Cotton On-Call Report

|                                Weekly Report No. 1
|
|      "On call" positions in spot cotton based on New York Cotton futures
|      reported by merchants in special account status 1/ as of  1/3/03
|
|                                 (In Contracts)
|
|-------------------------------------------------------------------------------
|            |                                           |    Open Futures
|            |        Call Cotton Based New York         | Contracts - New York
|            |                                           |   Cotton Exchange
|Futures     |-------------------------------------------|----------------------
|            |  Unfixed |  Change  |  Unfixed |  Change  |  At      |  Change
|Based       |  Call    |  From    |  Call    |  From    |  Close   |  From
|            |  Sales   |  Prev.   |  Purchs. |  Prev.   |          |  Prev.
|On:         |          |  Week    |          |  Week    |  1/3/03  |  Week
|-------------------------------------------------------------------------------
|March    '03     11,134       -351      2,592        -38     49,226     1,775
|May      '03     10,539       -220      2,165       -361     17,140       779
|July     '03     16,239       -124        616          5      6,979       300
|October  '03      3,987         12        297          0        731         0
|December '03      3,970        -29      1,496          0      5,246       343
|March    '04        532        -51         21          0        580         0
|May      '04        569         61         15          0        270         0
|July     '04        886         81         14          0        247         0
|October  '04         28          0         14          0          1         0
|December '04        172        -14         21          0         15         5
|             ------------------------------------------------------------------
|   Totals:       48,056       -635      7,251       -394     80,435     3,202
|-------------------------------------------------------------------------------
|
|1/ Merchants with futures positions of 50 or more contracts in one future.
|
|
|This report is published by the Commission's Division of Economic Analysis.
|If you have any questions concerning this report, call Vincent G. Varisano,
|Industry Economist, Eastern Region at (646) 746-9775.
|
|Released after 3:00 p.m. Eastern Time
|1/9/03
|
|