Cotton On-Call Report

|                                Weekly Report No. 12
|
|      "On call" positions in spot cotton based on New York Cotton futures
|      reported by merchants in special account status 1/ as of  3/21/03
|
|                                 (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    |  3/21/03 |  Week
|-------------------------------------------------------------------------------
|May      '03     10,589       -419      2,599       -177     62,135    -1,733
|July     '03     15,315       -558        520         12     16,501     1,341
|October  '03      4,961        -55        514         -6        898        40
|December '03      5,279         26      3,578        325     11,487       384
|March    '04      1,886        216         81          0      1,755        98
|May      '04      1,563         61         15          0        395        33
|July     '04      2,116        149        133          0        535        45
|October  '04        330         11         14          0          1         0
|December '04        637          0         21          0         60         0
|March    '05        115          0          0          0          0         0
|             ------------------------------------------------------------------
|   Totals:       42,791       -569      7,475        154     93,767       208
|-------------------------------------------------------------------------------
|
|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
|3/27/03
|
|