By Keith Brown, DTN Contributing Cotton Analyst 

The December contract ended its first day of November at its 5-cent limit, while the deferred months were in close proximity. Active Chinese and fund buying were thought to be the main participants of this sensational move. Fundamentally, news of a worsening Indian crop, as well as strong Chinese demand underscored Monday’s action. Volume was heavy at 60,000 contracts.

Monday afternoon, USDA will issue its weekly crop progress report. The 2021 crop is thought to be edging towards 50% gathered.

Traders are just now anticipating the spot contract December’s delivery, hence the tremendous amount of rolls from December futures into the March futures.

This Thursday USDA will publish its weekly export-sales data. Of late, sales have been red hot, while actual shipments continue to lag due to the global supply-chain problems. To that end, on Friday the Labor Department will issue its jobs data for October. Last month saw a mere 230,000 non-farm jobs created.

For Monday, December settled at 119.84 cents, up 4.99 cents, March ended at 115.03 cents, up 3.81 cents and December 2022 ended at 92.56 cents, 1.56 cents higher; estimated volume was 79,588 contracts.