Cotton futures closed red on Friday, but by within 10 points. March prices were rallying into the USDA reports, but fell back to the red after seeing the data. March futures were still 112 points higher for the week. The market will be closed on Monday to observe Martin Luther King jr Day. USDA lowered the cash average price for cotton by a penny to 76 cents/lb. Weekly data from CFTC showed the funds were adding new shorts in their cotton position during the week that ended 1/9. That extended the group’s net short by 2.5k to 6.9k contracts. Commercial cotton traders added 4.6k new contracts du…