A mixed crop situation across the Cotton Belt ranged from planting still underway in various areas to picking of the first 2017 bale in the Rio Grande Valley.

Cotton futures, confined to narrow trading bands, slipped to a new low close for the move Monday as July printed its lowest intraday price since Jan. 26.

July closed down 56 points to 75.13 cents, near the low of its 66-point range from up six points at 75.75 to down 60 points at 75.09 on a contract volume of 21,492 lots. It finished below lows of the prior 19 weeks. Fund rolling and liquidation appeared to dominate the action.

December eased five points to settle at 72.44 cents, trading within the prior-session range within a mere 31-point span from 72.64 to 72.33 cents on a turnover of 19,802 lots.

Volume across the board increased to an estimated 43,851 lots from 41,447 lots the prior session when spreads accounted for 28,676 lots or 69% and EFP 453 lots. Options volume rose to 10,454 lots (4,897 calls and 5,557 puts) from 7,410 lots (5,221 calls and 2,189 puts).

A mixed crop situation across the U.S. Cotton Belt ranged from planting still underway in various areas to picking of the first 2017 bale in the Texas Rio Grande Valley.

Scattered showers and thunderstorms brought rainfall throughout the Upper Coastal Bend, Central Texas and into South Texas every day in the reporting week ended Thursday, USDAΆs Agricultural Marketing Service said in a cotton review Friday.

Amounts were about 1 to 1.5 inches with heavier concentrations north of Victoria into the Upper Coast. Flooding in low-lying fields was reported in the Upper Coastal Bend. Some hail fell but did little damage to cotton. Crop progress was described as good.

Boll setting advanced in the Rio Grande Valley. Increased pressure from whiteflies was noted. Sources said cotton in the earliest fields would be ready for defoliation the first week of July.

Wyatt Agri Products delivered the first official certified U.S. 2017 bale from north of Edcouch Elsa to the Harlingen Gin Co. on Tuesday, the Valley Morning Star reported. Wyatt will receive a reward of $3,000. After it is ginned, the cotton will be delivered to the Harlingen Chamber of Commerce and will be auctioned off to help fund scholarships.

Scattered showers deposited much-needed moisture in some dryland areas on the Texas High Plains but skipped other dryland acreage where cotton struggled with emergence. Reports indicated irrigated acreage was up to a stand and progressing normally. Producers sprayed for thrips.

Isolated thunderstorms are possible in the Lubbock area Monday afternoon and evening, forecasters say. Slight chances for light rain remain in the forecast the next three days with daytime high temperatures in the upper 90s.

Planting advanced across the Southeast despite widespread continued rainfall along areas from the Gulf Coast to the eastern Carolinas and Virginia. Producers may consider switching to soybeans in areas of Alabama where the window has passed to replant drowned cotton.

Light rain early in the period gave way to warm days and cool nights in the North Delta. Insect pressure from thrips persisted in areas where plant development was slowed by cool, wet conditions. Fields not planted to cotton in Missouri likely will go to soybeans.

Rainfall totaled up to 2 inches of unwanted moisture in the South Delta and was accompanied by cool nighttime temperatures. Sources said some acreage originally intended for cotton will be switched to soybeans in Mississippi.

The crop made good progress in Arizona and CaliforniaΆs San Joaquin Valley. Blooming continued at Yuma, while progress varied in Central Arizona with some fields at seedling emergence. Those fields were planted after grain harvest and windy conditions slowed progress. Growers in the San Joaquin Valley were cultivating or had work crews hand-hoeing weeds.

Futures open interest edged up 45 lots Friday to 232,985, with JulyΆs down 5,723 lots to 58,271, DecemberΆs up 4,538 lots to 144,869 and MarchΆs up 1,067 lots to 19,971. Certified stocks grew 2,954 bales to 456,328. There were 6,824 bales awaiting review, including 1,232 at Galveston and 5,592 at Memphis.