Cotton On-Call Report

|                                Weekly Report No. 20
|
|      "On call" positions in spot cotton based on New York Cotton futures
|      reported by merchants in special account status 1/ as of  5/16/2003
|
|                                 (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    | 5/16/2003|
                                                                    |  Week
|-------------------------------------------------------------------------------
|July     '03      3,023       -358        949       -117     37,537    -1,875
|October  '03      2,884        -12        267          0      2,318       125
|December '03      6,198        976      6,026      1,258     27,061     2,782
|March    '04      6,108      1,192      1,096      1,002      4,570       220
|May      '04      3,587        147         24          0      1,593        21
|July     '04      5,072        294         23          0      1,426        -2
|October  '04        996         40         14          0          1         0
|December '04      1,186         -1         21          0        132         1
|March    '05        115          0          0          0          0         0
|             ------------------------------------------------------------------
|   Totals:       29,169      2,278      8,420      2,143     74,638     1,272
|-------------------------------------------------------------------------------
|
|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
|5/22/2003
|
|