WHEAT - MINNEAPOLIS GRAIN EXCHANGE                                                                            
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  :    37,032:       104     10,681      2,088     26,469     17,031     28,662     29,800:     8,371      7,232
Old  :    34,467:       838     10,698      1,255     24,759     15,894     26,851     27,847:     7,616      6,620
Other:     2,566:        19        735         81      1,711      1,137      1,811      1,953:       755        612
     :          :                                                                            :
     :          :          Changes in Commitments from: January 4, 2005                      :
     :       132:      -358        -42       -657        961        531        -54       -169:       186        300
     :          :                                                                            :
     :          :    Percent of Open Interest Represented by Each Category of Trader         :
All  :     100.0:       0.3       28.8        5.6       71.5       46.0       77.4       80.5:      22.6       19.5
Old  :     100.0:       2.4       31.0        3.6       71.8       46.1       77.9       80.8:      22.1       19.2
Other:     100.0:       0.7       28.6        3.2       66.7       44.3       70.6       76.1:      29.4       23.9
     :          :                                                                            :
     :# Traders :              Number of Traders in Each Category                            :
All  :        68:         6         22          9         35         24         44         52:
Old  :        67:         6         22          7         34         22         43         48:
Other:        29:         4          4          6         10         14         16         22:
     :----------------------------------------------------------------------------------------------------
     :             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  :                 41.7       31.8       53.5       46.9       24.4       19.8       31.8       28.8
Old  :                 43.3       33.3       54.9       49.4       24.3       21.3       33.0       31.0
Other:                 48.9       53.1       64.7       68.3       38.3       50.0       51.7       56.9
 
 

Updated January 11, 2005