Cotton On-Call Report

|                                Weekly Report No. 5
|
|      "On call" positions in spot cotton based on New York Cotton futures
|      reported by merchants in special account status 1/ as of  1/31/03
|
|                                 (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    |  1/31/03 |  Week
|-------------------------------------------------------------------------------
|March    '03      7,637        -15      2,673       -236     43,461     1,604
|May      '03      9,165        173      1,991       -328     27,296     5,767
|July     '03     15,852        185        617         -5      8,535       671
|October  '03      4,338        126        330        -10        748        19
|December '03      3,805        205      1,896        320      7,942       441
|March    '04        887        370         21          0      1,371        -8
|May      '04        936        236         15          0        326        30
|July     '04      1,260        264         14          0        456         0
|October  '04        292        264         14          0          1         0
|December '04        283          0         21          0         60        43
|             ------------------------------------------------------------------
|   Totals:       44,455      1,808      7,592       -259     90,196     8,567
|-------------------------------------------------------------------------------
|
|1/ Merchants with futures positions of 50 or more contracts in one future.
|
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|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
|2/6/03
|
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