Exhibit
10.1

    


    AMENDMENT

    TO
THE

    MASTER
LOAN AGREEMENT

    


    THIS AMENDMENT is entered into
as of October 14, 2010, between CoBANK, ACB (“CoBank”) and SOUTH DAKOTA SOYBEAN PROCESSORS,
LLC, Volga, South
Dakota (the “Company”).

    


    BACKGROUND

    


    CoBank
and the Company are parties to a Master Loan Agreement dated May 3, 2010 (such
agreement, as previously amended, is hereinafter referred to as the “MLA”).
CoBank and the Company now desire to amend the MLA. For that reason, and for
valuable consideration (the receipt and sufficiency of which are hereby
acknowledged), CoBank and the Company agree as follows:

    


    
      1.            
Section
10(A) of the MLA is hereby amended and restated to read as
follows:

    

    


    SECTION 10. Financial
Covenants. Unless otherwise agreed to in writing, while this agreement is
in effect:

    


    (A)        Working Capital. The Company
and its consolidated Subsidiaries will have an excess of consolidated current
assets over consolidated current liabilities (both as determined in accordance
with GAAP consistently applied) of not less than: (1) $7,500,000.00 at the end
of each fiscal year of the Company~ and (2) $6,000,000.00 at the end of each
other period for which financial statements are required to be furnished
pursuant to Section 8(H) hereof up to and including November 30, 2010 and
$7,000.000.00 beginning January 31. 2011 and at the end of such period
thereafter, except that in determining consolidated current assets, any amount
available under the Revolving Term Loan Supplement (less the amount that would
be considered a current liability under (3AAP if fully advanced) hereto may be
included. Furthermore, also in determining consolidated current assets over
consolidated current liabilities, any “Unspent Construction Designated Funds’
(as defined in the Compliance Certificates), shall be deducted.

    


    
      2.            
Except as
set forth in this amendment, the MLA, including all amendments thereto, shall
continue in full force and effect as written.

    

    


    IN WITNESS WHEREOF, the
parties have caused this amendment to be executed by their duly authorized
officers as of the date shown above.

    


    
      
        
          
            
              
                
                  
                    
                      
                        	
                                CoBANK,
      ACB

                              	 
      	
                                SOUTH
      DAKOTA SOYBEAN PROCESSORS,

                              
	 
      	 
      	 
      	
                                LLC

                              
	 
      	 
      	 
      	 
      	 
      
	
                                By:

                              	
                                /s/ Irene Matlin

                              	 
      	
                                By:

                              	
                                /s/ Rodney Christianson

                              
	 
      	 
      	 
      	 
      	 
      
	
                                Title:

                              	
                                Assistant Corporate
    Secretary

                              	 
      	
                                Title:

                              	
                                CEO

                              


                      

                    

                  

                

              

            

          

        

      

    

     

    
      
         


      

      
         


        
          

        

      

      
         


      

    


    COMPLIANCE
CERTIFICATE

    South
Dakota Soybean Processors, LLC (18462590)

    CoBank, ACB

    
      ATTN:
ClServices

    

    P.O. Box
5110

    Denver,
Colorado 80217

    


    or

    


    CoBank,
ACB

    
      ATTN:
CIServices

    

    5500
South Quebec Street

    Greenwood
Village, Colorado 80111

    


    The following is based on the reporting
period ending
(date):                                                                                                                                                           ______________

    


    Working
Capital Calculation

    A.      Consolidated
Current
Assets                                                                                    
$________________

    B.      Minus: Consolidated Current
Liabilities                                                                   <________________>

    C.      Add: Unadvanced Term
Revolver*                                                                           $________________

    


    *Less any
amount considered a current liability per GAAP and not included

    in “B”
above”

    


    D.      Equals: Adjusted
Consolidated Working Capital per
GAAP                                $________________

    


    E.      Minus: Unspent Construction Designated
Funds**                                             <________________>

    


    **Unspent
Construction Designated Funds Calculation

    
      1)     
Deodorizer Project Budget (as approved by CoBank)                            
$ 8,200,000.00

    

    2)     
Minus: Amount
Spent/Capitalized in
date                                             <$___________>

    3)      Equals:
Unspent Construction Designated
Funds                           
        $___________

    


    F.      Working Capital for
Covenant
Reporting***                                                        $_______

    


    ***Requirement
is >$7.5 million for fiscal
year end and >$6 million for interim monthly statements stepping
up to $7 million for
interim monthly statements beginning January 31, 2011

    


    I have
reviewed the above calculations and the certified consolidated interim financial
statement(s) dated as of ______________________ and,
based upon this review, hereby certify that to the best of my knowledge the
above calculations are accurate and complete for the period
reflected.

    


    
      
        	
                South
      Dakota Soybean Processors. LLC

              
	
                Volga,
      South Dakota

              
	 
      	 
      
	
                By:

              	
                    

              
	
                Name:

              	
                    

              
	
                Title:

              	
                    

              
	
                Date: