Cotton On-Call Report

|                                Weekly Report No. 17
|
|      "On call" positions in spot cotton based on New York Cotton futures
|      reported by merchants in special account status 1/ as of  4/25/2003
|
|                                 (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    | 4/25/2003|
                                                                    |  Week
|-------------------------------------------------------------------------------
|May      '03         27     -4,019        213     -1,104        169   -10,305
|July     '03     12,571       -432      1,435        -57     51,294     4,174
|October  '03      4,621       -336        287       -197      1,087       101
|December '03      6,941        634      4,388         30     17,009     1,704
|March    '04      4,120        427         81          0      2,517       231
|May      '04      2,840        261         15          0        842       297
|July     '04      3,657        190        174         41        982        66
|October  '04        713         -6         14          0          1         0
|December '04      1,229        115         21          0         76         0
|March    '05        115          0          0          0          0         0
|             ------------------------------------------------------------------
|   Totals:       36,834     -3,166      6,628     -1,287     73,977    -3,732
|-------------------------------------------------------------------------------
|
|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
|5/1/2003
|
|