WHEAT - MINNEAPOLIS GRAIN EXCHANGE                                                                            
Commitments of Traders with Delta-adjusted Options and Futures Combined, January 4, 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  :    36,901:       462     10,723      2,746     25,508     16,500     28,716     29,969:     8,185      6,932
Old  :    34,542:     1,440     10,711      1,673     23,838     15,829     26,951     28,213:     7,591      6,329
Other:     2,359:        18      1,007         77      1,670        671      1,765      1,756:       594        603
     :          :                                                                            :
     :          :          Changes in Commitments from: December 28, 2004                    :
     :     1,451:      -346      1,003         90      1,998        675      1,742      1,768:      -291       -316
     :          :                                                                            :
     :          :    Percent of Open Interest Represented by Each Category of Trader         :
All  :     100.0:       1.3       29.1        7.4       69.1       44.7       77.8       81.2:      22.2       18.8
Old  :     100.0:       4.2       31.0        4.8       69.0       45.8       78.0       81.7:      22.0       18.3
Other:     100.0:       0.8       42.7        3.3       70.8       28.4       74.8       74.4:      25.2       25.6
     :          :                                                                            :
     :# Traders :              Number of Traders in Each Category                            :
All  :        76:         8         25         12         37         23         50         56:
Old  :        75:         9         24         10         36         21         49         52:
Other:        30:         3          6          6         12         12         18         21:
     :----------------------------------------------------------------------------------------------------
     :             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  :                 37.5       31.8       49.7       47.6       19.1       19.2       27.1       28.4
Old  :                 39.3       33.5       50.6       50.3       19.2       20.6       27.8       30.4
Other:                 49.0       56.0       64.4       67.7       41.5       50.5       55.0       58.2
 
 

Updated January 7, 2005