Cotton On-Call Report

|                                Weekly Report No. 2
|
|      "On call" positions in spot cotton based on New York Cotton futures
|      reported by merchants in special account status 1/ as of  1/10/03
|
|                                 (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    |  1/10/03 |  Week
|-------------------------------------------------------------------------------
|March    '03     10,385       -749      2,517        -75     50,498     1,272
|May      '03     10,313       -226      2,131        -34     18,794     1,654
|July     '03     16,428        189        621          5      7,760       781
|October  '03      4,253        266        297          0        723        -8
|December '03      4,094        124      1,526         30      6,387     1,141
|March    '04        798        266         21          0        914       334
|May      '04        836        267         15          0        275         5
|July     '04        889          3         14          0        247         0
|October  '04         28          0         14          0          1         0
|December '04        282        110         21          0         15         0
|             ------------------------------------------------------------------
|   Totals:       48,306        250      7,177        -74     85,614     5,179
|-------------------------------------------------------------------------------
|
|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
|1/16/03
|
|