Figure 2
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                 COMMITMENTS OF TRADERS - LARGE HEDGERS, SPECULATORS AND SMALL TRADERS

               Open Interest Positions Shown in Percent (Rounded) as of February 28, 1985
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                            LARGE HEDGERS                 LARGE SPECULATORS               SMALL TRADERS
                    -------------------------------------------------------------------------------------------------
                    -------------------------------------------------------------------------------------------------
      MARKETS          Long    Short    Net     Dgr    Long    Short    Net     Dgr    Long   Short    Net     Dgr
   ------------------------------------------------------------------------------------------------------------------
   Cattle (Live)        26      42      -16      -5      4       8       -4     -13     66      46     +20     +18
   ------------------------------------------------------------------------------------------------------------------
   Cocoa                81      78       +3     +24      6       5       +1      -9     11      15      -4     -13
   ------------------------------------------------------------------------------------------------------------------
   Coffee               70      63       +7     +30      4       9       -5     -30     24      26      -2      -1
   ------------------------------------------------------------------------------------------------------------------
   Copper               35      72      -37      +4      9       5       +4      -4     53      21     +32      -2
   ------------------------------------------------------------------------------------------------------------------
   Corn                 60      46      +14     +14      1       9       -8      -4     38      43      -5      -9
   ------------------------------------------------------------------------------------------------------------------
   Cotton               56      30      +26      +7      4      19      -15      -3     38      50     -12      -5
   ------------------------------------------------------------------------------------------------------------------
   Crude Oil (N.Y.)     79      41      +38      +3      7      32      -25      -7     13      27     -14      +3
   ------------------------------------------------------------------------------------------------------------------
   Gold (Comex)         72      43      +29     +13      3      13      -10      -2     16      35     -19     +12
   ------------------------------------------------------------------------------------------------------------------
   Heating Oil #2       58      47      +11      +8     18       8      +10     +13     23      44     -21     -21
   ------------------------------------------------------------------------------------------------------------------
   Hogs                  8      11       -3      +2     20      17       +3      -5     64      64       0      +3
   ------------------------------------------------------------------------------------------------------------------
   Leaded Gas (N.Y.)    63      75      -12      -3      8       2       +6      +6     29      23      +6      -4
   ------------------------------------------------------------------------------------------------------------------
   Lumber               20      29       -9     +12     10      12       -2      -1     69      58     +11     -10
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   Orange Juice         55      50       +5     +33      6       9       -3      -3     34      36      -2     -29
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   Platinum             58      77      -19      +7     14       6       +8      -3     27      16     +11      -4
   ------------------------------------------------------------------------------------------------------------------
   Pork Bellies         12      11       +1      +5     26      21       +5      +2     43      49      -6      -7
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   Silver (Comex)       50      54       -4      +9      6      11       -5      -6     36      26     +10      -3
   ------------------------------------------------------------------------------------------------------------------
   Soybeans             33      39       -6     +18      4       9       -5      -7     52      41     +11     -10
   ------------------------------------------------------------------------------------------------------------------
   Soybean Meal         56      27      +29     +15      2      13      -11      -5     30      48     -18     -10
   ------------------------------------------------------------------------------------------------------------------
   Soybean Oil          43      41       +2      +7      9       1       +8      -1     44      54     -10      -6
   ------------------------------------------------------------------------------------------------------------------
   Sugar "11"           36      69      -33      -3     16       4      +12      +1     46     +25     +21      +3
   ------------------------------------------------------------------------------------------------------------------
   Wheat (CHI)          33      31       +2     +23      3      13      -10     -11     57      49      +8     -13
   ------------------------------------------------------------------------------------------------------------------
   Wheat (K.C.)         67      56      +11      -2      *       2       -2      +5     29      39     -10      -4
   ------------------------------------------------------------------------------------------------------------------
   Wheat (Minn)         61      50      +11     +18      0       0        0       0     39      50     -11     -18
   ------------------------------------------------------------------------------------------------------------------
   Eurodollars          69      63       +6      +4      3       9       -6      -3     23      23       0      -1
   ------------------------------------------------------------------------------------------------------------------
   T-Bills (90) Days    56      49       +7     +27      8       4       +4      -9     29      39     -10     -18
   ------------------------------------------------------------------------------------------------------------------
   T-Bonds              63      50      +13      +7      6      13       -7      +1     24      29      -5      -7
   ------------------------------------------------------------------------------------------------------------------
   T-Notes              77      63      +14     +14      3      11       -8     -12     13      19      -6      -3
   ------------------------------------------------------------------------------------------------------------------
   NYSE Composite       17      30      -13      +3     36      30       +6      +3     44      36      +8      -4
   ------------------------------------------------------------------------------------------------------------------
   S&P 500              35      44       -9      +3     19      16       +3      +7     46      39      +7     -10
   ------------------------------------------------------------------------------------------------------------------
   Value Line            1      18      -17     -13     22      31       -9     -11     72      47     +25     +23
   ------------------------------------------------------------------------------------------------------------------
   British Pound        55      39      +16     +14     11      24      -13     -16     31      35      -4      +2
   ------------------------------------------------------------------------------------------------------------------
   Deutsche Mark        40      61      -24     +26     25      10      +15     -11     31      22      +9     -14
   ------------------------------------------------------------------------------------------------------------------
   Japanese Yen         36      31       +5     -10     21      33      -12      +4     42      35      +7      +5
   ------------------------------------------------------------------------------------------------------------------
   Swiss Franc          36      47      -11     +15     22      15       +7      +4     36      32      +4     -20
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