WHEAT - MINNEAPOLIS GRAIN EXCHANGE                                                                            
Commitments of Traders - Futures Only, January 18, 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  :    36,450:       980     10,687      1,210     25,949     17,182     28,139     29,079:     8,311      7,371
Old  :    32,630:     1,664     10,671        318     23,256     15,164     25,238     26,153:     7,392      6,477
Other:     3,820:        46        746        162      2,693      2,018      2,901      2,926:       919        894
     :          :                                                                            :
     :          :          Changes in Commitments from: January 11, 2005                     :
     :     1,297:       158        -53        138        453        401        749        486:       548        811
     :          :                                                                            :
     :          :    Percent of Open Interest Represented by Each Category of Trader         :
All  :     100.0:       2.7       29.3        3.3       71.2       47.1       77.2       79.8:      22.8       20.2
Old  :     100.0:       5.1       32.7        1.0       71.3       46.5       77.3       80.2:      22.7       19.8
Other:     100.0:       1.2       19.5        4.2       70.5       52.8       75.9       76.6:      24.1       23.4
     :          :                                                                            :
     :# Traders :              Number of Traders in Each Category                            :
All  :        70:         8         20          6         34         26         45         50:
Old  :        69:        10         19          4         33         24         44         46:
Other:        30:         4          4          2         13         15         19         19:
     :----------------------------------------------------------------------------------------------------
     :             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  :                 38.8       27.7       50.4       43.3       27.7       20.2       33.8       29.8
Old  :                 39.8       29.9       51.3       46.0       27.0       22.4       34.6       33.1
Other:                 51.8       45.6       67.4       66.2       44.9       43.5       56.0       56.1
 
 

Updated January 21, 2005