WHEAT - KANSAS CITY BOARD OF TRADE
OPTION AND FUTURES COMBINED POSITIONS AS OF 01/25/05          |
--------------------------------------------------------------| NONREPORTABLE
      NON-COMMERCIAL      |   COMMERCIAL    |      TOTAL      |   POSITIONS
--------------------------|-----------------|-----------------|-----------------
  Long  | Short  |Spreads |  Long  | Short  |  Long  | Short  |  Long  | Short
--------------------------------------------------------------------------------
(CONTRACTS OF 5,000 BUSHELS)                         OPEN INTEREST:       72,622
COMMITMENTS
   8,483   18,532    7,249   40,807   29,084   56,539   54,865   16,083   17,757

CHANGES FROM 01/18/05 (CHANGE IN OPEN INTEREST:     -2,540)
  -2,629      194     -671   -1,208   -3,878   -4,508   -4,355    1,968    1,815

PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADER
    11.7     25.5     10.0     56.2     40.0     77.9     75.5     22.1     24.5

NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS:      115)
      22       31       22       49       43       81       88
 

Updated January 28, 2005