WHEAT - KANSAS CITY BOARD OF TRADE                                                                            
Commitments of Traders with Delta-adjusted Options and Futures Combined, January 4, 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  :    78,338:    11,166     27,180      6,669     48,373     30,485     66,208     64,333:    12,130     14,004
Old  :    63,475:    10,615     27,345      2,810     40,691     22,105     54,116     52,260:     9,359     11,215
Other:    14,863:     1,636        920      2,774      7,682      8,380     12,092     12,074:     2,771      2,789
     :          :                                                                            :
     :          :          Changes in Commitments from: December 28, 2004                    :
     :     4,836:      -142      3,656        320      4,785       -462      4,964      3,514:      -128      1,322
     :          :                                                                            :
     :          :    Percent of Open Interest Represented by Each Category of Trader         :
All  :     100.0:      14.3       34.7        8.5       61.7       38.9       84.5       82.1:      15.5       17.9
Old  :     100.0:      16.7       43.1        4.4       64.1       34.8       85.3       82.3:      14.7       17.7
Other:     100.0:      11.0        6.2       18.7       51.7       56.4       81.4       81.2:      18.6       18.8
     :          :                                                                            :
     :# Traders :              Number of Traders in Each Category                            :
All  :       153:        31         38         25         64         53        104        109:
Old  :       150:        32         37         15         62         45         97         94:
Other:        70:         7         16         13         20         34         36         55:
     :----------------------------------------------------------------------------------------------------
     :             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  :                 27.6       21.5       38.1       35.1       21.5       16.3       30.9       28.7
Old  :                 31.8       22.7       42.1       38.2       30.0       21.2       40.4       36.8
Other:                 36.2       42.5       52.1       53.4       34.7       32.6       44.5       38.1
 
 

Updated January 7, 2005