Cotton futures closed Friday ~20 points off their lows, but still 58 to 115 points in the red. The March contract printed a 200 point range from -147 to +54 points. The March contract completed the week with a net 2 cent gain. Daily futures trading limits will expand to 4 cents per pound (400 points) since prices are back above 80 cents. USDA left the average cash price at 77 cents/lb. The weekly Commitment of Traders report had managed money funds as buyers in cotton during the week that ended 12/15. That extended the group’s net long by 1,534 contracts to 2,229. Commercial cotton hedgers wer…