WHEAT - KANSAS CITY BOARD OF TRADE
FUTURES ONLY 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:       66,622
COMMITMENTS
   9,154   18,575    3,983   38,342   27,207   51,479   49,765   15,143   16,857

CHANGES FROM 01/18/05 (CHANGE IN OPEN INTEREST:     -2,456)
  -2,730      284     -551   -1,150   -3,954   -4,431   -4,221    1,975    1,765

PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADERS
    13.7     27.9      6.0     57.6     40.8     77.3     74.7     22.7     25.3

NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS:      115)
      22       30       17       47       42       78       83
 

Updated January 28, 2005