U.S. cotton plantings are forecast by Informa Economics at 10.995 million acres, up 5.7% from 14.07 million acres seeded last year, sources said.

The Memphis-based analytical firmΆs forecast compares with 11.26 million acres reported in the National Cotton CouncilΆs early planting intentions survey and 11.5 million acres projected at USDAΆs Outlook Forum last month.

Upland plantings are estimated by Informa at 10.8 million acres, up from 10.206 million acres last year, and the Pima area at 195,000 acres, against 201,000 in 2013. Informa pegged Texas plantings at 6.3 million acres, up from 5.8 million.

On the weather scene, moisture appears likely to be short-lived from scattered overnight showers in the dry Texas High Plains. Rainfall measurements ranged from a few hundredths of an inch at several sites to 0.57 inch at Morton in Cochran County.

A couple of key dryland areas, Tahoka and Lamesa, got a mere 0.5 and 0.8 of an inch, respectively, and Lubbock recorded only 0.16 inch in the 24-hour period to 8 a.m. Wednesday. No additional rain is in the forecast through early next week.

Winds of 20 to 25 miles per hour are expected to kick up dust and sap meager surface moisture on Thursday. Relative humidity is forecast to fall to 13% to 15%, with above normal warmth of 76 degrees. A fire watch will be in effect for the High Plains and most of the Rolling Plains.

Futures open interest edged up 155 lots Tuesday to 183,310, with MayΆs down 1,410 lots to 101,985, JulyΆs up 758 lots to 38,330 and DecemberΆs up 722 lots to 39,538. Certificated stocks declined 86 bales to 254,958.

World values as measured by the Cotlook A Index gained 310 points Wednesday morning to 98.90 cents. The premium to TuesdayΆs May futures settlement narrowed 38 points to 4.79 cents. A narrowing premium suggests declining U.S. price competitiveness.