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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001299933-05-005822.txt : 20051108
<SEC-HEADER>0001299933-05-005822.hdr.sgml : 20051108
<ACCEPTANCE-DATETIME>20051108154925
ACCESSION NUMBER:		0001299933-05-005822
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20051104
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20051108
DATE AS OF CHANGE:		20051108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHS INC
		CENTRAL INDEX KEY:			0000823277
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-FARM PRODUCT RAW MATERIALS [5150]
		IRS NUMBER:				410251095
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-50150
		FILM NUMBER:		051186302

	BUSINESS ADDRESS:	
		STREET 1:		5500 CENEX DRIVE
		CITY:			INVER GROVE HEIGHTS
		STATE:			MN
		ZIP:			55077
		BUSINESS PHONE:		651-355-6000

	MAIL ADDRESS:	
		STREET 1:		5500 CENEX DRIVE
		CITY:			INVER GROVE HEIGHTS
		STATE:			MN
		ZIP:			55077

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENEX HARVEST STATES COOPERATIVES
		DATE OF NAME CHANGE:	19980611

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HARVEST STATES COOPERATIVES
		DATE OF NAME CHANGE:	19961212
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>htm_8163.htm
<DESCRIPTION>LIVE FILING
<TEXT>
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<TITLE> CHS Inc. (Form: 8-K) </TITLE>
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<A NAME="DOCUMENT_TOP">&nbsp;</A>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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<BR>
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	&nbsp;
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	Date of Report (Date of Earliest Event Reported):
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	&nbsp;
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	November 4, 2005
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	CHS Inc.
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<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
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	Minnesota
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	0-50150
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	41-0251095
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_____________________<BR>
	(State or other jurisdiction
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_____________<BR>
	(Commission
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______________<BR>
	(I.R.S. Employer
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	of incorporation)
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	File Number)
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	Identification No.)
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	&nbsp;&nbsp;
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	5500 Cenex Drive, Inver Grove Heights, Minnesota
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	&nbsp;
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	55077
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_________________________________<BR>
	(Address of principal executive offices)
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	&nbsp;
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___________<BR>
	(Zip Code)
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	Registrant&#146;s telephone number, including area code:
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	651-355-6000
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	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
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	&nbsp;
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<!-- CoverPageRegistrant END --><P><FONT SIZE="2">
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:</FONT>
</P>
<P><FONT SIZE="2">
[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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<FONT SIZE="2">Top of the Form</FONT>
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<B>
	Item 1.01 Entry into a Material Definitive Agreement.
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On November 4, 2005, CHS Inc., a Minnesota cooperative corporation (the "Company"), adopted  amendments to the terms of its outstanding options under its Share Option Plan (the "SOP"), and to its Deferred Compensation Plan (the "Plan").  These amendments are embodied in a First Amendment to the Plan (the "First Amendment").  The Company adopted the First Amendment in response to the requirements of Section 409A of the Internal Revenue Code.<br><br>   Under the terms of the First Amendment:<br><br>      &#x2022;	on or before December 9, 2005, each participant in the SOP will have the right to exercise all or any portion of that participant&#x2019;s vested options under the SOP; and <br>      &#x2022;	effective December 10, 2005, options under the SOP which are not exercised on or prior to December 9, 2005 will be converted into account balances under the Plan.<br> <br>Any account balances credited from the SOP to the Plan will initially consist of two parts: the difference of the value of the securities under
lying the relevant options less the exercises price, and the exercise price of the relevant options (the "Exercise Price Credit").  The participant will not be entitled to payment of the Exercise Price Credit, but will have a right to deemed earnings, if any, which accrued on the portion of the account representing the Exercise Price Credit.  The account balances will be credited with earnings and investment gains and losses by assuming that the amount was invested in one or more investment alternatives selected by the participant in accordance with the terms of the Plan, except that the Exercise Price Credit will be credited with earnings and investment gains and losses by assuming that the amount was invested in one or more investment alternatives selected by the Company.<br> <br>At the time the Company created the SOP, it also created a non-qualified grantor trust of the type commonly known as a "rabbi trust."  Each time an option was granted under the SOP, the Company contributed an amount sufficient to 
purchase the investment or investments selected by the optionee to the trust and the trustee invested that amount in the relevant private investment company or companies.  The assets of the trust will be available to pay the Company&#x2019;s obligations with respect to account balances converted from the SOP (but not to pay any of the Company&#x2019;s other obligations under the Plan).  However, as a "rabbi trust," the assets of the trust remain subject to the claims of general creditors of the Company in cases of insolvency and bankruptcy and no participant in the SOP has a priority claim on, security interest in or other superior right to those assets.  As a result, notwithstanding the existence of the trust, the Company&#x2019;s obligations with respect to account balances credited from the SOP to the Plan will constitute unsecured obligations of the Company that rank equally with its other unsecured and unsubordinated obligations.  Moreover: <br><br>      &#x2022;	the Company has no on-going obligation t
o fund the trust and does not expect to do so in the future; and <br>      &#x2022;	the Company expects that the assets of the trust will be used to pay the Company&#x2019;s obligations with respect to account balances credited from the SOP to the Plan as those obligations mature and, as a result, there can be no assurance that there will be assets remaining in the trust when any particular credited obligation matures.<br><br>The foregoing summarizes the material terms and provisions of the First Amendment and is qualified in its entirety by reference to the First Amendment, which are incorporated herein by reference.
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	Item 1.02 Termination of a Material Definitive Agreement.
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As a result of the First Amendment, from and after December 10, 2005, the Company will no longer have any obligation under the SOP.
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	Item 9.01 Financial Statements and Exhibits.
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(c) Exhibits<br><br>10.1	First Amendment of CHS Inc. Deferred Compensation Plan (incorporated by reference to Exhibit 4.2 to the	Company's Registration Statement on Form S-8, File No. 333-129464 filed November 4, 2005).<br><br>10.2	Share Option Plan Participants 2005 Plan Agreement and Election Form (incorporated by reference to 	Exhibit 4.3 to the Company's Registration Statement on Form S-8, File No. 333-129464 filed November 4, 2005).<br>
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<FONT SIZE="2">Top of the Form</FONT>
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<B>
	SIGNATURES
</B>
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<FONT SIZE="2">
	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 hereunto duly authorized.
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</P>
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	CHS Inc.
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	&nbsp;&nbsp;
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<I>
	November 8, 2005
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	&nbsp;
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<I>
	By:
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<I>
	/s/ John Schmitz
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<BR>
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<I>
	Name: John Schmitz
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<I>
	Title: Executive Vice President and Chief Financial Officer
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