Planting moved rapidly in the Southeast prior to widespread rain. Emerged Delta cotton progressed slowly. Timely rain helped Rio Grande Valley crop. Texas High Plains planting could be as little as 10% to 15%. Crop advanced in the West.
Cotton futures settled mixed Monday, down 20 points to up seven points, with spot July and December completing a second day of inside-range, light trading.
July closed with the only loss, settling around midrange within the 73-point overnight trading band from up 16 points at 61.83 to down 57 points at 61.10 cents. December eked out a one-point gain to 61.34 cents, in the upper half of its 65-point range from down 55 points at 60.85 to up 10 points at 61.50 cents.
Volume slowed to an estimated 16,526 lots from 17,171 lots the previous session when spreads accounted for 4,688 lots or 27%, EFS 115 lots and EFP six lots. Options volume totaled 1,216 calls and 1,700 puts.
Planting advanced rapidly in the Southeast until a storm system brought widespread rain late in the reporting period, USDAΆs Agricultural Marketing Service said Friday in a weekly cotton review.
Accumulated rainfall measured from half-an-inch to 2 inches in most inland areas, while localized Gulf and Atlantic coastal areas got more than 3 inches. Producers scouted fields where seedlings were emerging and sprayed where thrip populations were building. Growers also evaluated post-emergence herbicide options to manage glyphosate-resistant pigweed.
Emerged cotton advanced slowly in the North Delta because of below-average temperatures. Treatments were applied for hotspots of thrips and cutworms. Replanting was completed in the South Delta in fields dry enough to support equipment. Cool, cloudy conditions made seedlings more susceptible to thrips and cutworms as seed treatments neared the end of their effectiveness.
Cotton stands were evaluated for flood damage following heavy rains in southern areas of Texas, but were expected to progress because of good field drainage. Timely rainfall of 0.50-inch to 4 inches in the Rio Grande Valley helped to advance the crop. Planting in East Texas was estimated at 90% completed.
Cool, wet conditions have kept many planters parked on the Texas High Plains during what usually is prime cotton planting time. Planting progress “could be as little as 10% to 15%,” based on reports from various industry representatives, the Lubbock-based Plains Cotton Growers, Inc., said in a weekly report Friday.
Severe thunderstorms Sunday left the ground white with golf ball to baseball-sized hail near Seminole southwest of Lubbock, while up to 5.9 inches of rain fell at Memphis in Hall County to the northeast in the Rolling Plains.
Scattered thunderstorms, some of which could be severe, were expected again Monday and Tuesday, with chances rated at 20% in the Lubbock area. Temperatures were forecast to climb to 93 degrees Monday at Lubbock and to range for the rest of the week mostly from daytime highs in the high 80s to mid-90s with nighttime lows from the high 50s to low 60s. A chance for showers and thunderstorms returns on Sunday.
The crop made excellent progress around Yuma, Ariz. Spring-like weather, with typical high-low temperatures and occasional showers, forced producers to replant some acreage in Central Arizona, industry sources said. Crop progress was described as good but in various growth stages. Hot, dry conditions advanced the crop in CaliforniaΆs San Joaquin Valley.
Futures open interest dipped 571 lots Friday to 189,550, with JulyΆs down 1,280 lots to 97,252 and DecemberΆs up 648 lots to 75,783. Cert stocks grew 2,159 bales to 91,209. Awaiting review were 6,188 bales, including 2,550 bales at Galveston and 3,638 bales at Memphis.
