WHEAT - MINNEAPOLIS GRAIN EXCHANGE                                                                            
Commitments of Traders with Delta-adjusted Options and Futures Combined, January 18, 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  :    38,302:       266     10,581      2,234     26,872     17,418     29,373     30,233:     8,929      8,069
Old  :    34,449:       991     10,581      1,301     24,147     15,400     26,439     27,281:     8,010      7,168
Other:     3,853:        21        746        188      2,725      2,018      2,934      2,952:       919        902
     :          :                                                                            :
     :          :          Changes in Commitments from: January 11, 2005                     :
     :     1,270:       162       -100        146        403        387        711        433:       559        837
     :          :                                                                            :
     :          :    Percent of Open Interest Represented by Each Category of Trader         :
All  :     100.0:       0.7       27.6        5.8       70.2       45.5       76.7       78.9:      23.3       21.1
Old  :     100.0:       2.9       30.7        3.8       70.1       44.7       76.7       79.2:      23.3       20.8
Other:     100.0:       0.6       19.4        4.9       70.7       52.4       76.1       76.6:      23.9       23.4
     :          :                                                                            :
     :# Traders :              Number of Traders in Each Category                            :
All  :        70:         6         22         10         35         27         46         55:
Old  :        69:         7         22          8         34         25         45         51:
Other:        30:         4          4          6         13         15         19         23:
     :----------------------------------------------------------------------------------------------------
     :             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  :                 38.1       26.3       50.3       41.6       27.6       19.2       34.4       28.3
Old  :                 39.4       28.3       51.1       44.0       27.2       21.2       35.2       31.3
Other:                 52.2       45.2       67.6       65.6       45.3       43.1       56.3       55.6
 
 

Updated January 21, 2005