WHEAT - KANSAS CITY BOARD OF TRADE                                                                            
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  :    66,622:     9,154     18,575      3,983     38,342     27,207     51,479     49,765:    15,143     16,857
Old  :    50,107:     8,764     17,983        469     30,309     18,581     39,542     37,033:    10,565     13,074
Other:    16,515:     1,876      2,078      2,028      8,033      8,626     11,937     12,732:     4,578      3,783
     :          :                                                                            :
     :          :          Changes in Commitments from: January 18, 2005                     :
     :    -2,456:    -2,730        284       -551     -1,150     -3,954     -4,431     -4,221:     1,975      1,765
     :          :                                                                            :
     :          :    Percent of Open Interest Represented by Each Category of Trader         :
All  :     100.0:      13.7       27.9        6.0       57.6       40.8       77.3       74.7:      22.7       25.3
Old  :     100.0:      17.5       35.9        0.9       60.5       37.1       78.9       73.9:      21.1       26.1
Other:     100.0:      11.4       12.6       12.3       48.6       52.2       72.3       77.1:      27.7       22.9
     :          :                                                                            :
     :# Traders :              Number of Traders in Each Category                            :
All  :       115:        22         30         17         47         42         78         83:
Old  :       111:        24         28          6         39         36         66         67:
Other:        59:        12         12          6         20         23         34         40:
     :----------------------------------------------------------------------------------------------------
     :             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  :                 25.2       21.1       36.0       33.3       19.5       17.1       28.2       26.8
Old  :                 31.1       23.0       43.2       37.0       29.0       23.0       40.5       36.1
Other:                 31.0       41.0       47.0       56.7       30.6       37.7       37.9       44.3
 
 

Updated January 28, 2005