Increased U.S. exports and decreased carryout expected in 2016-17 supply-demand estimates. U.S. 2017-18 crop forecasts and carryout cover a wide range. Rise projected in new-crop world stocks outside China.

Cotton futures finished mixed Tuesday amid positioning ahead of USDAΆs updated 2016-17 supply-demand estimates and first detailed balance-sheet forecasts for 2017-18.

July closed with the only gain, up 24 points to 77.43 cents, in the middle of its 75-point range from down 12 points at 77.07 to up 63 points at 77.82. July held at the low on an early overnight dip two ticks above the prior dayΆs 15-session low (the morning report here incorrectly said it had slipped below MondayΆs low) and traded just above MondayΆs high.

December closed down 29 points to 73.04 cents, its lowest finish since April 7 and near the low of its 71-point range from 73.67 to 72.96 cents. It has settled lower three sessions in a row and closed 200 points below ThursdayΆs high.

Volume increased to an estimated 26,289 lots from 22,696 lots the prior session when spreads accounted for 8,327 lots or 37% and EFP 137 lots, and block trades 120 lots. Options volume rose to 7,570 lots (3,092 calls and 4,478 puts) from 5,340 lots (2,709 calls and 2,631 puts).

Traders expect an increase in the U.S. 2016-17 export estimate of mostly around 300,000 bales along with a cut in ending stocks — forecast last month at 3.7 million bales — in the USDA reports scheduled for release at 11 a.m. CDT on Wednesday. Final tweaks will be made in U.S. 2016 acreage, yield and production.

Modest changes appear mostly expected in world 2016-17 estimates, barring significant revisions from previous crop years. World stocks currently are forecast at 90.9 million bales, 6% below last season and 19% (nearly 21 million bales) below the 2014-15 record of 111.7 million bales.

U.S. 2017-18 crop estimates have spanned wide ranges, with ending stocks seen rising to 4.6 million bales but spanning all the way from 3.5 million to 5.9 million bales. The USDAΆs crop forecast will be based on the March planting intentions of 12.23 million acres, up more than 2 million acres or 21% from last year.

Sixty-two percent of the U.S. upland intentions of 12.001 million acres are in the Southwest, the highest percentage in more than a century, and the region is prone to highly variable yields and abandonment. Expanded plantings are expected in each region of the Cotton Belt.

Weather-related setbacks to planting progress and crop prospects in the Northern Hemisphere so far have been minor, Cotton Outlook noted in a recent report, but pointed out that production forecasts at this early stage “must as always be treated with caution.”

Cotton Outlook has projected an increase in world 2017-18 production of more than 1.7 million metric tons (7.8 million 480-pound bales) to 24.4 million (112.07 million bales).

World production and consumption are projected to be broadly in balance, Cotton Outlook said, but global stocks outside China are predicted to rise more than 1.9 million tons (8.7 million bales).

In its May report, the International Cotton Advisory Committee forecast a 5% increase in the world