Commodities

CFTC - Cotton On Call

Commodity Futures Trading Commission

Specialized cotton market data from the CFTC's Cotton On Call reports, providing detailed insights into cotton futures positioning and unfixed call cotton contracts that are essential for cotton market analysis.

Update Frequency

Weekly

Historical Coverage

Full History

Point in Time

Available

Overview & Use Cases

Best Used For

•Cotton futures and options trading strategies
•Agricultural commodity market analysis
•Cotton supply chain risk management
•Textile industry price forecasting

Common Workflows

•Weekly call cotton position analysis
•Open interest trend monitoring
•Cotton market sentiment assessment
•Seasonal cotton trading pattern analysis

Coverage Details

Call Cotton Sales

Unfixed call sales positions and weekly changes

Call Cotton Purchases

Unfixed call purchase positions and weekly changes

Futures Contracts

Open interest data from ICE Futures U.S.

Data Dictionary & Schema

Field	Type	Unit	Description	Sample
release_date	DATE	N/A	Date of the Cotton On Call report release	2024-01-19
at_close_date	DATE	N/A	Date representing the close of business for the reported data	2024-01-12
contract_month	STRING	N/A	Cotton futures contract month designation	MAR24
unfixed_call_sales	LONG	Running Bales (480 lbs net weight)	Total unfixed call cotton sales positions	1,245,678
change_from_previous_week_sales	LONG	Running Bales (480 lbs net weight)	Weekly change in unfixed call sales positions	-12,345
unfixed_call_purchases	LONG	Running Bales (480 lbs net weight)	Total unfixed call cotton purchase positions	987,654
change_from_previous_week_purchases	LONG	Running Bales (480 lbs net weight)	Weekly change in unfixed call purchase positions	8,765
open_futures_contracts	LONG	Contracts	Total number of open cotton futures contracts	234,567
change_from_previous_week_contracts	LONG	Contracts	Weekly change in open futures contracts	-1,234

Data Quality & Methodology

Data Collection Process

CFTC collects Cotton On Call data through mandatory reporting from cotton merchants, warehouses, and other market participants involved in cotton call contracts. Data is submitted electronically through CFTC's reporting systems.

•Weekly reporting from cotton merchants and warehouses
•ICE Futures U.S. provides open interest data
•Data covers unfixed call cotton contracts based on NY futures

Quality Controls

•Cross-validation with ICE Futures U.S. open interest data
•Historical trend analysis to identify reporting anomalies
•Manual review of significant week-over-week changes
•Reconciliation with cotton industry trade data

Known Limitations

•Only covers call cotton contracts based on NY futures pricing
•Small merchants may be exempt from reporting requirements
•Data reflects positions as of Friday close, may not capture intraweek activity
•Holiday weeks may result in delayed or adjusted reporting schedules

"Gotchas" & Important Notes

Common Misconceptions

⚠
Call Cotton vs. Fixed Price: Call cotton positions are NOT fixed-price contracts. They are priced based on NY futures but the final price is not yet determined.
⚠
Sales vs. Purchases: High unfixed sales don't necessarily indicate bearish sentiment - they may reflect normal merchant hedging activities.

Timing Considerations

⏰
Release Schedule: Cotton On Call reports are typically released on Thursdays, covering positions as of the previous Friday's close.
⏰
Market Impact: Large changes in unfixed positions can influence cotton futures prices when the report is released.
⏰
Seasonal Patterns: Call cotton activity typically peaks during harvest season (September-December).

Understanding Call Cotton Mechanics

Call cotton contracts are unique to the cotton market and require specific understanding:

•Unfixed Sales: Cotton sold but not yet priced, typically by merchants to mills
•Unfixed Purchases: Cotton bought but not yet priced, typically by merchants from producers
•Fixing Process: Buyers can "call" the cotton at any time, fixing the price based on current NY futures

Units & Calculations

•Running Bales: Standard unit is 480 lbs net weight per bale
•Net Position: Calculate as unfixed sales minus unfixed purchases to see market exposure
•Contract Equivalents: Each ICE cotton futures contract represents 50,000 lbs (about 104 bales)
•Negative Changes: Negative weekly changes indicate positions were fixed or contracts were offset

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