Exhibit
10.23


CORN AND NATURAL GAS PRICE RISK MANAGEMENT AGREEMENT


THIS CORN and NATURAL GAS PRICE RISK MANAGEMENT
AGREEMENT is made and
entered into as of the 1st day of January,  2007, by and
between Broin Management, LLC, a
Minnesota limited liability company (“Manager”) and Great Plains Ethanol, LLC
an South Dakota limited liability company (“Company”).


WHEREAS, Company owns an ethanol production plant near Chancellor, South
Dakota (the “Plant”); and


WHEREAS, Manager is in the business of management and operation of ethanol
production facilities, including the Plant; and


WHEREAS, Company and Manager have engaged the services of Manager to manage
the Plant pursuant to the Management Agreement dated January 15, 2001
(the “Management Agreement”); and


WHEREAS, Company desires to engage the services of Manager to provide corn and
natural gas price risk management services not addressed by the Management
Agreement between Manager and Company, and Manager desires to provide such
additional services on the terms and conditions hereinafter described.


NOW, THEREFORE, in consideration of mutual covenants
contained herein, the parties agree as follows:


Rights and Obligations of Manager


General Rights and Obligations. Manager shall have the responsibility and authority to take all
action necessary or appropriate to engage in hedging and price risk management
relating to corn and natural gas requirements including, without limitation,
the power and authority to:


(a)                  Trade future, options, cash corn contracts,
natural gas futures and other contracts with the intention of controlling grain
and natural gas costs, reducing market exposure, and protecting and/or
enhancing plant operating margins in corn, natural gas and other commodities
for any and all ethanol plants managed by Manager including Company’s Plant;


(b)                 Devise and implement strategies for carry
protection and basis protection;


(c)                  Recommend strategies for flat price
protection to Company’s governing board and enact all flat price strategies
approved by the governing board;


(d)                 Recommend strategies to the Company’s
commodity manager for dialing and forward pricing, price strategies and related
hedging;











(e)                  From time to time enter into trades to reduce
market exposure and market risk in other co-products or commodities relative to
plant usage or production;


(f)                    Hire such employees and independent
contractors as Manager shall determine to be reasonably necessary to the
foregoing; and


(g)                 Carry on any other activities necessary to,
in connection with, or incidental to the foregoing.


Storage/Forward Contract Hedging. Manager will recommend storage and forward
contract hedging strategies to Company’s commodity manager. At no time will
these strategies result in the flat pricing of more than 25% of one year’s
projected corn usage without the approval of Company’s governing board. Company
will establish a futures trading account with Manager’s assistance for the
purpose of flat price/storage/forward contract hedging.


Flat Price Hedging. Manager will recommend fiat price strategies to Company’s governing
board for flat price hedging in excess of 25% of one year’s projected corn
usage as it deems necessary. Company’s governing board will review these
strategies and direct Manager to implement any strategies that are
approved.  Manager will promptly enact
any flat price hedging strategies directed by Company.


Independent Contractor Status. Manager in the performance of its duties under this Agreement shall
occupy the position of an independent contractor with respect to Company. Nothing
contained herein shall be construed as making the parties hereto partners or
joint ventures, nor, except as expressly provided herein, construed make
Manager an employee of Company.


Reports Issued by Manager


The following reports will be issued to Company by Manager:




	
  Daily Reports (To
  Commodity Manager:

  
	
  Market Update—Bid Sheet

  
	
  Market Summary and Commentary

  
	
  Weekly Reports
  (To General Manager)

  
	
  Pool Position and Profitability

  
	
  DDGS Market Roundup

  
	
  Natural Gas Market Roundup

  
	
  Quarterly
  Reports (To the Board of Directors):

  
	
  Quarterly Market and Trading Update

  
	
  Quarterly DDGS Update

  
	
  Quarterly Natural Gas Update

  






 



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Duties of Company


Company hereby agrees to cooperate with Manager in the performance of Manager’s
duties and responsibilities under this Agreement, to act in good faith, and to
do all reasonable things necessary to aid Manager’s performance as an
independent contractor under the terms of this Agreement. Company’s governing
board may create a committee to perform Company’s duties and responsibilities
under this Agreement.


Price Risk Management Fee


Price Risk Management Fee. Company shall pay Manager a price risk management fee of $59,580
per year, payable in quarterly installments of $14,895 due on the first
day of each calendar quarter. In the event this Agreement commences other than
on the first date of a quarter, the first quarterly installment shall be
prorated. This fee is subject to modification in the case of plant expansions
or increases in corn usage.


Pooling Arrangement


Company acknowledges that Manager will be offering these price risk
management services to all of the ethanol plants Manager manages. A pooling
arrangement may be implemented whereby Company and other ethanol plants managed
by Manager will contribute funds for allocation to trading activities based on
the price risk management services. All trade expenses incurred by Manager in
pursuing the foregoing shall be paid out of the pool. Any profits or losses
resulting from the trading activity will be allocated proportionally to
participants based on their proportionate contribution to the pool.


Margin Money


If a pool is instituted, then Company’s initial margin contribution to
the pool account will be $65,000. Income will be distributed as
sufficient cash becomes available in the account. In the case pool losses,
additional margin money will be requested pro-rata from the plants trading in
the pool account.


Effective Date: Term: Termination


Effective Date.
This Agreement shall be effective as of the date first set forth above.


Term. Except
as is set forth below in the section entitled “Termination,” the term of this
Agreement shall be for a period of five (5) years commencing with the first
payment. This Agreement shall be automatically extended for an additional five
(5) year term following the end of the original five (5) year term, unless
either party gives written notice of non-renewal at least thirty (30) days
prior to the end of the original term. This renewal provision shall apply in
the same manner for all subsequent expiring terms. Therefore, every five (5)
years this Agreement shall be either automatically extended unless proper
notice of non-renewal is given by either party as provided herein.



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Termination.
Either party has the right to terminate this Agreement with or without cause as
of the annual anniversary date of this Agreement by giving written notice to
the other party of such termination. Such written notice of termination shall
be given not more than ninety (90) days nor less than thirty (30) days before
the annual anniversary date. Upon any such termination, Manager shall have the
right to continue to provide price risk management services until the end of
the then  current year. Likewise, upon
any such termination, Company shall have the right to Manager’s price risk
management services until the end of the then current year.


Limitation of Liability


Company acknowledges that the futures and commodities’ markets are
volatile and subject to events and market movements over which Manager and
Manager’s Price Risk Consultant have no control. Accordingly, Manager and
Manager’s Price Risk Consultant shall not be held liable by Company for any
losses related to the trading activities or price risk management services of Manager
and Manager’s Price Risk Consultant relating to this Agreement so long as
Manager and Manager’s Price Risk Consultant have acted in good faith and in a
manner they reasonably believed to be in the best interests of Company. The
parties acknowledge that the price risk management services to be rendered
pursuant to this Agreement may affect Company’s profitability. Company shall
indemnify and hold harmless Manager and Manager’s Price Risk Consultant from
and against all liabilities, suits, claims, damages, costs, judgments and
attorneys’ fees of Manager and Manager’s Price Risk Consultant resulting from
any of the foregoing brought by Company’s members or third parties related to
the trading activities or price risk management services of Manager and Manager’s
Price Risk Consultant, so long as Manager and Manager’s Price Risk Consultant
have acted in good faith and in a manner they reasonably believed to be in the
best interests of Company. Company and Manager agree to cooperate with each
other should either or both be named in a suit relating to this Agreement.


Waiver of Jury Trial


Manager and Company irrevocably waive any and all rights to trial by
jury in any legal proceeding arising out of or relating to this Agreement or
the transactions and relationships of the parties contemplated hereby or
thereby.


Assignment


This Agreement shall be assignable by either party upon the written
consent of the other party hereto.


Miscellaneous


Headings. The
headings contained herein arc for convenience only and are not intended to define
or limit the scope of intent of any provisions of this Agreement.


Governing Law.  The validity of this Agreement, the
construction of its terms and the interpretation of the rights and duties of
the parties hereto shall be governed by the laws of the State of Minnesota. The
Circuit Court for the Second Judicial Circuit, County of Minnehaha, State of



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South
Dakota, shall be the sole and exclusive jurisdiction and venue for the
resolution of any disputes arising from or relating to this Agreement.


Notices. Any
notice required or permitted herein to be given shall be given in writing and
shall be delivered by United States registered or certified mail, return
receipt requested, to the president of Manager and president or chairman of
Company, as the case may be, at the addresses set forth below or such address
as Company or Manager shall provide notice of from lime to time during the term
of this Agreement.


	
  Company:

  	
   

  	
  Great Plains Ethanol, LLC

  
	
   

  	
   

  	
  27716 452nd
  Avenue

  
	
   

  	
   

  	
  Chancellor, SD
  57015

  
	
   

  	
   

  	
  Attention:
  Darrin Ihnen, President

  
	
   

  	
   

  	
   

  
	
  Manager:

  	
   

  	
  Broin Management, LLC

  
	
   

  	
   

  	
  2209 East 57th
  Street North

  
	
   

  	
   

  	
  Sioux Falls, SD
  57104

  
	
   

  	
   

  	
  Attention: Mr.
  Jeffrey S. Broin

  



 


Successors.
This Agreement shall be binding upon and inure to the benefit of the respective
parties and theft permitted assigns and successors in interest.


Waivers. No
waiver of any breach of any of the terms or conditions of this Agreement shall
be held to, be a waiver of any other subsequent breach; nor shall any waiver be
valid or binding unless the same shall be in writing and signed by the party
alleged to have granted the waiver.


Counterparts.
This Agreement may be executed in multiple counterparts all of which shall
constitute but one Agreement.


Amendment.
This Agreement may be amended with the written consent of Company and Manager.


Entire Agreement.
Except as otherwise described herein, this Agreement is the entire Agreement
between the parties relating to the corn price risk management services.


IN W1TNESS WHEREOF, the parties hereto have executed this Agreement as
of the 5th day of
December, 2006.


	
  Company:

  	
   

  	
  Manager:

  
	
  Great Plains
  Ethanol, LLC

  	
   

  	
  Broin Management, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
     /s/
  Darrin Ihnen

  	
   

  	
   

  	
  By:

  	
    /s/ Jeffrey S. Broin

  	
   

  
	
  Its President

  	
   

  	
  Its Chief
  Operating Officer

  
							



 



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