WHEAT - MINNEAPOLIS GRAIN EXCHANGE                                                                            
Commitments of Traders - Futures Only, January 11, 2005                
-------------------------------------------------------------------------------------------------------------------
     :   Total  :                        Reportable Positions                                :   Nonreportable
     :----------------------------------------------------------------------------------------     Positions
     :   Open   :           Non-Commercial       :     Commercial      :       Total         :
     : Interest :   Long   :  Short   : Spreading:   Long   :  Short   :   Long   :  Short   :   Long   :  Short
-------------------------------------------------------------------------------------------------------------------
     :          : (CONTRACTS OF 5,000 BUSHELS)                                               :
     :          :                                                                            :
All  :    35,153:       822     10,740      1,072     25,496     16,781     27,390     28,593:     7,763      6,560
Old  :    32,619:     1,507     10,734        287     23,817     15,644     25,611     26,665:     7,008      5,954
Other:     2,534:        44        735         56      1,679      1,137      1,779      1,928:       755        606
     :          :                                                                            :
     :          :          Changes in Commitments from: January 4, 2005                      :
     :        -6:      -208         10       -802        824        497       -186       -295:       180        289
     :          :                                                                            :
     :          :    Percent of Open Interest Represented by Each Category of Trader         :
All  :     100.0:       2.3       30.6        3.0       72.5       47.7       77.9       81.3:      22.1       18.7
Old  :     100.0:       4.6       32.9        0.9       73.0       48.0       78.5       81.7:      21.5       18.3
Other:     100.0:       1.7       29.0        2.2       66.3       44.9       70.2       76.1:      29.8       23.9
     :          :                                                                            :
     :# Traders :              Number of Traders in Each Category                            :
All  :        68:         8         20          5         34         23         43         47:
Old  :        67:         8         20          3         33         21         42         43:
Other:        29:         4          4          2         10         14         16         18:
     :----------------------------------------------------------------------------------------------------
     :             Percent of Open Interest Held by the Indicated Number of the Largest Traders
     :                          By Gross Position                       By Net Position
     :               4 or Less Traders     8 or Less Traders     4 or Less Traders     8 or Less Traders
     :                 Long:     Short       Long      Short:      Long      Short       Long      Short
     :----------------------------------------------------------------------------------------------------
All  :                 42.5       33.2       53.7       49.1       24.2       20.8       31.3       30.4
Old  :                 44.4       34.9       55.2       51.9       24.4       22.5       32.6       32.8
Other:                 49.5       53.7       64.3       69.1       38.6       50.7       51.1       57.7
 
 

Updated January 11, 2005