WHEAT - KANSAS CITY BOARD OF TRADE                                                                            
Commitments of Traders with Delta-adjusted Options and Futures Combined, January 18, 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  :    75,162:    11,112     18,338      7,920     42,014     32,962     61,047     59,220:    14,115     15,942
Old  :    57,735:    11,245     18,051      3,646     32,522     23,771     47,413     45,468:    10,321     12,267
Other:    17,428:     1,677      2,097      2,465      9,492      9,192     13,634     13,753:     3,794      3,675
     :          :                                                                            :
     :          :          Changes in Commitments from: January 11, 2005                     :
     :     2,182:     1,437        586      1,312     -1,931     -1,111        818        787:     1,364      1,395
     :          :                                                                            :
     :          :    Percent of Open Interest Represented by Each Category of Trader         :
All  :     100.0:      14.8       24.4       10.5       55.9       43.9       81.2       78.8:      18.8       21.2
Old  :     100.0:      19.5       31.3        6.3       56.3       41.2       82.1       78.8:      17.9       21.2
Other:     100.0:       9.6       12.0       14.1       54.5       52.7       78.2       78.9:      21.8       21.1
     :          :                                                                            :
     :# Traders :              Number of Traders in Each Category                            :
All  :       153:        32         34         24         65         58        108        108:
Old  :       148:        34         31         16         63         51        102         93:
Other:        76:         7         17         13         26         40         44         60:
     :----------------------------------------------------------------------------------------------------
     :             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  :                 22.5       21.5       33.3       33.0       18.0       15.5       26.1       25.4
Old  :                 25.9       22.4       37.3       35.4       24.6       21.5       34.7       34.4
Other:                 33.0       39.5       50.7       52.2       32.6       34.2       42.9       40.7
 
 

Updated January 21, 2005