
                                                                      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.

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