By Keith Brown, DTN Contributing Cotton Analyst 

After an earlier session plunged in sympathy with declining grains, the cotton market was able to separate itself and end the day with a new contract high settlement. As we mentioned, overnight cotton posted a new contract high (89.46 cents) before falling a 1-cent lower. With that move, the likes of a key reversal pattern was being formed. However, Friday afternoon, fresh speculative buying emerged and cotton ended the day with not only a new high in price, but a new contract high close too.

Later Friday the CFTC will publish its weekly commitments of traders report, specifying the concentrations and positions held by the speculative funds and commercials.

The market will be closed on Monday to observe Presidents Day. Trading on the ICE Futures Exchange will resume Monday night. Also, the holiday will push next week’s export sales to Friday.

Next week, the market will be gearing up for spot March’s delivery period on Monday, Feb. 22. With an open interest of 30,000-plus contracts, it may be a wild week for the lead month. Of late, certificated stocks have been building, suggesting notices are possible.

For the week, March cotton is up 4.53 cents; for the month, up 6.63 cents, and for the year, 9.15 cents higher.

Friday, March cotton closed at 87.27 cents, up 0.86 cent, July settled at 89.41 cents, up 0.76 cent and December cotton ended at 83.89 cents, up 0.11 cent; estimated volume was 52,564 contracts.