WHEAT - KANSAS CITY BOARD OF TRADE                                                                            
Commitments of Traders with Delta-adjusted Options and Futures Combined, January 11, 2005                
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     :   Total  :                        Reportable Positions                                :   Nonreportable
     :----------------------------------------------------------------------------------------     Positions
     :   Open   :           Non-Commercial       :     Commercial      :       Total         :
     : Interest :   Long   :  Short   : Spreading:   Long   :  Short   :   Long   :  Short   :   Long   :  Short
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     :          : (CONTRACTS OF 5,000 BUSHELS)                                               :
     :          :                                                                            :
All  :    72,981:     9,675     17,752      6,608     43,946     34,073     60,229     58,434:    12,752     14,547
Old  :    57,320:     9,526     17,509      3,084     35,130     25,256     47,739     45,848:     9,581     11,472
Other:    15,660:     1,454      1,548      2,220      8,816      8,818     12,490     12,586:     3,171      3,075
     :          :                                                                            :
     :          :          Changes in Commitments from: January 4, 2005                      :
     :    -5,357:    -1,491     -9,428        -60     -4,427      3,589     -5,979     -5,900:       622        543
     :          :                                                                            :
     :          :    Percent of Open Interest Represented by Each Category of Trader         :
All  :     100.0:      13.3       24.3        9.1       60.2       46.7       82.5       80.1:      17.5       19.9
Old  :     100.0:      16.6       30.5        5.4       61.3       44.1       83.3       80.0:      16.7       20.0
Other:     100.0:       9.3        9.9       14.2       56.3       56.3       79.8       80.4:      20.2       19.6
     :          :                                                                            :
     :# Traders :              Number of Traders in Each Category                            :
All  :       150:        27         38         21         66         56        103        106:
Old  :       146:        29         34         13         63         49         96         92:
Other:        72:         8         14         13         23         37         39         57:
     :----------------------------------------------------------------------------------------------------
     :             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  :                 24.3       23.1       35.3       35.3       19.0       17.6       28.0       27.4
Old  :                 27.8       25.1       38.6       38.7       26.5       23.8       36.9       36.2
Other:                 34.5       37.6       50.4       51.4       33.8       30.4       42.8       37.4
 
 

Updated January 11, 2005