Cotton On-Call Report

|                                Weekly Report No. 8
|
|      "On call" positions in spot cotton based on New York Cotton futures
|      reported by merchants in special account status 1/ as of  2/21/03
|
|                                 (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    |  2/21/03 |  Week
|-------------------------------------------------------------------------------
|March    '03        315     -2,766        159     -1,003      1,039   -13,761
|May      '03     10,102        515      2,585        411     63,393    10,704
|July     '03     15,679        189        839        171     11,526       807
|October  '03      4,421        107        418         85        774         5
|December '03      4,467        374      2,669        131      8,567       -87
|March    '04      1,244        200         81          0      1,509        23
|May      '04      1,073         54         15          0        326         0
|July     '04      1,490         74         14          0        477         0
|October  '04        292          0         14          0          1         0
|December '04        576         30         21          0         60         0
|March    '05        105          8          0          0          0         0
|             ------------------------------------------------------------------
|   Totals:       39,764     -1,215      6,815       -205     87,672    -2,309
|-------------------------------------------------------------------------------
|
|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
|2/27/03
|
|