Cotton On-Call Report

|                                Weekly Report No. 21
|
|      "On call" positions in spot cotton based on New York Cotton futures
|      reported by merchants in special account status 1/ as of  5/23/2003
|
|                                 (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    | 5/23/2003|  Week
|-------------------------------------------------------------------------------
|July     '03      2,739       -284      1,072        123     35,391    -2,146
|October  '03      2,936         52        271          4      2,358        40
|December '03      6,264         66      6,072         46     26,914      -147
|March    '04      6,618        510      1,096          0      4,508       -62
|May      '04      3,845        258         24          0      1,628        35
|July     '04      5,252        180         23          0      1,435         9
|October  '04      1,245        249         14          0          1         0
|December '04      1,187          1         21          0        153        21
|March    '05        115          0          0          0          0         0
|             ------------------------------------------------------------------
|   Totals:       30,201      1,032      8,593        173     72,388    -2,250
|-------------------------------------------------------------------------------
|
|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
|5/29/2003
|
|