WHEAT - MINNEAPOLIS GRAIN EXCHANGE
OPTION AND FUTURES COMBINED 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:       42,790
COMMITMENTS
     631    9,505    2,294   28,011   21,499   30,936   33,298   11,854    9,492

CHANGES FROM 01/18/05 (CHANGE IN OPEN INTEREST:      4,488)
     365   -1,076       60    1,138    4,081    1,563    3,066    2,925    1,422

PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADER
     1.5     22.2      5.4     65.5     50.2     72.3     77.8     27.7     22.2

NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS:       53)
       5       17        7       27       24       35       45
 

Updated January 28, 2005