FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
TRAUTSCHOLD MICHAEL J
   2. Issuer Name and Ticker or Trading Symbol
MGP INGREDIENTS INC [MGPI] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Executive Vice President
(Last)
(First)
(Middle)
1300 MAIN STREET, P.O. BOX 130		 3. Date of Earliest Transaction (Month/Day/Year)
05/15/2006
(Street)

ATCHISON, KS 66002		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 05/15/2006   M   39,000 A $ 5.95 96,655 D  
Common Stock 05/15/2006   M   9,000 A $ 3.62 105,655 D  
Common Stock 05/15/2006   S   30,500 D (3) 88,155 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Options - NQ $ 5.95 05/15/2006   M     5,000 12/06/2005 12/06/2011 Common Stock 5,000 $ 0 0 D  
Stock Options - ISO $ 3.62 05/15/2006   M     9,000   (1) 12/03/2012 Common Stock 9,000 $ 0 0 D  
Stock Options - ISO $ 5.95 05/15/2006   M     34,000   (2) 12/06/2011 Common Stock 34,000 $ 0 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
TRAUTSCHOLD MICHAEL J
1300 MAIN STREET
P.O. BOX 130
ATCHISON, KS 66002		       Executive Vice President  

Signatures

 Michael J. Trautschold   05/15/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) 3,000 shares exercisable on 12/3/2004; 6,000 shares exercisable on 12/3/2005.
(2) 11,000 shares were exercisable on 12/05/2002; 11,000 on 12/6/2003; 6,000 on 12/06/2004; and 6,000 on 12/6/2005.
(3) 1,000 shares sold at $30.75; 1,000 at $30.80; 1,000 at $30.89; 1,000 at $30.94; 2,000 at $30.95; 5,000 at $31.00; 1,000 at $31.04; 2,500 at $31.05; 500 at $31.07; 1,500 at $31.08; 3,500 at $31.12; 1,000 at 31.13; 500 at $31.14; 3,000 at $31.16; 500 at $31.20; 1,000 at $31.22; 2,000 at $31.28; 1,000 at $31.96; 500 at $32.00; and 1,000 at 32.40

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