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  1/25/02
|
|                                 (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    |  1/25/02 |  Week
|-------------------------------------------------------------------------------
|March    '02      5,067     -1,948      5,396     -1,836     29,180      -237
|May      '02      6,809       -159      2,578        -99     12,712       216
|July     '02     12,833       -293      2,869        417     11,942       591
|October  '02      2,047         42        193          0        477        28
|December '02      3,076         55        331          0      9,366     1,219
|March    '03      1,246         17          0          0      1,113        46
|May      '03        865         29         80         16      1,006         0
|July     '03      1,037         20        370          0        625        20
|October  '03        169          0          0          0         10         0
|December '03        209          0          0          0         65         0
|             ------------------------------------------------------------------
|   Totals:       33,358     -2,237     11,817     -1,502     66,496     1,883
|-------------------------------------------------------------------------------
|
|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 (201) 234-6922.
|
|Released after 3:00 p.m. Eastern Time
|1/31/02
|
|