Cotton On-Call Report

|                                Weekly Report No. 4
|
|      "On call" positions in spot cotton based on New York Cotton futures
|      reported by merchants in special account status 1/ as of  1/24/03
|
|                                 (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    |  1/24/03 |  Week
|-------------------------------------------------------------------------------
|March    '03      7,652     -1,700*     2,909        483     41,857    -8,123
|May      '03      8,992       -735      2,319         97     21,529     1,520
|July     '03     15,667       -309        622        -54      7,864       -42
|October  '03      4,212         -7        340         -5        729       -62
|December '03      3,600       -270      1,576         15      7,501       861
|March    '04        517        -15         21          0      1,379       336
|May      '04        700          0         15          0        296         0
|July     '04        996          0         14          0        456       209
|October  '04         28          0         14          0          1         0
|December '04        283          0         21          0         17         2
|             ------------------------------------------------------------------
|   Totals:       42,647     -3,036*     7,851        536     81,629    -5,299
|-------------------------------------------------------------------------------
|
|1/ Merchants with futures positions of 50 or more contracts in one future.
|* Changes from the previous week are based on revised data for last week.
|
|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
|1/30/03
|
|