LETTER TO STOCKHOLDERS

EXHIBIT 20
Letter To Our Stockholders
November 9, 1995

Dear Stockholder:

I am encouraged by improvements we currently are experiencing in our
operational cash flow as the result of widespread cost-saving measures and
strategies. However, as anticipated in a previous announcement, our earnings
performance in the beginning months of fiscal 1996 has been severely affected
by a combination of exceptionally high raw material costs for grain, stiff
competition from European wheat gluten producers and softness in the fuel
alcohol market. As a result, we experienced a first quarter pre-tax loss of
almost $4,000,000. After the credit for income taxes, the resulting net loss
was $2,377,000, or $0.24 per share on sales of $47,160,000. For the first
quarter of fiscal 1995, we had net income of $2,756,000, or $0.28 per share on
sales of $45,984,000.

Prices for wheat, which we mill into flour and then process into vital
wheat gluten and premium wheat starch, have reached their highest levels since
1974. Our cost for wheat in this year's first quarter averaged $1.10 more per
bushel compared to the prior year's first quarter. Our costs for corn and
milo, which are used in our distillery operations, increased an average of 42
cents per bushel compared to a year ago.

The higher wheat prices put an additional squeeze on our ability to
compete cost effectively in the wheat gluten market, which continues to be
flooded by gluten imports from the European Union (E.U.). This tide of imports
is being sustained by a lopsided tariff structure and government incentive
programs which greatly benefit E.U. wheat gluten and wheat starch producers.
These inequities presently are being addressed by the office of U.S. Trade
Representative Mickey Kantor. To help keep this issue a priority, I ask you to
assist the efforts of our employees and many others, including several U.S.
Senators and Representatives, by writing to Ambassador Kantor and urging him to
level the playing field. His address is: Office of the U.S. Trade
Representative, 600 17th Street N.W., Washington, D.C. 20506.

In the meantime, as we reported in our recent Annual Report to
Stockholders, we will continue to place emphasis on the development of
specialty wheat gluten and wheat starch products for value-added market niches.
This approach in the wheat starch area has been especially successful and has
increasingly contributed to our steady growth in total wheat starch sales.

Demand for our food grade alcohol for beverage, industrial and commercial
applications remains strong, while conditions in our fuel grade market remain
flat in the face of high grain costs. As a result, we will continue to gear
our distillery operations toward maximizing the production of food grade
alcohol.

These strategies complement an intense cash management plan we have in
place to trigger a turnaround, both short term and long-term. The recent
decision by our Board of Directors not to declare a cash dividend on the
Company's common stock for the first quarter coincides with multiple measures
we have implemented to improve cash flow.

In closing, I would like to reiterate that we are seeing strong
indications that these measures and strategies are working. When grain costs
and selling prices return to more normal levels, we will be prepared to
increase production and sales in all three of our principal product areas and
to realize significant long-term growth.


Sincerely,

/s/ Ladd M. Seaberg
Ladd M. Seaberg
President and CEO