Weekly crop progress report expected to be delayed by holiday. Weekend rains exceeded expectations on the Texas High and Rolling Plains, estimated to account for 79.7% of the stateΆs upland area.

Cotton futures settled on triple-digit losses in nearby contracts Monday following strong gains the prior-session on lower-than-expected U.S. planted acres reported by USDA.

December closed down 114 points to 67.45 cents, giving back all but 21 points of FridayΆs gain. It finished near the low of the sessionΆs 146-point gain from up seven points at 68.66 to down 139 points at 67.20 cents. March settled down 47 points to 67.10 cents, trading within an 82-point range between 66.80 and 67.62 cents.

The market will be closed Tuesday in observance of Independence Day and will reopen at 8 p.m. CDT Tuesday. The USDA crop progress report, usually released after the close on Mondays, will be delayed until Wednesday by the holiday period.

Volume slowed to an electronically estimated 21,700 lots from 28,744 lots the prior session when spreads accounted for 10,402 lots or 36%, EFS 16 lots and EFP two lots.

Larger-than-expected weekend rains in much of the Texas High and Rolling Plains over the weekend, though accompanied by damaging hail and strong winds, may have contributed to the price pressure. Strength in U.S. dollar index futures also may have been a factor.

Replanting of some previously damaged acreage continued on the Plains last week. Cotton planting deadlines for full insurance coverage have expired.

Rains last week helped stands advance but came too late for some dryland fields that already had been adjusted for insurance claims, reports indicated. Hail-damaged stands were under evaluation.

Planting of a combined 5.26 million acres of cotton in the High and Rolling Plains accounted for 79.7% of the upland area in Texas, according to USDAΆs National Agricultural Statistics Service. The Texas acreage is estimated at 55.9% of the U.S. upland area.

A weekly cotton review by the Agricultural Marketing Service reported that hot, dry conditions prevailed early in the week ended Thursday in the Texas Rio Grande Valley, source of the nationΆs first new-crop supplies.

Heavy thunderstorms brought rain to some areas late in the reporting period and more was expected. Whiteflies had become problematic and adversely affected some cotton, according to the Pest Cast newsletter. Treatments were applied as needed. Bolls cracked open.

Blooms increased and more mature stands developed bolls in the South Texas crop district just north of the lower valley. In Central Texas, heavy thunderstorms brought beneficial rains and stalled field work. Stands had begun to square and early planted cotton was in full bloom.

Upland plantings in Texas crop districts outside the Plains compared with 2016 acres in parentheses included 205,000 acres in the lower valley (127,300), 270,000 in the Upper Coast (156,800), 285,000 in the Coastal Bend (267,500) and 220,000 in the Blacklands (115,400). Plantings in other districts totaled a combined 135,000 acres, up from 16,500.

Futures open interest increased 2,470 lots Friday to 204,423, with JulyΆs down 11 lots to 404, DecemberΆs up 1,598 lots to 161,481 and MarchΆs up 298 lots to 27,185.

Certificated stocks reported by the exchange grew to 313,753 bales from 313,026 bales. Awaiting review were 3,418 bales at Memphis.