WHEAT - KANSAS CITY BOARD OF TRADE                                                                            
Commitments of Traders with Delta-adjusted Options and Futures Combined, February 22, 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  :    81,053:     9,306     20,605      7,513     44,335     30,175     61,154     58,293:    19,899     22,760
Old  :    49,783:     7,552     16,621      2,091     27,938     15,413     37,580     34,126:    12,203     15,657
Other:    31,270:     3,551      5,780      3,625     16,398     14,762     23,574     24,167:     7,696      7,103
     :          :                                                                            :
     :          :          Changes in Commitments from: February 15, 2005                    :
     :    -6,888:      -202     -6,173     -2,284     -4,849       -996     -7,336     -9,453:       448      2,565
     :          :                                                                            :
     :          :    Percent of Open Interest Represented by Each Category of Trader         :
All  :     100.0:      11.5       25.4        9.3       54.7       37.2       75.4       71.9:      24.6       28.1
Old  :     100.0:      15.2       33.4        4.2       56.1       31.0       75.5       68.5:      24.5       31.5
Other:     100.0:      11.4       18.5       11.6       52.4       47.2       75.4       77.3:      24.6       22.7
     :          :                                                                            :
     :# Traders :              Number of Traders in Each Category                            :
All  :       112:        18         35         25         47         34         81         81:
Old  :        98:        20         26         15         42         26         70         59:
Other:        71:        11         20         13         28         23         45         52:
     :----------------------------------------------------------------------------------------------------
     :             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  :                 21.0       21.3       32.7       31.2       18.0       15.9       26.6       24.3
Old  :                 27.7       17.5       39.4       30.1       25.9       17.3       37.6       29.9
Other:                 27.3       33.4       40.9       45.2       24.0       30.9       35.5       37.6
 
 

Updated February 25, 2005