WHEAT - MINNEAPOLIS GRAIN EXCHANGE                                                                            
Commitments of Traders with Delta-adjusted Options and Futures Combined, January 25, 2005                
-------------------------------------------------------------------------------------------------------------------
     :   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  :    42,790:       631      9,505      2,294     28,011     21,499     30,936     33,298:    11,854      9,492
Old  :    37,984:     1,523      9,447      1,327     24,829     18,841     27,678     29,615:    10,306      8,369
Other:     4,807:         8        958         68      3,182      2,658      3,258      3,684:     1,549      1,123
     :          :                                                                            :
     :          :          Changes in Commitments from: January 18, 2005                     :
     :     4,488:       365     -1,076         60      1,138      4,081      1,563      3,066:     2,925      1,422
     :          :                                                                            :
     :          :    Percent of Open Interest Represented by Each Category of Trader         :
All  :     100.0:       1.5       22.2        5.4       65.5       50.2       72.3       77.8:      27.7       22.2
Old  :     100.0:       4.0       24.9        3.5       65.4       49.6       72.9       78.0:      27.1       22.0
Other:     100.0:       0.2       19.9        1.4       66.2       55.3       67.8       76.6:      32.2       23.4
     :          :                                                                            :
     :# Traders :              Number of Traders in Each Category                            :
All  :        53:         5         17          7         27         24         35         45:
Old  :        53:         6         16          5         27         23         35         42:
Other:        24:         1          5          3         10         14         13         20:
     :----------------------------------------------------------------------------------------------------
     :             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  :                 36.2       26.7       50.6       42.7       25.2       18.5       32.0       27.2
Old  :                 37.1       26.4       50.6       44.2       23.9       20.7       31.8       28.7
Other:                 47.3       48.5       65.7       69.0       44.0       45.9       52.5       59.5
 
 

Updated January 28, 2005