WHEAT - KANSAS CITY BOARD OF TRADE                                                                            
Commitments of Traders with Delta-adjusted Options and Futures Combined, January 25, 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  :    72,622:     8,483     18,532      7,249     40,807     29,084     56,539     54,865:    16,083     17,757
Old  :    54,465:     8,184     17,877      2,600     32,345     20,216     43,129     40,693:    11,336     13,772
Other:    18,157:     1,822      2,178      3,126      8,461      8,868     13,410     14,172:     4,747      3,985
     :          :                                                                            :
     :          :          Changes in Commitments from: January 18, 2005                     :
     :    -2,540:    -2,629        194       -671     -1,208     -3,878     -4,508     -4,355:     1,968      1,815
     :          :                                                                            :
     :          :    Percent of Open Interest Represented by Each Category of Trader         :
All  :     100.0:      11.7       25.5       10.0       56.2       40.0       77.9       75.5:      22.1       24.5
Old  :     100.0:      15.0       32.8        4.8       59.4       37.1       79.2       74.7:      20.8       25.3
Other:     100.0:      10.0       12.0       17.2       46.6       48.8       73.9       78.1:      26.1       21.9
     :          :                                                                            :
     :# Traders :              Number of Traders in Each Category                            :
All  :       115:        22         31         22         49         43         81         88:
Old  :       111:        27         25         14         45         40         75         76:
Other:        60:         6         18         13         20         25         35         48:
     :----------------------------------------------------------------------------------------------------
     :             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  :                 23.8       21.3       35.5       32.5       18.6       16.0       27.3       25.0
Old  :                 29.3       22.3       40.6       35.3       26.2       21.5       37.0       33.7
Other:                 31.5       38.4       47.5       52.7       31.1       34.8       38.0       40.6
 
 

Updated January 28, 2005