<SUBMISSION>
<ACCESSION-NUMBER>0000916002-01-500013
<TYPE>10-Q
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20010331
<FILING-DATE>20010509
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>MIDWEST GRAIN PRODUCTS INC
<CIK>0000835011
<ASSIGNED-SIC>2040
<IRS-NUMBER>480531200
<STATE-OF-INCORPORATION>KS
<FISCAL-YEAR-END>0630
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>10-Q
<ACT>34
<FILE-NUMBER>000-17196
<FILM-NUMBER>1626915
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1300 MAIN ST
<CITY>ATCHISON
<STATE>KS
<ZIP>66002
<PHONE>9133671480
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1300 MAIN STREET
<CITY>ATCHISON
<STATE>KS
<ZIP>66002
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>EX-15
<SEQUENCE>1
<FILENAME>ex15_2.txt
<DESCRIPTION>EXHIBIT 15.2
<TEXT>

                                                                    EXHIBIT 15.2



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


We are aware that our report dated April 25, 2001 on our review of the interim
financial information of Midwest Grain Products, Inc. for the periods ended
March 31, 2001 and 2000 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

Kansas City, Missouri
April 25, 2001
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>prsrls.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>

                                                                      Exhibit 99

[Midwest Grain Products Logo and Address]

News Release

FOR IMMEDIATE RELEASE:     MIDWEST GRAIN REPORTS THIRD
                                 QUARTER RESULTS


   ATCHISON,  Kan., May 8,  2001--Midwest  Grain  Products,  Inc.  (MWGP/NASDAQ)
reported today that while  abnormally high energy costs had a negative impact on
the  company's  earnings  for the  third  quarter  of  fiscal  2001,  conditions
currently are much improved.

   As anticipated in a previous report,  skyrocketing  natural gas prices caused
energy costs to soar in the quarter,  which ended March 31.  "However,  although
still  higher  than they were a year ago,  those  costs are down from their peak
winter levels,  helping pave the way for  profitability  in the fourth quarter,"
said Ladd Seaberg,  president and chief  executive  officer.  "Furthermore,"  he
said,  "we are taking  measures  through our risk  management  program to better
protect against possibilities for future severe hikes in natural gas prices."

   The company's third quarter results showed a net loss of $218,000, or 3 cents
per share, on sales of  $55,434,000.  That compares to net income of $1,607,000,
or 18 cents per share,  on sales of  $57,656,000  for the same  period the prior
year.  For the first nine months of fiscal  2001,  the company had net income of
$1,111,000,  or 13 cents per share,  on sales of  $172,220,000,  compared to net
income of $3,921,000,  or 42 cents per share, on sales of  $172,593,000  for the
first nine months of fiscal 2000.

   Decreased sales of the company's  vital wheat gluten,  the protein portion of
flour that is used  heavily in many types of breads,  was  another  factor  that
contributed  to the third quarter  downturn,  according to Seaberg.  "We reduced
gluten production due to increased  pricing  pressures from subsidized  European
Union (E.U.)  producers,"  Seaberg said.  "Because we are not  experiencing  any
improvement  in this  situation  at present,  we are  maintaining  a reduced but
steady  production  level," he added.  Seaberg also  emphasized that without the
existing quota on imports of wheat gluten,  conditions in the U.S.  market would
have  deteriorated  even more  significantly  due to much  greater  shipments of
artificially low priced gluten from the E.U.

   The three-year-long quota, which went into effect on June 1, 1998, expires at
the end of this  month.  However,  a  two-year  extension  of the quota has been
unanimously  recommended  by  the  U.S.  International  Trade  Commission.   The
recommendation  followed a request by the Wheat Gluten  Industry  Council of the
U.S. and is based on grounds that through circumvention and transshipments, E.U.
producers  effectively  prevented the domestic  industry from receiving the full
extent of relief that the current quota intended.  Action on the  recommendation
now rests with the President, who has until May 31 to issue a decision.

   "Granting extended relief would not only be justified,  but would demonstrate
that this White House  administration is a steadfast  proponent of fair trade as
well as free trade, is supportive of small domestic industries such as ours, and
is genuinely  interested in the economic  well-being of rural America,"  Seaberg
said. "On the other hand, to deny the extension would be to deny U.S. businesses
the rights and means to correct trade  inequities  wrought by highly  subsidized
and highly protected foreign competition," he added.

   "The U.S.  wheat  gluten  industry  supports the idea of free trade for wheat
gluten and its co-product  wheat starch,"  Seaberg said. "If the E.U. would open
its markets for these products,  the quota could be dropped.  However, as it now
stands,  a complex subsidy scheme allows E.U.  producers to send excess supplies
of low priced product into the U.S. at will,  while using  extraordinarily  high
tariff barriers to prevent outside competition from entering their markets."

   Seaberg  explained that in pursuing the quota extension,  the company "simply
is seeking time that was  originally  allotted to grow our sales of  value-added
wheat  proteins as well as wheat  starch  products to  increasingly  substantial
levels,  and thereby  offset the impact of the E.U.'s  lopsided  and  government
provided competitive advantages in the traditional gluten market."


<PAGE>

   Third  quarter  sales of  specialty  wheat  proteins,  which range from dough
system  enhancers,  to personal care  ingredients and  bio-polymers,  maintained
steady momentum and are showing strong signs of more  accelerated  growth in the
current quarter.  Sales of wheat starch fell some from the same time a year ago,
but presently are strengthening as the result of increased demand. "We have made
much progress in both of these categories," Seaberg said. "Furthermore, the very
solid and aggressive  marketing  plans that we have in place should enable us to
continue to realize steady growth of these exciting products."

   Midwest Grain's  acquisition of an extrusion plant in Kansas City, Kan., this
past February boosts the company's plans for increased  production and marketing
of its Wheatex  products,  a line of  specialty  textured  wheat  proteins  that
enhance the flavor and texture of  vegetarian  and extended meat  products.  The
company  has also  dedicated a portion of the  facility,  which is operated as a
subsidiary called Kansas City Ingredient Technologies,  to the production of its
wheat-based polymers.

   As  previously  announced,  the  purchase  of the Kansas City  operation  has
allowed the company to forego  earlier  plans to  construct a Wheatex  plant,  a
project that would not have been  completed  until  January or February of 2002.
The 80,000  square foot facility also offers  additional  opportunities  for the
future  production of Midwest  Grain's  specialty wheat protein and wheat starch
products, according to Seaberg.

   Strengthened  demand  for the  company's  alcohol  products  pushed  up third
quarter sales in that area compared to a year ago. "To keep Midwest Grain at the
technological  forefront  in the  alcohol  distillation  industry,  our Board of
Directors has just approved a $2.1 million distillery improvement project at our
Atchison  plant,"  Seaberg  announced.  "The  funds," he said,  "will be used to
install equipment that should enhance both our food grade and fuel grade alcohol
production  capabilities."  The project is expected to be  completed by early in
the third quarter of fiscal 2002.


   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>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>3
<FILENAME>mgp10q.txt
<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 March 31, 2001 - 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
                          8,229,844 shares outstanding
                                as of May 1, 2001

<PAGE>
                                      INDEX

PART I. FINANCIAL INFORMATION                                               Page

  Item 1. Financial Statements

          Independent Accountants' Review Report.............................  1

          Condensed Consolidated Balance Sheets as of
          March 31, 2001 and June 30, 2000...................................  2

          Condensed Consolidated Statements of Income (Loss) for
          the Three Months and Nine Months Ended March 31, 2001 and 2000.....  4

          Condensed Consolidated Statements of Cash Flows for
          the Nine Months Ended March 31, 2001 and 2000......................  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 March 31, 2001, and the related condensed
consolidated  statements of income for the  three-month  and nine-month  periods
ended March 31, 2001 and 2000, and the related condensed consolidated statements
of cash flows for the  nine-month  periods ended March 31, 2001 and 2000.  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

Kansas City, Missouri
April 25, 2001

<PAGE>
                          MIDWEST GRAIN PRODUCTS, INC.

                      CONDENSED CONSOLIDATED BALANCE SHEETS

                                 (In Thousands)


                                     ASSETS

<TABLE>
<CAPTION>
<S>                                                                    <C>               <C>
                                                                        March 31,          June 30,
                                                                          2001              2000
                                                                     --------------    --------------
                                                                       (Unaudited)
CURRENT ASSETS
     Cash and cash equivalents                                      $      6,396       $     7,728
     Receivables (less allowance for doubtful accounts of $252            23,475            30,272
     Inventories                                                          18,325            19,246
     Prepaid expenses                                                      2,485             1,617
     Deferred income taxes                                                 4,257             4,058
     Refundable income taxes                                                 158
                                                                         -------           -------
                 Total Current Assets                                     55,096            62,921
                                                                         -------           -------

PROPERTY AND EQUIPMENT, At cost                                          243,603           232,508
     Less accumulated depreciation                                       149,631           139,737
                                                                         -------           -------
                                                                          93,972            92,771
                                                                         -------           -------

OTHER ASSETS                                                                  87                87
                                                                         -------           -------

TOTAL ASSETS                                                        $    149,155       $   155,779
                                                                    ============       ===========

</TABLE>

See Accompanying Notes to Condensed Consolidated Financial
   Statements and Independent Accounts' Review Report

                                       2
<PAGE>
                          MIDWEST GRAIN PRODUCTS, INC.

                CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

                                 (In Thousands)


                      LIABILITIES AND STOCKHOLDERS' EQUITY

<TABLE>
<CAPTION>
<S>                                                                <C>          <C>
                                                                   March 31      June 30,
                                                                     2001         2000
                                                                  ---------    ---------
                                                                 (Unaudited)
CURRENT LIABILITIES
     Notes payable                                                $   3,000
     Current maturities of long-term debt                             2,273    $   2,273
     Accounts payable                                                 8,972       10,563
     Accrued expenses                                                 2,510        4,044
     Income taxes payable                                                            952
                                                                  ---------    ---------
                 Total Current Liabilities                          16,755        17,832
                                                                  ---------    ---------
LONG-TERM DEBT                                                       15,908       18,181
                                                                  ---------    ---------

POST-RETIREMENT BENEFITS                                              6,042        6,170
                                                                  ---------    ---------

DEFERRED INCOME TAXES                                                11,222       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                                              104,329      104,073
     Accumulated other comprehensive loss
        Cash flow hedges                                               (300)
                                                                  ---------    ---------
                                                                    113,233      113,277
     Treasury stock, at cost
        Common;
           March 31, 2001 - 1,527,128 shares
           June 30, 2000 - 1,181,775 shares                         (14,005)     (10,899)
                                                                  ---------    ---------
                                                                     99,228      102,378

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

See Accompanying Notes to Condensed Consolidated Financial
   Statements and Independent Accounts' Review Report

                                       3
<PAGE>
                          MIDWEST GRAIN PRODUCTS, INC.

               CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

                                 (In Thousands)

           THREE MONTHS AND NINE MONTHS ENDED MARCH 31, 2001 AND 2000

                                   (Unaudited)
<TABLE>
<CAPTION>
<S>                                               <C>          <C>          <C>          <C>
                                                      Three Months              Nine Months
                                                      ------------              -----------
                                                  2001         2000         2001         2000
                                               ---------    ---------    ---------    ---------

NET SALES                                      $  55,434    $  57,656    $ 172,220    $ 172,593

COST OF SALES                                     52,893       51,610      160,761      156,367
                                               ---------    ---------    ---------    ---------
ROSS PROFIT                                        2,541        6,046       11,459       16,226

SELLING, GENERAL AND
     ADMINISTRATIVE EXPENSES                       2,689        3,154        9,110        8,835
                                               ---------    ---------    ---------    ---------
                                                    (148)       2,892        2,349        7,391

OTHER OPERATING INCOME                                14            1           19           45
                                               ---------    ---------    ---------    ---------

INCOME (LOSS) FROM OPERATIONS                       (134)       2,893        2,368        7,436

OTHER INCOME (LOSS)
     Interest                                       (348)        (354)        (996)      (1,115)
     Other                                           119          119          462          161
                                               ---------    ---------    ---------    ---------

INCOME (LOSS) BEFORE INCOME TAXES                   (363)       2,658        1,834        6,482

PROVISION (BENEFIT) FOR INCOME TAXES                (145)       1,051          723        2,561
                                               ---------    ---------    ---------    ---------

NET INCOME (LOSS)                              $    (218)   $   1,607    $   1,111    $   3,921
                                               =========    =========    =========    =========

EARNINGS (LOSS) PER COMMON SHARE               $   (0.03)   $    0.18    $    0.13    $    0.43
                                               =========    =========    =========    =========

DIVIDENDS PER COMMON SHARE                     $    0.00    $    0.00    $    0.10    $    0.00
                                               =========    =========    =========    =========
</TABLE>

See Accompanying Notes to Condensed Consolidated Financial
   Statements and Independent Accounts' Review Report

                                       4
<PAGE>
                          MIDWEST GRAIN PRODUCTS, INC.

                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                 (In Thousands)

                    NINE MONTHS ENDED MARCH 31, 2001 AND 2000

                                   (Unaudited)

<TABLE>
<CAPTION>
<S>                                                             <C>         <C>
                                                                2001        2000
                                                             --------    --------
CASH FLOWS FROM OPERATING ACTIVITIES
     Net income                                              $  1,111    $  3,921
     Items not requiring cash:
        Depreciation                                           10,076      10,095
        Loss on sale of equipment                                   6           6
     Changes in:
        Accounts receivable                                     6,797      (3,380)
        Inventories                                               426         706
        Prepaid expenses                                         (868)       (276)
        Accounts payable                                       (1,241)        (38)
        Accrued expenses                                       (1,662)       (819)
        Income taxes receivable/payable                        (1,110)      1,856
                                                             --------    --------
                 Net cash provided by operating activities     13,535      12,071
                                                             --------    --------
CASH FLOWS FROM INVESTING ACTIVITIES
     Additions to property and equipment                      (11,650)     (4,594)
     Proceeds from sale of equipment                               17           6
                                                             --------    --------
                 Net cash used in investing activities        (11,633)     (4,588)
                                                             --------    --------

CASH FLOWS FROM FINANCING ACTIVITIES
     Purchase of treasury stock                                (3,106)     (5,162)
     Net payments on long-term debt                            (2,273)     (2,494)
     Net proceeds from issuance of long-term debt               3,000
     Dividends paid                                              (855)
                                                             --------    --------
                 Net cash used in financing activities         (3,234)     (7,656)
                                                             --------    --------

DECREASE IN CASH AND CASH EQUIVALENTS                          (1,332)       (173)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                  7,728       4,054
                                                             --------    --------

CASH AND CASH EQUIVALENTS, END OF PERIOD                     $  6,396    $  3,881
                                                             ========    ========
</TABLE>

See Accompanying Notes to Condensed Consolidated Financial
   Statements and Independent Accounts' Review Report


                                       5
<PAGE>

                          MIDWEST GRAIN PRODUCTS, INC.

               NOTE TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                                 MARCH 31, 2001

                                   (Unaudited)


NOTE 1:  BASIS OF PRESENTATION

   The  accompanying   unaudited  condensed  consolidated  financial  statements
reflect all  adjustments  that are, in the opinion of the Company's  management,
necessary to fairly  present the financial  position,  results of operations and
cash flows of the Company.  Those  adjustments  consist only of normal recurring
adjustments.  The condensed  consolidated  balance sheet as of June 30, 2000 has
been derived from the audited  consolidated  balance  sheet of the Company as of
that date.  Certain  information and note disclosures  normally  included in the
Company's  annual  financial  statements  prepared in accordance  with generally
accepted accounting  principles have been condensed or omitted.  These condensed
consolidated  financial  statements  should  be read  in  conjunction  with  the
consolidated  financial  statements and notes thereto in the Company's Form 10-K
Annual Report for 2000 filed with the  Securities and Exchange  Commission.  The
results  of  operations  for the period are not  necessarily  indicative  of the
results to be expected for the full year.


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 NINE MONTHS ENDED MARCH 31, 2001

RESULTS OF OPERATIONS

Overview

   The Company  incurred a net loss of  $218,000 in the third  quarter of fiscal
2001 compared to net income of $1,607,000 in the prior year's third quarter. The
loss was largely due to abnormally  high energy costs  resulting from a dramatic
rise in natural gas prices.  Reduced sales of vital wheat  gluten,  wheat starch
and food grade alcohol were also affecting factors.

   While natural gas prices  currently  remain higher than a year ago, they have
fallen  substantially  from third quarter  prices,  which reached  record levels
during the first  month of the  quarter.  Additionally,  the  Company is able to
satisfy a portion of the energy requirements at its Atchison,  Kansas plant with
lower  priced  fuel oil, a  situation  that  prevented  energy  costs from being
affected even more severely in the third quarter.

   Reduced sales of vital wheat gluten in the third quarter occurred because the
Company  elected  to  cut  back   production  due  to  pricing   pressures  from
artificially   low  priced  gluten  imports  from  the  European  Union  (E.U.).
Currently,  the Company is seeing no change in this situation and, therefore, is
maintaining the reduced  production levels. The Company expects that competitive
pressures  from the E.U.  would be even more  intense but for a  three-year-long
quota that was placed on gluten imports by former President Clinton in 1998. The
quota has helped  reduce  the extent of  injuries  caused to U.S.  producers  by
excess amounts of low priced gluten imports from subsidized 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.  This is expected to
occur prior to the end of the current fiscal year's fourth quarter.  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.

   Additionally,  the USITC has unanimously  recommended a two-year extension of
the quota,  following a request for an extension  by the Wheat  Gluten  Industry
Council  of the  U.S.  The  recommendation  is  based on  grounds  that  through
circumvention  and  similar  tactics,   E.U.  producers  have  deliberately  and
effectively  prevented the U.S.  wheat gluten  industry from  receiving the full
extent of relief that the quota intended.  A decision as to whether an extension
will be granted is expected to be made by the  President by May 31, 2001. If the
extension is not granted,  the Company  expects the U.S.  market to be inundated
further with artificially low priced E.U. gluten imports.

   Due principally to increased customer interest and the effects of intensified
marketing programs,  demand for the Company's specialty wheat proteins continued
to  strengthen  during the third  quarter.  As a result,  third quarter sales of
these  products  showed an  improvement  over the same  period  the prior  year.
Produced  for a variety of food and  non-food  applications,  these  value-added
products include dough enhancers, 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.

                                       7
<PAGE>

                          MIDWEST GRAIN PRODUCTS, INC.
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

                THREE MONTHS AND NINE MONTHS ENDED MARCH 31, 2001

   As previously announced, the Company was recently named the successful bidder
on a state-of-the-art manufacturing facility owned by a Kansas City, Kansas firm
that  entered  Chapter  11  bankruptcy  proceedings.  The  Company  is using 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,  as well as  wheat-based  bio-polymers.
Finalized  in February at a cost of  approximately  $6.5  million,  the purchase
replaces the Company's  earlier plan to build a Wheatex plant at a similar cost.
The Company expects the acquisition  will allow it to increase the production of
textured wheat proteins and bio-polymers 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 for the third  quarter were down  partially
due to a delay in export  shipments  resulting from  production  related issues.
However,  those  issues have since been  resolved  and the Company  expects that
starch sales in the final three  months of fiscal 2001 should  begin  showing an
improvement.

   Increased demand for fuel grade alcohol,  or ethanol as it is commonly known,
drove up third  quarter  sales  of this  product  compared  to a year  ago.  The
heightened  market  interest was partially  attributable to a recent proposal by
the  Environmental  Protection  Agency  to phase  out  MTBE,  a  competing  fuel
oxygenate  that is  synthetically  derived  and has been  shown to be harmful to
groundwater  supplies.  In response to the increased demand,  the Company raised
fuel alcohol production levels, while also experiencing substantial upward price
adjustments.  The Company also experienced  improved selling prices for its food
grade alcohol.  However, the unit volume of food grade alcohol for beverage uses
declined compared to a year ago due largely to the Company's  decision to reduce
sales to export markets.

   A  program  developed  by the  U.S.  Department  of  Agriculture  (USDA)  and
initiated  in  December  2000  provides a two-year  cash  incentive  for ethanol
producers  who  increase  their grain usage by  specified  amounts to raise fuel
alcohol production.  The Company presently  satisfies the program's  eligibility
requirements   and  began   experiencing  its  effects  in  the  third  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 has allowed the Company to improve food grade  alcohol  production
efficiencies  at that  location.  This  project  also is allowing the Company to
serve beverage  alcohol  customers  with an even higher  purity,  higher quality
premium product. Just recently, the Company's Board of Directors approved a $2.1
million  distillery  improvement  project at the Atchison plant.  Expected to be
completed  early in the third quarter of fiscal 2002, the project is designed to
enhance the Company's production capabilities for both food grade and fuel grade
alcohol.

   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 and,
therefore,  should benefit production cost efficiencies throughout the Company's
entire operation in the current year's fourth quarter.  However, that benefit is
expected to be  partially  offset by  increased  natural gas prices  that,  even
though reduced from their winter peaks during the third quarter, are expected be
at higher levels than were  experienced  during the prior year's fourth quarter.
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.

                                       8
<PAGE>

                          MIDWEST GRAIN PRODUCTS, INC.
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

                THREE MONTHS AND NINE MONTHS ENDED MARCH 31, 2001

Sales

   Net sales in the third quarter of fiscal 2001  decreased  approximately  $2.2
million  below net sales in the third  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.

   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  primarily
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 fell primarily as the result of decreased unit sales for export in
the beverage market. This offset an increase in unit sales of food grade alcohol
for industrial uses, as well as improved selling prices in both the beverage and
industrial  markets.  Sales of fuel grade alcohol rose compared to a year ago as
the result of slightly higher unit sales and substantially  higher prices caused
by increased demand.  Sales of distillers' feed, the principal by-product of the
Company's alcohol production process,  were above the prior year's third quarter
level due to increased unit sales.

   Net sales for the first nine months of fiscal 2001 decreased by approximately
$373,000 below net sales for the first nine months of fiscal 2000. This resulted
from lowered sales of vital wheat gluten for all nine months of fiscal 2001, and
reduced sales of wheat starch and food grade  alcohol for beverage  applications
in the second and third quarters.  These decreases offset increased fuel alcohol
sales in all  three  quarters  of fiscal  2001 and  higher  sales of food  grade
alcohol for industrial uses in the first and third quarters.


Cost of Sales

   The cost of sales in the third  quarter of fiscal 2001 rose by  approximately
$1.3  million  above the cost of sales for the same period the prior year.  This
principally  was due to a significant  increase in energy costs  resulting  from
higher  natural  gas prices,  which more than offset a decrease in raw  material
costs for grain.  The decrease in raw material costs was partially the result of
lower  unit sales  combined  with the  previously  discussed  incentive  program
developed by the USDA.

   For the first nine  months of fiscal  2001,  the cost of sales  increased  by
approximately  $4.4  million  above  costs of sales for the first nine months of
fiscal  2000.  This was largely  attributable  to higher  energy costs that were
experienced  throughout that entire period.  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 third
quarter of fiscal  2001,  raw  material  costs  included a net  hedging  loss of
$25,000 on contracts compared to a net hedging loss of $836,000 on contracts for
the third quarter of fiscal 2000.  For the first nine months of fiscal 2001, raw
material costs included a net hedging loss of $355,000 on contracts  compared to
a net hedging loss of $1,204,000 for the first nine months of the prior year.

                                       9
<PAGE>
                          MIDWEST GRAIN PRODUCTS, INC.
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

                THREE MONTHS AND NINE MONTHS ENDED MARCH 31, 2001

Selling, General and Administrative Expenses

   Selling,  general and administrative  expenses in the third quarter of fiscal
2001 were approximately $465,000 lower than selling,  general and administrative
expenses in the third quarter of fiscal 2000.  The decrease was due largely to a
reduction in costs associated with employee-related benefits.

   Selling,  general and  administrative  expenses  for the first nine months of
fiscal 2001  increased by  approximately  $275,000  above  selling,  general and
administrative  costs for the first  nine  months  of the prior  year.  This was
principally  due  to  various  factors,  including  increased  marketing-related
expenses, industry-related fees and higher technology costs, mainly in the first
half of the year.

   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  incurred a net loss of
$218,000 in the third  quarter of fiscal 2001 versus net income of $1,607,000 in
the third quarter of fiscal 2000.  For the first nine months of fiscal 2001, the
Company had net income of $1,111,000  compared to a net income of $3,921,000 for
the first nine months of fiscal 2000.


LIQUIDITY AND CAPITAL RESOURCES

   The following table is presented as a measure of the Company's  liquidity and
financial condition:
                                                        March 31,       June 30,
                                                          2001            2000
                                                    -------------       --------

Cash and cash equivalents                           $     6,396      $    7,728
Working capital                                          38,341          45,089
Amounts available under lines of credit                  16,000          23,000
Notes payable and long-term debt                         21,181          20,454
Stockholders equity                                      99,228         102,378

   Inventory  and  receivable  levels are lower than the levels at June 30, 2000
due to lower  sales.  Short-term  liquidity  has been  impacted by  additions to
property and equipment ($11.6 million),  purchases of the Company's common stock
($3.1  million) and dividends ($.9  million).  Property and equipment  additions
included the $6.5 million  acquisition of the new facility for the production of
Wheatex.

                                       10

<PAGE>

                          MIDWEST GRAIN PRODUCTS, INC.
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

                THREE MONTHS AND NINE MONTHS ENDED MARCH 31, 2001

   The Company made open market  purchases of 345,353 shares of its common stock
during the nine-month  period.  These  purchases were made to fund the Company's
stock option plans and for other corporate  purposes.  As of March 31, 2001, the
Board  has  authorized  the  purchase  of an  additional  472,872  shares of the
Company's common stock.

   At March 31, 2001, the Company had $4.7 million committed to improvements and
replacements  of existing  equipment.  Included in this amount is the previously
discussed $2.1 million distillery improvement project at the Atchison plant.

   The Company  has been  approved by Kansas  City,  Kansas for the  issuance of
Industrial  Revenue  Bonds in the  amount of $8.0  million  to  finance  its new
Wheatex production facility. The Company anticipates completing its financing by
July 31, 2001. A portion of the proceeds will be used to repay  borrowings  made
under  the  Company's  line  of  credit   facility  to  finance  the  facility's
acquisition.

   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.


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.  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 March 31, 2001.

                                       11
<PAGE>

                          MIDWEST GRAIN PRODUCTS, INC.

                                     PART II

                                OTHER INFORMATION


Item 6. Exhibits and Reports on Form 8-K

        (a) Exhibits

            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 1 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 May 7, 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 March 31, 2001.


                                       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:  May 9, 2001                 By  /s/  Ladd M. Seaberg
                                            Ladd M. Seaberg, President
                                            and Chief Executive Officer


Date:  May 9, 2001                 By  /s/  Robert G. Booe
                                            Robert G. Booe, Vice President
                                            and Chief Financial Officer


                                       13
<PAGE>

                                  EXHIBIT INDEX

  Exhibit
    No.                                 Description

   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 1 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 May 7, 2001 (w/o financial statements).


                                       14
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