Cotton On-Call Report

|                                Weekly Report No. 18
|
|      "On call" positions in spot cotton based on New York Cotton futures
|      reported by merchants in special account status 1/ as of  5/2/2003
|
|                                 (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    |  5/2/2003|  Week
|-------------------------------------------------------------------------------
|May      '03         28          1        113       -100         45      -124
|July     '03      6,978     -5,593      1,169       -266     44,995    -6,299
|October  '03      4,125       -496        283         -4      1,476       389
|December '03      5,998       -943      4,628        240     19,142     2,133
|March    '04      4,162         42         81          0      2,887       370
|May      '04      3,006        166         15          0        881        39
|July     '04      4,014        357         14       -160      1,080        98
|October  '04        721          8         14          0          1         0
|December '04      1,229          0         21          0         81         5
|March    '05        115          0          0          0          0         0
|             ------------------------------------------------------------------
|   Totals:       30,376     -6,458      6,338       -290     70,588    -3,389
|-------------------------------------------------------------------------------
|
|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
|5/8/2003
|
|