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<TEXT>

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549



                                    FORM 10-Q

                   QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934


        For Quarter Ended December 31, 2000 - Commission File No. 0-17196



                          MIDWEST GRAIN PRODUCTS, INC.
           ----------------------------------------------------------
             (Exact Name of Registrant as Specified in Its Charter)




           KANSAS                                               48-0531200
-------------------------------                             ------------------
(State or Other Jurisdiction of                                IRS Employer
 Incorporation or Organization)                             Identification No.


                    1300 Main Street, Atchison, Kansas 66002
                    ----------------------------------------
              (Address of Principal Executive Offices and Zip Code)


                                 (913) 367-1480
               --------------------------------------------------
              (Registrant's Telephone Number, Including Area Code)


Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  Registrant  was
required  to  file  such  reports)  and  (2)  has  been  subject  to the  filing
requirements for at least the past 90 days.
                                                [X] YES      [ ] NO

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock, as of the latest practicable date.

                           Common stock, no par value
                          8,350,912 shares outstanding
                             as of January 25, 2001

<PAGE>

                                      INDEX
                                      -----
PART I. FINANCIAL INFORMATION                                               Page
                                                                            ----
        Item 1. Financial Statements
                --------------------
          Independent Accountants' Review Report.............................  1

          Condensed Consolidated Balance Sheets as of
          December 31, 2000 and June 30, 2000................................  2

          Condensed Consolidated Statements of Income for
          the Three Months and Six Months Ended December 31, 2000 and 1999...  4

          Condensed Consolidated Statements of Cash Flows for
          the Six Months Ended December 31, 2000 and 1999....................  5

          Note to Condensed Consolidated Financial Statements................  6

        Item 2. Management's Discussion and Analysis of Financial
                -------------------------------------------------
                Condition and Results of Operations..........................  7
                -----------------------------------
        Item 3. Quantitative and Qualitative Disclosures About Market Risk... 11
                ----------------------------------------------------------

PART II.  OTHER INFORMATION

        Item 6. Exhibits and Reports on Form 8-K............................. 12
                --------------------------------

<PAGE>

                     Independent Accountants' Review Report
                     --------------------------------------

Board of Directors and Stockholders
Midwest Grain Products, Inc.
Atchison, Kansas   66002


   We have reviewed the condensed  consolidated  balance sheets of MIDWEST GRAIN
PRODUCTS,  INC.  and  subsidiaries  as of  December  31,  2000,  and the related
condensed  consolidated  statements of income for the  three-month and six-month
periods ended December 31, 2000 and 1999, and the related condensed consolidated
statements of cash flows for the six-month  periods ended  December 31, 2000 and
1999.  These  financial  statements  are  the  responsibility  of the  Company's
management.

   We conducted  our reviews in accordance  with  standards  established  by the
American  Institute  of  Certified  Public  Accountants.  A  review  of  interim
financial  information consists principally of applying analytical procedures to
financial  data and making  inquiries of persons  responsible  for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with generally accepted auditing standards, the objective of which is
the  expression  of an opinion  regarding the  financial  statements  taken as a
whole. Accordingly, we do not express such an opinion.

   Based on our  reviews,  we are not aware of any material  modifications  that
should be made to the accompanying  condensed  consolidated financial statements
for them to be in conformity with generally accepted accounting principles.

   We have previously  audited,  in accordance with generally  accepted auditing
standards,  the consolidated  balance sheet as of June 30, 2000, and the related
consolidated statements of income,  stockholders' equity, and cash flows for the
year then ended (not presented herein); and, in our report dated August 1, 2000,
we expressed an unqualified opinion on those consolidated  financial statements.
In  our  opinion,  the  information  set  forth  in the  accompanying  condensed
consolidated balance sheet as of June 30, 2000, is fairly stated in all material
respects in relation to the  consolidated  balance  sheet from which it has been
derived.

                                             /s/ BAIRD, KURTZ & DOBSON
                                             BAIRD, KURTZ & DOBSON

Kansas City, Missouri
January 25, 2001

<PAGE>
                          MIDWEST GRAIN PRODUCTS, INC.

                      CONDENSED CONSOLIDATED BALANCE SHEETS

                                 (In Thousands)


                                     ASSETS


                                                     December 31,     June 30,
                                                        2000            2000
                                                     -----------      --------
                                                    (Unaudited)
CURRENT ASSETS
     Cash and cash equivalents                       $  5,235         $  7,728
     Receivables                                       30,036           30,272
     Inventories                                       19,390           19,246
     Prepaid expenses                                   1,982            1,617
     Deferred income taxes                              4,022            4,058
                                                     --------         --------
                 Total Current Assets                  60,665           62,921
                                                     --------         --------

PROPERTY AND EQUIPMENT, At cost                       235,371          232,508
     Less accumulated depreciation                    146,135          139,737
                                                     --------         --------
                                                       89,236           92,771
                                                     --------         --------

OTHER ASSETS                                               87               87
                                                     --------         --------
                                                     $149,988     $    155,779
                                                     ========         ========

See Accompanying Note to Condensed Consolidated Financial
    Statements and Independent Accountants' Review Report

                                       -2-
<PAGE>

                          MIDWEST GRAIN PRODUCTS, INC.

                CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

                                 (In Thousands)


                      LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
<S>                                                                       <C>          <C>
                                                                     December 31,    June 30,
                                                                         2000         2000
                                                                         ----         ----
                                                                      (Unaudited)
CURRENT LIABILITIES
     Current maturities of long-term debt                            $   2,273    $   2,273
     Accounts payable                                                   10,515       10,563
     Accrued expenses                                                    2,364        4,044
     Income taxes payable                                                  220          952
                                                                     ---------    ---------
                 Total Current Liabilities                              15,372       17,832
                                                                     ---------    ---------

LONG-TERM DEBT                                                          15,908       18,181
                                                                     ---------    ---------

POST-RETIREMENT BENEFITS                                                 6,149        6,170
                                                                     ---------    ---------

DEFERRED INCOME TAXES                                                   11,218       11,218
                                                                     ---------    ---------

STOCKHOLDERS' EQUITY
     Capital stock
        Preferred, 5% noncumulative, $10 par value; authorized
           1,000 shares; issued and outstanding 437 shares                   4            4
        Common, no par; authorized 20,000,000 shares; issued
           9,765,172 shares                                              6,715        6,715
     Additional paid-in capital                                          2,485        2,485
     Retained earnings                                                 104,546      104,073
     Cash flow hedges                                                       55
                                                                      ---------    ---------
                                                                       113,805      113,277
     Treasury stock, at cost
        Common;
           December 31, 2000 - 1,356,360 shares
           June 30, 2000 - 1,181,775 shares                            (12,464)     (10,899)
                                                                     ---------    ---------
                                                                       101,341      102,378
                                                                     ---------    ---------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                          $  149,988   $  155,779
                                                                    ==========   ==========
</TABLE>

See Accompanying Note to Condensed Consolidated Financial
    Statements and Independent Accountants' Review Report

                                       -3-

<PAGE>

                          MIDWEST GRAIN PRODUCTS, INC.

                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME

                                 (In Thousands)

          THREE MONTHS AND SIX MONTHS ENDED DECEMBER 31, 2000 AND 1999

                                   (Unaudited)
<TABLE>
<CAPTION>
<S>                                               <C>          <C>          <C>          <C>
                                                      Three Months            Six Months
                                                  2000         1999         2000         1999
                                                ---------    ---------    ---------    --------
                                                    (in thousands)            (in thousands)

NET SALES                                      $  58,489    $  59,962    $ 116,786    $ 114,937

COST OF SALES                                     52,336       54,007      107,868      104,757
                                               ---------    ---------    ---------   ----------

GROSS PROFIT                                       6,153        5,955        8,918       10,180

SELLING, GENERAL AND
     ADMINISTRATIVE EXPENSES                       3,220        3,001        6,421        5,681
                                               ---------    ---------    ---------   ----------
                                                   2,933        2,954        2,497        4,499

OTHER OPERATING INCOME                                 6           24            5           44
                                               ---------    ---------    ---------   ----------
INCOME FROM OPERATIONS                             2,939        2,978        2,502        4,543

OTHER INCOME (EXPENSE)
     Interest                                       (304)        (372)        (648)        (761)
     Other                                           215          (23)         343           42
                                               ---------    ---------    ---------   ----------

INCOME BEFORE INCOME TAXES                         2,850        2,583        2,197        3,824

PROVISION FOR INCOME TAXES                         1,126        1,020          868        1,510
                                               ---------    ---------    ---------   ----------

NET INCOME                                     $   1,724    $   1,563    $   1,329    $   2,314
                                               =========    =========    =========   ==========

EARNINGS PER COMMON SHARE                      $    0.20    $    0.17    $    0.16    $    0.25
                                               =========    =========    =========   ==========
</TABLE>

See Accompanying Note to Condensed Consolidated Financial
    Statements and Independent Accountants= Review Report

                                       -4-
<PAGE>

                          MIDWEST GRAIN PRODUCTS, INC.

                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                 (In Thousands)

                   SIX MONTHS ENDED DECEMBER 31, 2000 AND 1999

                                   (Unaudited)

<TABLE>
<CAPTION>
<S>                                                                  <C>              <C>
                                                                     2000             1999
                                                                     ----             ----
                                                                         (in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
     Net income                                                $     1,329       $    2,314
     Items not requiring (providing) cash:
        Depreciation                                                 6,581            6,743
        Loss on sale of equipment                                        6                3
     Changes in:
        Accounts receivable                                            236           (2,844)
        Inventories                                                    (53)           2,085
        Prepaid expenses                                              (365)            (818)
        Accounts payable                                               297            1,500
        Accrued expenses                                            (1,701)          (1,047)
        Income taxes receivable/payable                               (732)           1,485
                                                                    ------           ------
         Net cash provided by operating activities                   5,598            9,421
                                                                    ------           ------
CASH FLOWS FROM INVESTING ACTIVITIES
     Additions to property and equipment                            (3,414)          (3,036)
     Proceeds from sale of equipment                                    17                6
                 Net cash used in investing activities              (3,397)          (3,030)
                                                                    ------           ------
CASH FLOWS FROM FINANCING ACTIVITIES
     Purchase of treasury stock                                     (1,565)          (4,648)
     Net payments on long-term debt                                 (2,273)          (2,494)
     Dividends paid                                                   (856)
                                                                    ------           ------
                 Net cash used in financing activities              (4,694)          (7,142)
                                                                    ------           ------

DECREASE IN CASH AND CASH EQUIVALENTS                               (2,493)           ( 751)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                       7,728            4,054
                                                                    ------           ------
CASH AND CASH EQUIVALENTS, END OF PERIOD                       $     5,235       $    3,303
                                                                 =========        =========
</TABLE>

See Accompanying Note to Condensed Consolidated Financial
    Statements and Independent Accountants' Review Report

                                       -5-
<PAGE>

                          MIDWEST GRAIN PRODUCTS, INC.

               NOTE TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                       SIX MONTHS ENDED DECEMBER 31, 2000

                                   (Unaudited)


NOTE 1: GENERAL

   In  the  opinion  of  management,   the  accompanying   unaudited   condensed
consolidated  financial statements contain all adjustments  necessary to present
fairly the Company's  condensed  consolidated  financial position as of December
31, 2000, and the condensed  consolidated results of its operations and its cash
flows for the periods  ended  December  31,  2000 and 1999,  and are of a normal
recurring nature.











See Independent Accountants' Review Report

                                       -6-
<PAGE>

                          MIDWEST GRAIN PRODUCTS, INC.

                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

               THREE MONTHS AND SIX MONTHS ENDED DECEMBER 31, 2000

RESULTS OF OPERATIONS

General
-------

   The Company's  net income of $1,724,000 in the second  quarter of fiscal 2001
represented a $161,000  increase compared to the prior year's second quarter net
income of  $1,563,000.  The  increase  was  principally  due to the  effects  of
increased  demand  for the  Company's  fuel grade  alcohol,  or ethanol as it is
commonly known.  Higher than normal energy costs caused by increased natural gas
prices,   particularly  in  the  latter  part  of  the  quarter,  prevented  the
realization  of an even greater  improvement  in the quarter.  Reduced  sales of
vital wheat  gluten,  wheat starch and food grade  alcohol were also  offsetting
factors.

   The heightened demand for fuel grade alcohol was partially  attributable to a
recent  proposal  by the  Environment  Protection  Agency to phase  out MTBE,  a
competing fuel oxygenate that is synthetically  derived and has been shown to be
harmful to ground  water  supplies.  In response to the  increased  demand,  the
Company raised fuel alcohol  production levels,  while also experiencing  upward
price adjustments.  The Company also experienced improved selling prices for its
food grade alcohol for beverage  applications.  However,  the unit volume of all
food grade alcohol declined  compared to a year ago as the Company reduced sales
to export  markets and shifted  more of its alcohol  production  mix to the fuel
area. This decision was influenced by the strengthened  demand for fuel alcohol,
as well as the Company's plan to participate in an incentive  program  developed
by the U.S. Department of Agriculture.  Under the program, initiated in December
2000, the Agriculture  Department plans to provide a two-year cash incentive for
ethanol  producers who increase their grain usage by specified  amounts to raise
fuel  alcohol   production.   The  Company  expects  to  satisfy  the  program's
eligibility  requirements,  and to begin experiencing its effects in the current
quarter.  Additionally,  the  installation of new distillery  columns to replace
older  equipment  at the  Company's  Atchison,  Kansas  plant during the current
year's first quarter  allowed for the realization of improved food grade alcohol
production  efficiencies  at that location in the second  quarter.  This project
also is allowing the Company to serve  beverage  alcohol  customers with an even
higher purity, higher quality premium product.

   Lower demand for the Company's  vital wheat gluten in the second  quarter was
due mainly to increased supplies throughout the industry. Currently, the Company
is seeing  no  improvement  in this  situation  and,  therefore,  has  adopted a
strategy to further  decrease  gluten  production  and more  selectively  target
gluten sales for an undetermined period going forward.  The Company expects that
the  current  oversupply  situation  will  adversely  affect  the third  quarter
performance  and would be even more  substantial but for a three-year long quota
that was placed on gluten imports by former President Clinton in 1998. The quota
has helped to reduce the severity of injuries caused to U.S. producers by excess
amounts of low priced  gluten  imports  from  subsidized  European  Union (E.U.)
producers.

   The  Company  expects  that the quota will remain in place until May 31, 2001
despite  recent  efforts by the E.U.  to have it  terminated  before  that date.
Although a recent ruling by the Appellate  Body of the World Trade  Organization
(WTO) confirmed a previous  ruling that the safeguard  action  implementing  the
quota  was  inconsistent  with the  United  States'  obligations  under  the WTO
Agreement on Safeguards,  the U.S. has a reasonable  period of time to bring its
safeguard action into conformity with such obligations. The Company expects that
this could occur within  approximately  120 days. The Company  believes that the
President may not withdraw the  safeguard  before the U.S.  International  Trade
Commission  (USITC) has had an opportunity to bring it into  conformity with the
Appellate  Body  decision  and,  therefore,  expects that the present quota will
remain in place  until  its  scheduled  May 31  termination  date.  In a related
matter,  the Wheat Gluten Industry Council of the U.S. has formally  requested a
two-year  extension  to the quota.  The request is based on grounds that through
circumvention  and  similar  tactics,   E.U.  producers  have  deliberately  and
effectively disallowed the U.S. wheat

                                       -7-
<PAGE>

                          MIDWEST GRAIN PRODUCTS, INC.

                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

               THREE MONTHS AND SIX MONTHS ENDED DECEMBER 31, 2000

gluten  industry  from  receiving  the full  extent  of  relief  that the  quota
intended.  A hearing on the request is  scheduled  to occur  before the USITC in
late  February  2001.  An actual  decision  as to whether an  extension  will be
granted is expected to be made prior to May 31,  2001.  If an  extension  is not
granted,  the Company  expects the current  oversupply  situation to become more
pronounced.

   Demand for the Company's specialty wheat proteins continued a gradual rise in
the second  quarter,  principally  due to  increased  customer  interest and the
effects of intensified  marketing  programs.  Produced for a variety of food and
non-food  applications,  these value-added  products include dough conditioners,
meat extenders and replacers,  ingredients  for hair care and skin care systems,
and  bio-polymers  for producing pet treats as well as degradable,  plastic-like
items.

   Recently, the Company was named the successful bidder on the state-of-the-art
manufacturing  facility owned by a Kansas City, Kansas firm that entered Chapter
11 bankruptcy  proceedings.  The Company plans to use the facility primarily for
the  production  of Wheatex,  Midwest  Grain's  unique  line of  textured  wheat
proteins  that are sold to  enhance  the flavor and  texture of  vegetarian  and
extended meat products.  Expected to be finalized on February 12, 2001 at a cost
of approximately $6.5 million,  the purchase replaces the Company's earlier plan
to build a Wheatex plant at similar cost.  The Company  expects the  acquisition
will allow it to increase the  production of textured  wheat  proteins at a more
accelerated  rate. Also, the Company  anticipates that, in addition to providing
more space than was  incorporated  into the design for a new plant, the facility
will  provide  greater  flexibility  for  producing  other lines of  value-added
specialty wheat proteins.

   The Company's wheat starch sales,  while down in total unit volume,  remained
relatively  strong due  largely to a sizeable  percentage  of sales  coming from
value-added  modified and specialty  starches.  Demand for these ingredients has
improved in the current  quarter,  and the Company expects that starch sales for
the second half of fiscal 2001 will remain strong.

   Raw material costs for grain on a per bushel basis,  although slightly higher
than they were a year ago, have continued to remain  relatively low, a situation
which should  benefit  production  cost  efficiencies  throughout  the Company's
entire  operation.  However,  further  dramatic  hikes  in  natural  gas  prices
currently are being experienced by the Company and are expected to have a severe
adverse  impact  on  the  Company's  third  quarter  earnings  performance.  The
continued  use of less  expensive  fuel oil to supply energy to a portion of the
Company's Atchison operations during this period should help soften that impact.
Meanwhile,  the  Company is  exploring  ways to make more  efficient  use of its
energy,  both  short-term and long-term,  and is taking steps to further enhance
its risk management program.

Sales
-----
   Net sales in the second quarter of fiscal 2001 decreased  approximately  $1.5
million  below net sales in the second  quarter  of fiscal  2000.  The  decrease
resulted  principally  from lower sales of vital wheat gluten,  wheat starch and
food grade alcohol, which offset increased sales of fuel grade alcohol.

                                       -8-
<PAGE>
                          MIDWEST GRAIN PRODUCTS, INC.

                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

               THREE MONTHS AND SIX MONTHS ENDED DECEMBER 31, 2000

   Sales of vital wheat gluten  dropped due to reductions in both unit sales and
selling  prices.  This decrease was partially  offset by increased unit sales of
the Company's specialty wheat proteins. Wheat starch sales declined due to lower
unit sales. Selling prices for wheat starch were approximately even with selling
prices  experienced  during  the same  period a year  ago.  Sales of food  grade
alcohol for beverage and industrial applications fell as the result of decreased
unit sales, as well as reduced selling prices in the industrial  area.  Improved
selling prices for alcohol sold for beverage  applications only partially offset
this drop. The rise in fuel alcohol sales,  on the other hand, was due to higher
unit sales and improved prices caused by increased demand.  Sales of distillers'
feed, the principal byproduct of the Company's alcohol production process,  were
below the prior  year's  second  quarter  level due to a slight  decrease in the
average selling price.

   Net sales for the first six months of fiscal 2001 increased by  approximately
$1.8  million  over net  sales for the first  six  months of fiscal  2000.  This
resulted from increased sales of fuel grade alcohol in both the first and second
quarters,  and higher  sales of food grade  alcohol for  industrial  uses in the
first quarter. Sales of vital wheat gluten were down for all six months compared
to the same period the prior year,  while sales of wheat starch were just shy of
the level reached during the first half of fiscal 2000.

Cost of Sales
-------------

   The cost of sales in the second quarter of fiscal 2001 fell by  approximately
$1.7  million  below the cost of sales for the same period the prior year.  This
principally was due to decreases in raw material costs, which more than offset a
substantial increase in energy costs resulting from higher natural gas prices.

   For the first  six  months of fiscal  2001,  the cost of sales  increased  by
approximately  $3.1  million  above  costs of sales for the first six  months of
fiscal 2000.  This was largely  attributable  to higher energy costs in both the
first and second quarters. Non-recurring costs related to the final installation
of new  distillation  equipment  at the  Company's  Atchison  plant in the first
quarter also  contributed  to the increase.  Lower raw material  costs for grain
partially offset the higher costs resulting from the above.

   In connection with the purchase of raw materials, principally corn and wheat,
for  anticipated  operating  requirements,  the Company  enters  into  commodity
contracts  to  reduce  or  hedge  the  risk of  future  grain  price  increases.
Additionally,  the Company uses  gasoline  futures to hedge fuel  alcohol  sales
contractually sold at prices  fluctuating with gasoline futures.  For the second
quarter of fiscal  2001,  raw  material  costs  included a net  hedging  loss of
$233,000 on  contracts  compared to a net hedging  loss of $530,000 on contracts
for the second  quarter of fiscal 2000. For the first six months of fiscal 2001,
raw material costs included a net hedging loss of $330,000 on contracts compared
to a net hedging loss of $1,204,000 for the first six months of the prior year.

Selling, General and Administrative Expenses
--------------------------------------------

Selling,  general and  administrative  expenses in the second  quarter of fiscal
2001 were approximately $219,000 higher than selling, general and administrative
expenses in the second  quarter of fiscal 2000.  The increase was due largely to
increased  marketing  activities,  industry-related  fees and higher  technology
costs.
                                       -9-
<PAGE>

                          MIDWEST GRAIN PRODUCTS, INC.

                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

               THREE MONTHS AND SIX MONTHS ENDED DECEMBER 31, 2000

   Selling,  general  and  administrative  expenses  for the first six months of
fiscal  2001  rose  by  approximately   $740,000  above  selling,   general  and
administrative  expenses  for the first half of fiscal  2000.  Reasons  for this
increase were essentially the same as those cited above.

   The consolidated effective income tax rate is consistent for all periods. The
general effects of inflation were minimal.

Net Income
----------

   As the result of the foregoing factors, the Company experienced net income of
$1,724,000  in the  second  quarter  of fiscal  2001  compared  to net income of
$1,563,000  in the second  quarter of fiscal  2000.  For the first six months of
fiscal  2001,  the  Company  had net income of  $1,329,000  versus net income of
$2,314,000 for the first six months of fiscal 2000.

LIQUIDITY AND CAPITAL RESOURCES

   The following table is presented as a measure of the Company's  liquidity and
financial condition:
                                                 December 31,        June 30,
                                                    2000              2000
                                                 -----------      ------------

Cash and cash equivalents                       $    5,235       $    7,728
Working capital                                     45,297           45,089
Amounts available under lines of credit             23,000           23,000
Notes payable and long-term debt                    18,181           20,454
Stockholders= equity                               101,341          102,378

   Inventory and receivable  levels are relatively  constant with levels at June
30, 2000.  Short-term  liquidity  has been impacted by additions to property and
equipment ($3.4 million), purchases of the Company's common stock ($1.6 million)
and dividends ($.9 million).

   The Company made open market  purchases of 174,585 shares of its common stock
during the six-month  period.  These  purchases  were made to fund the Company's
stock option plans and for other  corporate  purposes.  As of December 31, 2000,
the Board has  authorized  the purchase of an additional  643,640  shares of the
Company's common stock.

   At December 31, 2000, the Company had $12.5 million committed to improvements
and  replacements  of  existing  equipment.  Included  in  this  amount  is  the
previously  discussed  acquisition of the new facility to increase the Company's
production of its Wheatex series of specialty wheat proteins.

   The Company continues to maintain a strong working capital position and a low
debt-to-equity ratio while generating strong earnings before interest, taxes and
depreciation.  Management  believes this strong financial position and available
lines of credit will allow the Company to  effectively  expand its production of
specialty products as well as supply customer needs for all its other products.

                                      -10-
<PAGE>

                          MIDWEST GRAIN PRODUCTS, INC.

                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

               THREE MONTHS AND SIX MONTHS ENDED DECEMBER 31, 2000

FORWARD-LOOKING INFORMATION

   This  report  contains  forward-looking  statements  as  well  as  historical
information. Forward-looking statements are identified by or are associated with
such words as "intend," "believe," "estimate," "expect," "anticipate," "hopeful"
and similar expressions. They reflect management's current beliefs and estimates
of future economic circumstances,  industry conditions,  Company performance and
financial   results  and  are  not   guarantees  of  future   performance.   The
forward-looking  statements are based on many assumptions and factors  including
those  relating to grain prices,  energy  costs,  product  pricing,  competitive
environment and related market  conditions,  operating  efficiencies,  access to
capital and actions of governments or government  officials.  Any changes in the
assumptions  or factors could produce  materially  different  results than those
predicted and could impact stock values.

Item 3. Quantitative And Qualitative Disclosures About Market Risk

   The Company produces its products from wheat,  corn and milo and, as such, is
sensitive to changes in commodity prices.  Grain futures and/or options are used
as a hedge to  protect  against  fluctuations  in the  market.  The  information
regarding  inventories  and futures  contracts at June 30, 2000, as presented in
the annual report, is not significantly different from December 31, 2000.

                                      -11-
<PAGE>

                          MIDWEST GRAIN PRODUCTS, INC.

                                     PART II

                                OTHER INFORMATION

Item 6. Exhibits and Reports on Form 8-K

        (a) Exhibits

            10.1  Form of Incentive Stock Option Agreement  approved on December
                  7, 2000 for use thereafter  under the Stock  Incentive Plan of
                  1996.

            10.2  Form of Incentive Stock Option Agreement  approved on December
                  7, 2000 for use thereafter under the 1998 Stock Incentive Plan
                  for Salaried Employees.

            10.3  Form of Memorandum of Agreement Concerning Options approved on
                  December 7, 2000  between  the Company and certain  members of
                  senior  management,  including the following  named  executive
                  officers: Ladd M. Seaberg, Randall M. Schrick, Robert G. Booe,
                  Dennis E. Sprague and Dr. Sukh Bassi.

            15.1  Letter  from  independent  public   accountants   pursuant  to
                  paragraph (d) of Rule 10-01 of Regulation S-X (incorporated by
                  reference to Independent  Accountants' Review Report at page 2
                  hereof).

            15.2  Letter from independent public accountants  concerning the use
                  of its Review Report in the Company's  Registration  Statement
                  No. 333-51849.

            99    Press   Release   dated   February  8,  2001  (w/o   financial
                  statements).

        (b) Reports on Form 8-K

            The  Company  has filed no reports  on Form 8-K  during the  quarter
            ended December 31, 2000.

                                      -12-
<PAGE>
                          MIDWEST GRAIN PRODUCTS, INC.

                                   SIGNATURES

   Pursuant to the  requirements  of the  Securities  Exchange Act of 1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                                          MIDWEST GRAIN PRODUCTS, INC.


Date: February 12, 2001                   By /s/ Ladd M. Seaberg
                                                 Ladd M. Seaberg, President
                                                 and Chief Executive Officer


Date: February 12, 2001                   By /s/ Robert G. Booe
                                                 Robert G. Booe, Vice President
                                                 and Chief Financial Officer

                                      -13-
<PAGE>

                                  EXHIBIT INDEX




    Exhibit                          Description
      No.                          --------------
     ----

     10.1       Form of Incentive Stock Option Agreement approved on December 7,
                2000 for use thereafter under the Stock Incentive Plan of 1996.

     10.2       Form of Incentive Stock Option Agreement approved on December 7,
                2000 for use thereafter  under the 1998 Stock Incentive Plan for
                Salaried Employees.

     10.3       Form of Memorandum of Agreement  Concerning  Options approved on
                December 7, 2000  between  the  Company  and certain  members of
                senior  management,  including  the  following  named  executive
                officers:  Ladd M. Seaberg,  Randall M. Schrick, Robert G. Booe,
                Dennis E. Sprague and Dr. Sukh Bassi.

     15.1       Letter from independent public accountants pursuant to paragraph
                (d) of Rule 10-01 of Regulation S-X  (incorporated  by reference
                to Independent Accountants' Review Report at page 2 hereof).

     15.2       Letter from independent public accountants concerning the use of
                its Review  Report in the Company's  Registration  Statement No.
                333-51849.

     99         Press Release dated February 8, 2001 (w/o financial statements).

                                      -14-

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>0002.txt
<TEXT>

                                  Exhibit 10.1

                          MIDWEST GRAIN PRODUCTS, INC.
                             INCENTIVE STOCK OPTION
                 GRANTED UNDER THE STOCK INCENTIVE PLAN OF 1996


Date of Grant: _____________                                     ________ Shares
Time of Grant: 10:15 a.m. CST

                          THIS OPTION IS NOT ASSIGNABLE

         Grant.  Midwest  Grain  Products,   Inc.,  a  Kansas  corporation  (the
"Company"),  hereby grants to the optionee named below an option to purchase, in
accordance  with and  subject  to the  terms and  restrictions  set forth in the
Midwest Grain  Products,  Inc.  Stock  Incentive  Plan of 1996 (the "Plan"),  as
amended and in this option,  the number of shares of Common Stock, no par value,
of the  Company  ("Shares")  set forth  below,  at the price set forth below and
expiring at the date set forth below:

          Optionee:  _____________________________________________
          Number of Shares subject to option:  ___________________
          Number of such Shares to be Incentive Options: _________
          Number of such Shares to be Nonqualified Options: ______
          Option price per Share: ________________________________

         Incentive  Stock  Option.  This  option is  intended  to  qualify as an
incentive  stock option under  Section 422 of the Code,  as amended from time to
time  ("Incentive  Option")  as to the shares  specified  above to be  Incentive
Options  and  as a  nonqualified  option  as to the  remainder  of  such  shares
("Nonqualified  Option");  provided that to the extent that the  aggregate  fair
market  value (as defined in the Code),  of Common  Stock with  respect to which
Incentive  Stock  Options are  exercisable  for the first time by you during any
calendar  year under the Plan or any other Company plan exceeds  $100,000,  this
Option  shall  be  treated  as a  Nonqualified  Option  in  accordance  with the
provisions of Section 422 of the Code, as amended.

         Exercisability.

              (a)  Incentive  Option  Installments.   Subject  to  the  $100,000
limitation, the Incentive options shall become exercisable as to all or any part
of  _______  shares  upon the first  anniversary  of the Date of Grant,  _______
shares upon the second  anniversary of the Date of Grant,  _______ shares on the
third  anniversary  of the Date of  Grant  and  ________  shares  on the  fourth
anniversary of the Date of Grant; provided,  that in the case of death or normal
retirement all installments shall become  immediately  exercisable as of the day
immediately prior to the date of death or date of retirement.

              (b) Nonqualified  Option  Installments.  The Nonqualified  options
shall become  exercisable as to all or any part of _______ shares upon the first
anniversary of the Date of Grant,  _______ shares upon the second anniversary of
the Date of Grant,  _______ shares on the third anniversary of the Date of Grant
and ________  shares on the fourth  anniversary of the Date of Grant;  provided,
that in the case of death or normal  retirement  all  installments  shall become
immediately  exercisable as of the day immediately prior to the date of death or
date of retirement.



<PAGE>

              (c) Other Provision concerning  Exercisability.  The options shall
otherwise  be  exercisable  to  the  extent  permitted  in the  Plan,  including
provisions therein relating to a Change In Control,  death,  retirement or other
termination of  employment.  Installments  or portions  thereof not exercised in
earlier periods shall be cumulative and shall be available for exercise in later
periods.

         Term. All options granted to you under this grant must be exercised, if
at all, on or before the tenth anniversary of the Date of Grant. In the event of
your death,  retirement  from the Company or other  termination  of  employment,
whether  voluntary or involuntary,  the options will expire and may be exercised
in the manner specified in Section 6 of the Plan.

         Exercise.  Upon  exercise of an option,  you may pay all or any part of
the option price in cash, by check satisfactory to the Company or by transfer to
the  Company  of shares  of Mature  Stock or other  Common  Stock  which was not
obtained  through the exercise of a stock option owned by the  Optionee.  Common
Stock  transferred  to the Company or withheld from shares to be  distributed in
payment of the option  price or  withholding  taxes  shall be valued at the Fair
Market Value of the Common Stock on the date of the exercise.

         Option Not Assignable. This Option is not transferable by you otherwise
than by will or the laws of descent and distribution, and is exercisable, during
your lifetime,  only by you; provided,  however,  to the extent that the options
covered  hereby  constitute  nonqualified  stock  options,  you may assign  such
options to the extent that such  assignment is hereafter  approved in writing by
the Committee..

         Not a 10% Owner.  You hereby  certify  that,  at the date  hereof,  you
believe  that you do not own stock of the Company  that  possesses  more than 10
percent  of the  total  combined  voting  power of all  classes  of stock of the
Company or of any parent or subsidiary of the Company.

         Payment of Taxes.  The Plan grants the Company  the  authority  to make
such provision as the Company deems  appropriate for the collection of any taxes
which the  Company  may  withhold  in  connection  with the grant or exercise of
options.  Pursuant  to that  authority,  the  Company  authorizes  you to settle
withholding  taxes  generated  upon the  exercise  of  Nonqualified  Options  by
allowing you to pay the taxes with cash or shares of the Company's  Common Stock
in accordance with the following guidelines:

     1. You may  satisfy  obligations  to pay to the  Company  the amount of any
federal, state or local income tax imposed on you as a result of the exercise of
this option by either:

         (a)  Delivering  to the Company a personal  check  satisfactory  to the
Company  in the amount of the tax  liability  on the date that the amount of the
tax to be withheld is to be determined (the "Tax Date"); or by

         (b) Electing to pay the tax liability in shares of the Company's Common
Stock ("Stock Payment Election") by

              (1)  directing the Company at or prior to the Tax Date to withhold
from the number of shares to be issued to the  optionee in  connection  with the
exercise of a  Nonqualified  Option that number of shares equal to the amount of
the tax liability  divided by the fair market value (as defined by the Plans) of
one share of the Company's common stock on the Tax Date; or

                                        2

<PAGE>
              (2)  delivering to the Company on the Tax Date good and marketable
title to that number of shares of Mature Stock (as defined in the Plan) or other
Stock which was not  obtained  through the  exercise of a stock  option owned by
you, as shall equal the amount of the tax  liability  divided by the fair market
value of one share of the Company's common stock on the Tax Date.

     2. No fractional  shares will be issued in connection  with any election to
satisfy a tax  liability by paying in shares.  The balance of any tax  liability
representing a fraction of a share will be settled in cash.

     3. The amount of tax which may be paid by an  optionee  pursuant to a Stock
Payment Election will be the minimum required federal  (including FICA and FUTA)
and state withholding  amounts at the time of the election to pay the taxes with
surrendered or withheld shares.

     4. The  provisions  of these rules  relating to the use of stock to satisfy
obligations  may be  unilaterally  revised by the Committee from time to time to
conform the same to any applicable laws or regulations.

         Compliance  With Law. When the issue or transfer of the shares  covered
by this option may, in the opinion of the Company,  conflict or be  inconsistent
with  any  applicable  law or  regulation  of  any  governmental  agency  having
jurisdiction, the Company reserves the right to refuse to issue or transfer said
stock.  The  Company  may also  legend  certificates  covering  shares  purchase
hereunder with usual and customary  transfer  restrictions to insure  compliance
with  applicable  securities  laws,  and may issue the same subject to its prior
receipt  of  written   representations  from  optionee  in  form  and  substance
satisfactory to the Company.

         IN WITNESS WHEREOF, this instrument has been executed by the Company as
of this __ day of _____, 200_.

                                    MIDWEST GRAIN PRODUCTS, INC.



                                    By ____________________________________
                                           Laidacker M. Seaberg
                                           President and Chief Executive Officer


                                 ACKNOWLEDGMENT

      I hereby  acknowledge  receipt of the above  option and a copy of the Plan
referred  to in said  option.  I am familiar  with the terms of the Plan,  and I
understand  my rights  under the option are subject to and governed by the terms
of the Plan, as well as by the terms set forth in the foregoing option itself.

__________________________________            __________________________________
      Date Acknowledged                              Signature of Optionee

                                        3

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>0003.txt
<TEXT>

                                  Exhibit 10.2

                          MIDWEST GRAIN PRODUCTS, INC.
                             INCENTIVE STOCK OPTION
                   GRANTED UNDER THE 1998 STOCK INCENTIVE PLAN
                             FOR SALARIED EMPLOYEES


Date of Grant:    _______________
Time of Grant:    _______________
Shares:           _______________


                          THIS OPTION IS NOT ASSIGNABLE

Grant.  Midwest Grain  Products,  Inc., a Kansas  corporation  (the  "Company"),
hereby grants to the optionee  named below an option to purchase,  in accordance
with and subject to the terms and  restrictions  set forth in the Midwest  Grain
Products, Inc. 1998 Stock Incentive Plan for Salaried Employees (the "Plan") and
in this  option,  the number of shares of Common  Stock,  no par  value,  of the
Company  ("Shares") set forth below,  at the prices set forth below and expiring
at the date set forth below:

        Optionee: __________________________________________________
        Number of Shares subject to option:  _______________________
        Number of such Shares to be Incentive Options: _____________
        Option price per Share:  ___________________________________
        Expiration Date: ___________________________________________

Incentive Stock Option. This option is intended to qualify as an incentive stock
option under Section 422 of the Code,  as amended from time to time  ("Incentive
Option") as to the shares specified above to be Incentive  Options provided that
to the extent that the aggregate fair market value (as defined in the Code),  of
Common Stock with respect to which  Incentive  Stock Options are exercisable for
the first  time by you  during  any  calendar  year  under the Plan or any other
company plan exceeds  $100,000,  this Option shall be treated as a  Nonqualified
Option in accordance with the provisions of Section 422 of the Code, as amended.

Exercisability.

     (a) Incentive Option Installments.  Subject to the $100,000 limitation, the
Incentive   options  shall  become   exercisable  as  to  all  or  any  part  of
_______________  shares  upon  ______________,  as to  all  or  any  part  of an
additional _____________ shares upon ______________, as to all or any part of an
additional  ______________ shares on _______________,  and as to all or any part
of an additional  ___________ shares on _______________;  provided,  that in the
case of death or normal  retirement all  installments  shall become  immediately
exercisable  as of the day  immediately  prior  to the  date of death or date of
retirement.


     (b) Other Provision concerning Exercisability.  The options shall otherwise
be exercisable to the extent permitted in the Plan, including provisions therein
relating to death, retirement or other



<PAGE>

termination of  employment.  Installments  or portions  thereof not exercised in
earlier periods shall be cumulative and shall be available for exercise in later
periods.

Term. All options granted to you under this grant must be exercised,  if at all,
within  ten years  after  the date of this  grant.  In the event of your  death,
retirement  from  the  Company  or  other  termination  of  employment,  whether
voluntary  or  involuntary,  the options will expire and may be exercised in the
manner specified in Section 6 of the Plan.

Exercise.  Upon exercise of an option, you may pay all or any part of the option
price in cash,  by check  satisfactory  to the  Company,  or by  transfer to the
Company of shares of Mature  Stock or other  Common Stock which was not obtained
through the  exercise of a stock  option  owned by the  Optionee.  Common  stock
transferred to the Company in payment of the option price or  withholding  taxes
shall be valued at the Fair Market  Value of the Common Stock on the date of the
exercise.

Option Not Assignable.  This option is not transferable by you otherwise than by
will or the laws of descent and  distribution,  and is exercisable,  during your
lifetime, only by you; provided, however, to the extent that the options covered
hereby constitute nonqualified stock options, you may assign such options to the
extent that such assignment is hereafter approved in writing by the Committee.

Not a 10% Owner.  You hereby certify that, at the date hereof,  you believe that
you do not own stock of the Company that  possesses  more than 10 percent of the
total  combined  voting  power of all  classes of stock of the Company or of any
parent or subsidiary of the Company.

Payment  of Taxes.  The Plan  grants  the  Company  the  authority  to make such
provision as the Company deems appropriate for the collection of any taxes which
the Company may  withhold in  connection  with the grant or exercise of options.
Pursuant to that  authority,  the Company  authorizes you to settle  withholding
taxes generated upon the exercise of Nonqualified Options by allowing you to pay
the taxes with cash or shares of the Company's  Common Stock in accordance  with
the following guidelines:

     1. You may  satisfy  obligations  to pay to the  Company  the amount of any
federal, state or local income tax imposed on you as a result of the exercise of
this option by either:

         (a)  Delivering  to the Company a personal  check  satisfactory  to the
Company  in the amount of the tax  liability  on the date that the amount of the
tax to be withheld is to be determined (the "Tax Date"); or by

         (b) Electing to pay the tax liability in shares of the Company's Common
Stock ("Stock Payment Election") by

              (1)  directing the Company at or prior to the Tax Date to withhold
from the number of shares to be issued to the  optionee in  connection  with the
exercise of a  Nonqualified  Option that number of shares equal to the amount of
the tax liability  divided by the fair market value (as defined by the Plans) of
one share of the Company's common stock on the Tax Date; or

              (2)  delivering to the Company on the Tax Date good and marketable
title to that number of shares of Mature Stock (as defined in the Plan) or other
Stock which was not  obtained  through the  exercise of a stock  option owned by
you, as shall equal the amount of the tax  liability  divided by the fair market
value of one share of the Company's common stock on the Tax Date.

                                        2

<PAGE>
     2. No fractional  shares will be issued in connection  with any election to
satisfy a tax  liability by paying in shares.  The balance of any tax  liability
representing a fraction of a share will be settled in cash.

     3. The amount of tax which may be paid by an  optionee  pursuant to a Stock
Payment Election will be the minimum required federal  (including FICA and FUTA)
and state withholding  amounts at the time of the election to pay the taxes with
surrendered or withheld shares.

      4. The  provisions of these rules  relating to the use of stock to satisfy
obligations  may be  unilaterally  revised by the Committee from time to time to
conform the same to any applicable laws or regulations.

Compliance  With Law.  When the issue or transfer of the shares  covered by this
option may, in the opinion of the Company,  conflict or be inconsistent with any
applicable law or regulation of any governmental agency having jurisdiction, the
Company  reserves  the right to  refuse to issue or  transfer  said  stock.  The
Company may also legend  certificates  governing shares purchased hereunder with
usual and customary  transfer  restrictions to insure compliance with applicable
securities  laws, and may issue the same subject to its prior receipt of written
representations from optionee in form and substance satisfactory to the Company.

IN WITNESS WHEREOF,  this instrument has been executed by the Company as of this
__ day of _______, 200_.

                             MIDWEST GRAIN PRODUCTS, INC.

                             By__________________________
                                 Laidacker M. Seaberg
                                 President and CEO

                                 ACKNOWLEDGMENT

I hereby acknowledge receipt of the above option and a copy of the Plan referred
to in said option. I am familiar with the terms of the Plan, and I understand my
rights under the option are subject to and governed by the terms of the Plan, as
well as by the terms set forth in the foregoing option itself.

_________________                               ________________________________
Date Acknowledged                                     Signature of Optionee

                                       3
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>0004.txt
<TEXT>

                                  Exhibit 10.3

                   MEMORANDUM OF AGREEMENT CONCERNING OPTIONS


To:      ________________

From:    Ladd Seaberg

Date:    December 7, 2001

Re:      Cancellation  of  Existing Stock Option  and Grant of Option on June 8,
         2000

         In  consideration  of your offer to cancel the option granted to you on
January 5, 1996 to purchase ________ shares of the Common Stock of Midwest Grain
Products,  Inc., the Company,  as authorized by the Human Resources Committee on
this date,  has agreed to issue to you on June 8, 2001,  an option to purchase a
like number of shares upon the terms set forth in the option  agreement  that is
attached hereto.  The option price per share for the option to be issued will be
the greater of $___.___,  which is the per share fair market value of the Common
Stock as of 10:15 a.m.  CST on  December  7, 2000,  or the per share fair market
value of the Common Stock as of 10:15 a.m. CDT on June 8, 2001.

                                                     ___________________________
                                                     Ladd M. Seaberg, President

         Cancellation of option is hereby acknowledged.

         Dated December 7, 2000                      ___________________________



<PAGE>

                          MIDWEST GRAIN PRODUCTS, INC.
                             INCENTIVE STOCK OPTION
                 GRANTED UNDER THE STOCK INCENTIVE PLAN OF 1996


Date of Grant: June 8, 2001                                    ________ Shares
Time of Grant: 10:15 a.m. CDT

                          THIS OPTION IS NOT ASSIGNABLE

         Grant.  Midwest  Grain  Products,   Inc.,  a  Kansas  corporation  (the
"Company"),  hereby grants to the optionee named below an option to purchase, in
accordance  with and  subject  to the  terms and  restrictions  set forth in the
Midwest Grain  Products,  Inc.  Stock  Incentive  Plan of 1996 (the "Plan"),  as
amended and in this option,  the number of shares of Common Stock, no par value,
of the  Company  ("Shares")  set forth  below,  at the price set forth below and
expiring at the date set forth below:

         Optionee:  ________________________________________________
         Number of Shares subject to option:  ______________________
         Number of such Shares to be Incentive Options: ____________
         Number of such Shares to be Nonqualified Options: _________
         Option price per Share: ___________________________________

         Incentive  Stock  Option.  This  option is  intended  to  qualify as an
incentive  stock option under  Section 422 of the Code,  as amended from time to
time  ("Incentive  Option")  as to the shares  specified  above to be  Incentive
Options  and  as a  nonqualified  option  as to the  remainder  of  such  shares
("Nonqualified  Option");  provided that to the extent that the  aggregate  fair
market  value (as defined in the Code),  of Common  Stock with  respect to which
Incentive  Stock  Options are  exercisable  for the first time by you during any
calendar  year under the Plan or any other Company plan exceeds  $100,000,  this
Option  shall  be  treated  as a  Nonqualified  Option  in  accordance  with the
provisions of Section 422 of the Code, as amended.

         Exercisability.

              (a)  Incentive  Option  Installments.   Subject  to  the  $100,000
limitation, the Incentive options shall become exercisable as to all or any part
of  _______  shares  upon the first  anniversary  of the Date of Grant,  _______
shares upon the second  anniversary of the Date of Grant,  _______ shares on the
third  anniversary  of the Date of  Grant  and  ________  shares  on the  fourth
anniversary of the Date of Grant; provided,  that in the case of death or normal
retirement all installments shall become  immediately  exercisable as of the day
immediately prior to the date of death or date of retirement.

              (b) Nonqualified  Option  Installments.  The Nonqualified  options
shall become  exercisable as to all or any part of _______ shares upon the first
anniversary of the Date of Grant,  _______ shares upon the second anniversary of
the Date of Grant,  _______ shares on the third anniversary of the Date of Grant
and ________ shares on the fourth anniversary of the Date of

                                        1

<PAGE>

Grant; provided, that in the case of death or normal retirement all installments
shall become immediately exercisable as of the day immediately prior to the date
of death or date of retirement.

              (c) Other Provision concerning  Exercisability.  The options shall
otherwise  be  exercisable  to  the  extent  permitted  in the  Plan,  including
provisions therein relating to a Change In Control,  death,  retirement or other
termination of  employment.  Installments  or portions  thereof not exercised in
earlier periods shall be cumulative and shall be available for exercise in later
periods.

         Term. All options granted to you under this grant must be exercised, if
at all, on or before  December 6, 2010.  In the event of your death,  retirement
from the  Company or other  termination  of  employment,  whether  voluntary  or
involuntary,  the  options  will  expire  and  may be  exercised  in the  manner
specified in Section 6 of the Plan.

         Exercise.  Upon  exercise of an option,  you may pay all or any part of
the option price in cash, by check satisfactory to the Company or by transfer to
the  Company  of shares  of Mature  Stock or other  Common  Stock  which was not
obtained  through the exercise of a stock option owned by the  Optionee.  Common
Stock  transferred  to the Company or withheld from shares to be  distributed in
payment of the option  price or  withholding  taxes  shall be valued at the Fair
Market Value of the Common Stock on the date of the exercise.

         Option Not Assignable. This Option is not transferable by you otherwise
than by will or the laws of descent and distribution, and is exercisable, during
your lifetime,  only by you; provided,  however,  to the extent that the options
covered  hereby  constitute  nonqualified  stock  options,  you may assign  such
options to the extent that such  assignment is hereafter  approved in writing by
the Committee..

         Not a 10% Owner.  You hereby  certify  that,  at the date  hereof,  you
believe  that you do not own stock of the Company  that  possesses  more than 10
percent  of the  total  combined  voting  power of all  classes  of stock of the
Company or of any parent or subsidiary of the Company.

         Payment of Taxes.  The Plan grants the Company  the  authority  to make
such provision as the Company deems  appropriate for the collection of any taxes
which the  Company  may  withhold  in  connection  with the grant or exercise of
options.  Pursuant  to that  authority,  the  Company  authorizes  you to settle
withholding  taxes  generated  upon the  exercise  of  Nonqualified  Options  by
allowing you to pay the taxes with cash or shares of the Company's  Common Stock
in accordance with the following guidelines:

     1. You may  satisfy  obligations  to pay to the  Company  the amount of any
federal, state or local income tax imposed on you as a result of the exercise of
this option by either:

         (a)  Delivering  to the Company a personal  check  satisfactory  to the
Company  in the amount of the tax  liability  on the date that the amount of the
tax to be withheld is to be determined (the "Tax Date"); or by

         (b) Electing to pay the tax liability in shares of the Company's Common
Stock ("Stock Payment Election") by

              (1)  directing the Company at or prior to the Tax Date to withhold
from the number of shares to be issued to the  optionee in  connection  with the
exercise of a Nonqualified Option that

                                        2

<PAGE>

number of shares  equal to the amount of the tax  liability  divided by the fair
market  value (as  defined  by the Plans) of one share of the  Company's  common
stock on the Tax Date; or

              (2)  delivering to the Company on the Tax Date good and marketable
title to that number of shares of Mature Stock (as defined in the Plan) or other
Stock which was not  obtained  through the  exercise of a stock  option owned by
you, as shall equal the amount of the tax  liability  divided by the fair market
value of one share of the Company's common stock on the Tax Date.

     2. No fractional  shares will be issued in connection  with any election to
satisfy a tax  liability by paying in shares.  The balance of any tax  liability
representing a fraction of a share will be settled in cash.

     3. The amount of tax which may be paid by an  optionee  pursuant to a Stock
Payment Election will be the minimum required federal  (including FICA and FUTA)
and state withholding  amounts at the time of the election to pay the taxes with
surrendered or withheld shares.

     4. The  provisions  of these rules  relating to the use of stock to satisfy
obligations  may be  unilaterally  revised by the Committee from time to time to
conform the same to any applicable laws or regulations.

         Compliance  With Law. When the issue or transfer of the shares  covered
by this option may, in the opinion of the Company,  conflict or be  inconsistent
with  any  applicable  law or  regulation  of  any  governmental  agency  having
jurisdiction, the Company reserves the right to refuse to issue or transfer said
stock.  The  Company  may also  legend  certificates  covering  shares  purchase
hereunder with usual and customary  transfer  restrictions to insure  compliance
with  applicable  securities  laws,  and may issue the same subject to its prior
receipt  of  written   representations  from  optionee  in  form  and  substance
satisfactory to the Company.

         IN WITNESS WHEREOF, this instrument has been executed by the Company as
of this __ day of _____, 200_.

                              MIDWEST GRAIN PRODUCTS, INC.



                              By_________________________________
                                   Laidacker M. Seaberg
                                   President and Chief Executive Officer


                                 ACKNOWLEDGMENT

      I hereby  acknowledge  receipt of the above  option and a copy of the Plan
referred  to in said  option.  I am familiar  with the terms of the Plan,  and I
understand  my rights  under the option are subject to and governed by the terms
of the Plan, as well as by the terms set forth in the foregoing option itself.

________________________________              __________________________________
     Date Acknowledged                                Signature of Optionee

                                        3

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.2
<SEQUENCE>5
<FILENAME>0005.txt
<TEXT>

                                                                    EXHIBIT 15.2

Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D. C.  20549

We are aware that our report dated January 25, 2001 on our review of the interim
financial  information  of Midwest  Grain  Products,  Inc. for the periods ended
December  31,  2000  and  1999 is  incorporated  by  reference  in  Registration
Statement  333-51849.  Pursuant to Rule 436(c) under the Securities Act of 1933,
this report should not be considered part of the registration statement prepared
or certified by us within the meaning of Sections 7 and 11 of that Act.


                                                 /s/ BAIRD, KURTZ &  DOBSON
                                                 BAIRD, KURTZ & DOBSON

Kansas City, Missouri
January 25, 2001


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>6
<FILENAME>0006.txt
<TEXT>

                                                                      Exhibit 99
[Midwest Grain Products Logo and Address]

News Release

FOR IMMEDIATE RELEASE:  MIDWEST GRAIN REPORTS SECOND
                        QUARTER EARNINGS IMPROVEMENT

   ATCHISON, Kan., February 8, 2001--Ladd Seaberg, president and chief executive
officer of  Midwest  Grain  Products,  Inc.  (MWGP),  today  announced  that the
company's  results for the second  quarter of fiscal 2001 showed an  improvement
over the same period the prior  year.  Net income for the  quarter,  which ended
Dec. 31, 2000, was  $1,724,000,  or 20 cents per share, on sales of $58,489,000.
That compares to net income of  $1,563,000,  or 17 cents per share,  on sales of
$59,962,000 that the company experienced in the second quarter of fiscal 2000.

   The second quarter  earnings more than offset a net loss of $395,000 that was
incurred in the first quarter of fiscal 2001. As a result,  Midwest Grain posted
net income of $1,329,000,  or 16 cents per share, on sales of  $116,786,000  for
the first six months of the year.  For the first six months of fiscal 2000,  the
company  had net  income  of  $2,314,000,  or 25 cents  per  share,  on sales of
$114,937,000.  The company's earnings before interest,  taxes,  depreciation and
amortization  in the current year's first six months was $9,426,000  compared to
$11,328,000 in the first half of the prior year.

   Seaberg noted that the improvement in second quarter  profitability  occurred
notwithstanding  a  substantial  jump in utility  costs over the prior year.  He
attributed the earnings  increase mainly to the effects of heightened demand for
the  company's  fuel  grade  alcohol,  or ethanol as it is  commonly  known.  As
previously announced,  the increased demand has occurred partially as the result
of  widespread  concerns  over the use of MTBE,  a  synthetically  derived  fuel
oxygenate  that has shown to be harmful to  groundwater  supplies.  "Our country
more and more is realizing the merits of natural, grain-based alcohol for use in
motor fuels," Seaberg said.  "Clean-burning and derived from a renewable source,
it not only provides a wonderful market for American  farmers,  but helps reduce
America's  dependence on and  subjugation to foreign oil producers." In response
to increased second quarter demand,  the company raised fuel alcohol  production
levels, while also making positive price adjustments.

   The company  also  experienced  increased  selling  prices for its food grade
alcohol for  beverage  applications  due to increased  demand for that  product.
However,  sales of food grade alcohol for both beverage and industrial uses were
reduced in the second quarter,  principally due to lower sales in export markets
but  partially  as the  result of the  company's  strategy  to shift more of its
alcohol production mix to the fuel grade area. "This strategy is prompted by the
strong demand we are experiencing in the fuel market and by plans to participate
in  an  incentive  program  recently   initiated  by  the  U.S.   Department  of
Agriculture," Seaberg said. In December,  the Agriculture Department took action
to provide a two-year cash  incentive for ethanol  producers who increase  their
grain consumption by specified  amounts to raise fuel grade alcohol  production.
"We expect to meet the eligibility  requirements for this program,  which should
begin taking  effect in the current  quarter,"  Seaberg  said.  "Meanwhile,  the
recent   installation  of  new  distillation   columns  and  related  distillery
enhancements at our Atchison,  Kansas, plant are allowing us to realize improved
food grade alcohol production  efficiencies and to set the industry standard for
high purity, high quality premium products," Seaberg said.

   The company's wheat starch sales,  while down in total unit volume,  remained
relatively strong due largely to a sizeable portion of sales continuing to occur
in  markets  served by the  company's  value-added  modified  starches,  Seaberg
explained.  Demand for the company's  specialty  wheat  proteins  remained on an
upward  track in the second  quarter.  As  recently  announced,  the  company is
acquiring a  state-of-the-art  manufacturing  facility in Kansas City,  Kan. The
facility  will be used  primarily for the  production of Wheatex,  the company's
unique line of textured  wheat  proteins  that are used to improve the taste and
texture of  vegetarian  and  extended  meat  products.  Expected to be finalized
tomorrow at a cost of approximately $6.5 million,  the purchase replaces Midwest
Grain's previous plan to construct a Wheatex plant at a similar cost.

                                     -more-

<PAGE>

ADD 1--MIDWEST GRAIN REPORTS SECOND QUARTER EARNINGS

   "As I indicated in a previous announcement,  the acquisition of this facility
will  allow  us to  more  rapidly  step  up our  production  of  textured  wheat
proteins,"  Seaberg said.  "Additionally,  relative to our original  plan,  this
facility  provides more space and greater  flexibility to produce other lines of
value-added  specialty wheat  proteins," he added.  In addition to Wheatex,  the
company also produces and markets  specialty wheat proteins for bakery and pasta
applications,  nutritional  drinks,  cosmetics and personal care  products,  pet
treats and environmentally-friendly biodegradable products.

   As was the case in the first  quarter,  sales of the  company's  vital  wheat
gluten  decreased  compared  to the same period a year ago due to an increase in
available  supplies and resulting pricing pressures in that market.  "Because we
are seeing no change in  conditions  at this time,  we have  taken  measures  to
reduce and more  selectively  market our gluten volume in the current  quarter,"
Seaberg said.  "If not for the quota that was placed on wheat gluten  imports by
former  President  Clinton,  I am certain that conditions in our domestic gluten
market would be made even more severe by the  predatory  practices of subsidized
competition from the European Union (E.U.)."

   According to Seaberg, recent attempts by the E.U. to have the three-year-long
quota terminated prior to its official ending date of May 31, 2001 thus far have
proved unsuccessful. Although a recent ruling by the Appellate Body of the World
Trade  Organization  (WTO) confirmed a previous ruling that the safeguard action
implementing  the quota was  inconsistent  with the United  States'  obligations
under the WTO Agreement on Safeguards,  the U.S. has a reasonable period of time
to bring its safeguard  action into  conformity with such  obligations.  Seaberg
expects that this could occur within  approximately  120 days. In addition,  the
company  believes that the  President may not withdraw the safeguard  before the
U.S.  International  Trade Commission (USITC) has had an opportunity to bring it
into  conformity  with the Appellate  Body decision,  and therefore  expects the
present quota to remain in place until its scheduled May 31 termination date.

   In a related  event,  the  Wheat  Gluten  Industry  Council  of the U.S.  has
formally  requested a two-year  extension of the quota.  The request is based on
grounds that through  circumvention  and similar  tactics,  E.U.  producers have
deliberately and effectively prevented the U.S. industry from receiving the full
extent of relief that the quota intended.  The request was filed with the USITC,
which in turn has scheduled a hearing on the issue in late February.  A decision
is  expected to be made prior to May 31. If an  extension  is not  granted,  the
company expects competitive pressures from the E.U. to become more pronounced.

   "The current  oversupply  situation in the wheat gluten market is expected to
adversely affect our third quarter performance,"  Seaberg said.  "Additionally,"
he continued,  "like  natural gas customers of all sizes across the country,  we
are faced with significant  rate hikes,  which last month reached record levels.
As a result, we anticipate that the astronomical rise in natural gas prices will
have an even more severe impact on the third quarter's earnings."

   Seaberg noted that,  while the majority of Midwest  Grain's  energy needs are
satisfied by natural gas, the company has been able to use less  expensive  fuel
oil for at least a portion of its operations  during the current  period.  "This
helps soften the blow while we explore  various ways to make more  efficient use
of our energy and further enhance our risk management program," he said.

   Seaberg  emphasized that  conditions  continue to look very promising for the
company's  value-added wheat proteins and starches.  "We are continuing to build
on our  marketing  capabilities  and  successes  and to  aggressively  focus  on
strengthening  our market  presence in targeted areas.  This includes  seriously
investigating  possibilities for partnerships and/or acquisitions that will help
broaden the value-added dimensions of our business."

This news release  contains  forward-looking  statements  as well as  historical
information. Forward-looking statements are identified by or are associated with
such  words  as  "intend,"  "believe,"   "estimate,"   "expect,"   "anticipate,"
"hopeful,"  "should," "may" and similar  expressions.  They reflect management's
current  beliefs  and  estimates  of  future  economic  circumstances,  industry
conditions,  company performance and financial results and are not guarantees of
future performance. The forward-looking statements are based on many assumptions
and factors,  including those relating to grain prices,  gasoline prices, energy
costs,   product  pricing,   competitive   environment  and  related   marketing
conditions, operating efficiencies, access to capital and actions of governments
or government officials. Any changes in the assumptions or factors could produce
materially different results than those predicted and could impact stock values.

                                       ###

</TEXT>
</DOCUMENT>
</SUBMISSION>
