Cotton On-Call Report

|                                Weekly Report No. 52
|
|      "On call" positions in spot cotton based on New York Cotton futures
|      reported by merchants in special account status 1/ as of  12/27/02
|
|                                 (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    |  12/27/02|  Week
|-------------------------------------------------------------------------------
|March    '03     11,485        174      2,630        -87     47,451     2,040
|May      '03     10,759         93      2,526        -25     16,361      -202
|July     '03     16,363        176        611          0      6,679       -93
|October  '03      3,975         84        297          0        731        -6
|December '03      3,999        165      1,496          0      4,903       126
|March    '04        583          0         21          0        580         0
|May      '04        508          0         15          0        270         0
|July     '04        805          0         14          0        247         0
|October  '04         28          0         14          0          1         0
|December '04        186          0         21          0         10         0
|             ------------------------------------------------------------------
|   Totals:       48,691        692      7,645       -112     77,233     1,865
|-------------------------------------------------------------------------------
|
|1/ Merchants with futures positions of 50 or more contracts in one future.
|
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|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
|1/3/03
|
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