Informa projects 10.241 million acres, trade sources say. Planting made significant progress. Some fields showed poor emergence and growth. Cotton replanted in some Delta fields. Damage assessments got underway in Texas Blacklands. Crop progress described as excellent in the West.

Cotton futures posted a four-session high, sank to a five-session low and finished in the lower third of the expanded range in spot July Monday.

The July contract settled off 63 points to 85.78 cents, its lowest close since May 2. It closed in the lower third of its 159-point range from up 50 points at 86.91 to down 109 points at 85.32. Pressure may have stemmed partly from a continued buildup in cert stocks and the looming rolling of speculative positions in about two weeks, analysts said.

New-crop December closed down 30 points at 85.60 cents, continuing to gain on July amid ongoing dry conditions in the West Texas Plains. It settled in the lower half of its 134-point range from up 57 points at 86.47 cents to down 77 points at 85.13 cents.

Volume increased to an estimated 17,500 lots from 16,670 lots the previous session when spreads totaled 6,777 lots or 41% and EFP 20 lots. Options volume totaled 2,186 calls and 2,846 puts.

U.S. all-cotton plantings are forecast at 10.241 million acres by Informa Economics, closely watched Memphis-based analytical firm, trade sources said.

This is up 215,000 acres from USDAΆs March intentions survey of 10.026 million but down from 12.314 million acres planted last year. Informa estimated upland plantings at 10.025 million acres, up from 9.82 million foreseen in the USDA survey.

Significant planting progress appeared to have been made last week, leading some analysts to estimate that it may have reached roughly a third completed, compared with 23% as of May 12.

Planting advanced at a rapid pace in North Carolina and Virginia and made good progress elsewhere in the Southeast as producers pushed operations ahead of crop insurance deadlines, according to a weekly review by the cotton division of USDAΆs Agricultural Marketing Service.

Some fields in Alabama exhibited poor emergence and delayed seedling plant growth because of unseasonably cool weather in recent weeks. Producers treated some fields for light to moderate thrip infestations.

Growers also made good progress planting cotton in the Delta, though a few low-lying areas remained under water from both heavy rainfall and floodwater from rising rivers. A few of the earliest planted fields in the South Delta had to be replanted because of poor germination and cool soil temperatures.

Some areas of East Texas received up to 5 inches of rain in relatively short periods, flooding some fields, and severe thunderstorms containing hail pounded the Blacklands late in the week.

Crop damage assessments were underway. The moisture mostly helped established cotton. Adjusters evaluated failed acreage. Replanting had begun in some areas.

Soils warmed closer to preferred levels in the West Texas Plains and planting leisurely advanced. Some producers scheduled cotton planting after peanuts. With equipment allowing the planting of large acreages quickly, planting delays can be minimalized with cooperative weather.

Hot, dry conditions dominated weather in the Desert Southwest, and the crop made excellent progress. A few earlier planted fields neared the squaring stage around Yuma, Ariz. Planting continued in parts of Arizona, New Mexico and El Paso.

The first 100-degree day was reached early in the reporting period in the San Joaquin Valley. First irrigations were applied in some fields.

Futures open interest expanded 1,108 lots Friday to 186,573, with JulyΆs up 248 lots to 122,984 and DecemberΆs up 571 lots to 59,811.

Certificated stocks grew 1,150 bales to 510,295. There were 2,260 newly certified bales, 1,110 bales decertified and 4,070 bales awaiting review+.

World values as measured by the Cotlook A Index gained 50 points Monday morning to 93.90 cents. The premium to FridayΆs July futures close widened 12 points to 7.49 cents.