Cotton On-Call Report

|                                Weekly Report No. 3
|
|      "On call" positions in spot cotton based on New York Cotton futures
|      reported by merchants in special account status 1/ as of  1/17/03
|
|                                 (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    |  1/17/03 |  Week
|-------------------------------------------------------------------------------
|March    '03      9,367     -1,017*     2,426        -91     49,980      -518
|May      '03      9,727       -580*     2,222         91     20,009     1,215
|July     '03     15,976       -447*       676         55      7,906       146
|October  '03      4,219        -34        345         48        791        68
|December '03      3,870       -224      1,561         35      6,640       253
|March    '04        532       -266         21          0      1,043       129
|May      '04        700       -136         15          0        296        21
|July     '04        996        107         14          0        247         0
|October  '04         28          0         14          0          1         0
|December '04        283          1         21          0         15         0
|             ------------------------------------------------------------------
|   Totals:       45,698     -2,596*     7,315        138     86,928     1,314
|-------------------------------------------------------------------------------
|
|1/ Merchants with futures positions of 50 or more contracts in one future.
|* Changes from the previous week are based on revised data for last week.
|
|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
|1/23/03
|
|