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."



   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.

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