WHEAT - MINNEAPOLIS GRAIN EXCHANGE                                                                            
Commitments of Traders - Futures Only, January 25, 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  :    40,736:     1,239      9,625      1,354     26,983     21,254     29,576     32,233:    11,160      8,503
Old  :    36,052:     1,991      9,495        530     23,916     18,603     26,437     28,628:     9,615      7,424
Other:     4,684:        72        954          0      3,067      2,651      3,139      3,605:     1,545      1,079
     :          :                                                                            :
     :          :          Changes in Commitments from: January 18, 2005                     :
     :     4,286:       259     -1,062        144      1,034      4,072      1,437      3,154:     2,849      1,132
     :          :                                                                            :
     :          :    Percent of Open Interest Represented by Each Category of Trader         :
All  :     100.0:       3.0       23.6        3.3       66.2       52.2       72.6       79.1:      27.4       20.9
Old  :     100.0:       5.5       26.3        1.5       66.3       51.6       73.3       79.4:      26.7       20.6
Other:     100.0:       1.5       20.4        0.0       65.5       56.6       67.0       77.0:      33.0       23.0
     :          :                                                                            :
     :# Traders :              Number of Traders in Each Category                            :
All  :        53:         7         15          5         26         23         34         42:
Old  :        53:         7         15          3         26         22         34         39:
Other:        24:         3          3          0         10         13         13         16:
     :----------------------------------------------------------------------------------------------------
     :             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  :                 35.6       27.7       50.7       44.4       25.2       19.5       31.2       28.2
Old  :                 36.9       27.7       50.8       46.0       24.0       21.9       31.3       30.2
Other:                 46.3       49.8       64.9       70.8       42.9       47.1       52.5       61.0
 
 

Updated January 28, 2005