UNITED STATESSECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

---

FORM 10-Q

(Mark One)

|[X] |  | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
          THE SECURITIES EXCHANGE ACT OF 1934
|--- |  | --------------------------------------------------------------------------------------------------

For the quarterly period ended March 31, 2001

|[  ] |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
          SECURITIES EXCHANGE ACT OF 1934
|---- |  | --------------------------------------------------------------------------------------------------

For the transition period from ________ to _________

Commission File No. 333-71213

MINNESOTA CORN PROCESSORS, LLC
(Exact name of registrant as specified in its charter)

|Colorado                        | 41-1928467                          
|------------------------------- | ------------------------------------
|(State or other jurisdiction of | (I.R.S. Employer Identification No.)
|incorporation or organization) 

901 North Highway 59, Marshall, MN 56258-2744
(Address of principal executive offices)

(507) 537-2676 (Registrants telephone number including area code)

(not applicable) (Former name, former address and former fiscal year,
if changed since last report)

Indicate by check mark whether the
registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days.

Yes X No

Indicate the number of shares
outstanding of each of the issuers classes of common stock as of the latest
practicable date.

On May 7, 2001, the number of
the registrants Class A voting units outstanding were 136,623,940. The
number of the registrants Class B nonvoting units outstanding as of May 7,
2001, was 58,622,340, all of which are held by Archer Daniels Midland Company.



PART I  FINANCIAL INFORMATION

|ITEM 1. | Financial Statements.
|------- | ---------------------

MINNESOTA CORN PROCESSORS, LLC Condensed Statement of Operations and
Other Comprehensive Loss UNAUDITED (In Millions)

|                                                 | For the Quarter EndedMarch 31,
|------------------------------------------------ | ------------------------------
|
|                                                
|Net sales, storage and handling charges          |                               
|Cost of sales                                    |                               
|                                                
|Gross profit                                     |                               
|Selling, general and administrative expenses     |                               
|                                                
|Net operating income (loss)                      |                               
|                                                
|Other Income (Expense)                           |                               
|Interest expense                                 |                               
|Interest and other income                        |                               
|                                                
|Total interest and other expense                 |                               
|                                                
|Income (loss) before joint venture               |                               
|Income from joint venture                        |                               
|                                                
|Net loss before provision for income taxes       |                               
|Provision for state income taxes                 |                               
|                                                
|Net income (loss)                                |                               
|                                                
|Other comprehensive loss                         |                               
|Unrealized gain (loss) on derivatives:           |                               
|Gain (loss) arising during period                |                               
|Reclassification adjustment                      |                               
|Unrealized gain on foreign currency translation: |                               
|Gain (loss) arising during period                |                               
|Reclassification adjustment                      |                               
|                                                
|Other comprehensive loss                         |                               
|                                                
|Comprehensive income (loss)                      |                               
|                                                

See accompanying notes to condensed financial statements

1

MINNESOTA CORN PROCESSORS, LLC Condensed Balance Sheets
UNAUDITED (In Millions)

|                                                 | March 31,2001 | December 31,2000
|------------------------------------------------ | ------------- | ----------------
|                                                
|ASSETS                                           |               |                 
|Current Assets                                   |               |                 
|Cash and cash equivalents                        |               |                 
|Receivables                                      |               |                 
|Inventories                                      |               |                 
|Prepaids and other assets                        |               |                 
|Fair value of derivatives net of margin deposits |               |                 
|                                                
|Total current assets                             |               |                 
|                                                
|Investments and other assets                     |               |                 
|Investments                                      |               |                 
|Deferred debt refinancing costs                  |               |                 
|Cash surrender value of life insurance           |               |                 
|Non-current receivables                          |               |                 
|Non-current prepaids                             |               |                 
|Goodwill                                         |               |                 
|                                                
|Total investments and other assets               |               |                 
|                                                
|Property, plant, and equipment                   |               |                 
|Accumulated depreciation                         |               |                 
|                                                
|Net property, plant, and equipment               |               |                 
|                                                
|Total assets                                     |               |                 
|                                                

See accompanying notes to condensed financial statements

2

MINNESOTA CORN PROCESSORS, LLC Condensed Balance Sheets
UNAUDITED (In Millions)

|                                                 | March 31,2001 | December 31,2000
|------------------------------------------------ | ------------- | ----------------
|                                                
|LIABILITIES AND MEMBER EQUITIES                  |               |                 
|Current Liabilities                              |               |                 
|Short-term notes payable                         |               |                 
|Current portion of long-term debt                |               |                 
|Accounts payable - grain                         |               |                 
|Accounts payable - other                         |               |                 
|Income taxes payable                             |               |                 
|Accrued payroll costs                            |               |                 
|Accrued real estate taxes                        |               |                 
|Accrued interest expense                         |               |                 
|Accrued expenses and taxes                       |               |                 
|                                                
|Total current liabilities                        |               |                 
|Long-term debt                                   |               |                 
|                                                
|Total liabilities                                |               |                 
|                                                
|Member Equities                                  |               |                 
|Class A units                                    |               |                 
|Class B units                                    |               |                 
|Current period loss                              |               |                 
|Accumulated other comprehensive loss             |               |                 
|Net unrealized loss on fair value of derivatives |               |                 
|Unrealized gain on foreign currency translation  |               |                 
|                                                
|Total member equities                            |               |                 
|                                                
|Total liabilities and member equities            |               |                 
|                                                

See accompanying notes to condensed financial statements

3

MINNESOTA CORN PROCESSORS, LLC Condensed Statement of Cash Flows
UNAUDITED (In Millions)

|                                                  | For the Quarter EndedMarch 31,
|------------------------------------------------- | ------------------------------
|
|                                                 
|CASH FLOWS FROM OPERATING ACTIVITIES              |                               
|Net loss                                          |                               
|Adjustments to reconcile net loss to net          |                               
|cash provided by operating activities:            |                               
|Depreciation and amortization                     |                               
|Investment impairment loss                        |                               
|(Gain) loss on disposal of property and equipment |                               
|Provision for doubtful accounts                   |                               
|Change in operating assets and liabilities        |                               
|                                                 
|Net cash provided by operating activities         |                               
|                                                 
|CASH FLOWS FROM INVESTING ACTIVITIES              |                               
|Additions to property and equipment               |                               
|Investments purchased                             |                               
|                                                 
|Net cash used by investing activities             |                               
|                                                 
|CASH FLOWS FROM FINANCING ACTIVITIES              |                               
|Principal payments on short-term borrowings       |                               
|Principal payments on long-term debt              |                               
|Value added payment                               |                               
|Decrease in long-term receivables                 |                               
|Equity redemption                                 |                               
|                                                 
|Net cash used by financing activities             |                               
|                                                 
|Net Decrease in Cash                              |                               
|Cash at beginning of period                       |                               
|                                                 
|Cash at end of period                             |                               
|                                                 

See accompanying notes to condensed financial statements

4

MINNESOTA CORN PROCESSORS, LLC

NOTES TO CONDENSED FINANCIAL STATEMENTS UNAUDITED

NOTE 1  BASIS OF PRESENTATION

The accompanying unaudited condensed financial statements have
been prepared in accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form 10-Q and Article
10 of Regulation S-X. Accordingly, they do not include all of the information
and footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair presentation have
been included. Operating results for the first quarter ended March 31, 2001 are
not necessarily indicative of the results that may be expected for a full
twelve-month period. For further information, refer to the financial statements
and footnotes thereto included in the Companys annual report on Form 10-K
for the period ended December 31, 2000.

NOTE 2  INVENTORIES

Principal elements of inventories were as follows:

|                                           | (In Millions)
|------------------------------------------ | -------------
|
|                                          
|                                           |              
|Unprocessed corn                           |              
|Grain at elevators                         |              
|Chemicals, raw material supplies, and coal |              
|Goods in process of manufacture            |              
|Finished goods                             |              
|Repair parts                               |              
|Sweetener - bulk and specialty products    |              
|Fertilizer and chemicals                   |              
|                                          
|TOTAL INVENTORIES                          |              
|                                          

NOTE 3  COMMITMENTS AND CONTINGENCIES

MCP is involved in various claims at March 31, 2001. In the
opinion of management, the ultimate liability for such claims would not have a
material adverse financial effect upon the company. Management further believes
that all or part of any potential liability for certain of these claims will be
covered by insurance, and management is vigorously defending all such claims
against the company.

It is expected that MCPs total cost to complete the
construction in progress at March 31, 2001, will approximate $23 million.

5

NOTE 4  RECLASSIFICATIONS

Certain amounts in the March 31, 2000 condensed statement of
operations and other comprehensive loss were reclassified in order to conform to
the March 31, 2001 presentation. These reclassifications had no effect on the
previously reported net loss.

NOTE 5  JOINT VENTURE

Effective January 1, 2001, the Company became a 50% member of
CornProductsMCP Sweeteners LLC (CPMCP), for the purpose of marketing the
majority of the sweetener products produced by the Company. In January 2001, the
Company made an initial cash contribution of $500,000 to capitalize the newly
formed LLC. As part of the new LLC operating agreement, the Company entered into
a formal supply agreement that specifies the products and quantities that will
be sold to CornProductsMCP Sweeteners LLC.

Summary income statement information for CPMCP for the three
months ended March 31, 2001 is as follows:

|                                                             | (In Millions)
|------------------------------------------------------------ | -------------
|                                                             |              
|Net sales                                                    |              
|Cost of sales                                                |              
|                                                            
|Gross profit                                                 |              
|Selling, general and administrative expenses                 |              
|Commission income                                            |              
|                                                            
|Net income                                                   |              
|                                                            
|Equitable share of net income in CPMCP, as of March 31, 2001 |              
|                                                            

6

|ITEM 2. | Managements Discussion and Analysis of Financial Condition and Results of
Operations.
|------- | --------------------------------------------------------------------------------------

RESULTS OF OPERATIONS

NET SALES. Net sales for the
quarter ended March 31, 2001 totaled $150.4 million, virtually unchanged from
sales of $150.2 million from the same quarter of last year. Sweetener prices
were relatively stable compared to last year, while sales volumes for sweeteners
were down slightly for the quarter. Increases in net sales resulting from higher
starch and ethanol volumes, as well as higher ethanol prices, were offset by
lower net selling prices for starch and co-products, particularly corn germ.

COST OF SALES. Cost of sales
totaled $146.5 million for the quarter ended March 31, 2001, or $5.4 million
more than the quarter ended March 31, 2000. Increases in corn and energy cost as
a result of higher unit costs for these items were offset by a decrease in the
cost of purchased products for resale. Other manufacturing costs for the quarter
remained relatively unchanged.

GROSS PROFIT. Gross profit
for the second quarter ended March 31, 2001 was $3.9 million or a decrease of
$5.2 million for the comparable quarter of 2000. The slight increase in net
sales of $0.2 million and the increase in cost of sales of $5.4 million account
for the decrease in gross profit for the quarter.

SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES. Selling, general and administrative expenses for the
current quarter were down 26% or $2.2 million over the comparable quarter last
year. For the quarter ended March 31, 2000 MCP incurred additional costs in
consulting fees, travel expenses and computer fees related to the Y2K and system
conversion isues that were not recorded in the current quarter. In addition, the
company transferred approximately $0.9 million of selling expenses related to
sweeteners to its sweetener marketing company, Corn ProductsMCP Sweeteners, LLC.

NET OPERATING INCOME (LOSS).
For the quarter net operating income decreased $3.0 million as compared to the
quarter ended March 31, 2000. The decrease of $5.2 million in gross profit, and
the decrease of $2.2 million in selling, general and administrative expenses
account for this decrease.

7

OTHER INCOME (EXPENSE). Other
expense remained relatively flat from quarter to quarter. A slight decrease in
interest expense was offset by a small increase in other expenses. The overall
change for the quarter was a $0.1 million decrease in other expenses.

INCOME (LOSS) BEFORE JOINT
VENTURE. The loss before income from joint venture was ($7.4) million for the
quarter ended March 31, 2001, compared to a loss of ($4.5) for the comparative
quarter of last year. The $2.9 million increase in this loss for the quarter is
the result of the $3.0 million decrease in net operating profits and the $0.1
million decrease in other expenses.

INCOME FROM JOINT VENTURE.
The companys share of net income from its joint venture for the quarter
ended March 31, 2001 was $4.1 million. The company did not have any joint
ventures during the first quarter of last year and, therefore, recorded no
income from such activities.

NET INCOME (LOSS). The net
loss for the quarter ended March 31, 2001 was ($3.4) million, an improvement of
$1.1 million from the comparable quarter for last year. The decrease of $2.9
million in income before joint ventures combined with the $4.1 million of income
from joint ventures and the $0.1 million increase in the provision for income
taxes account for this improvement.

COMPREHENSIVE LOSS. The
company has comprehensive income or loss as a result of complying with FAS-133,
Accounting for the Derivative Instruments and Hedging Activities. The majority
of the companys other comprehensive loss is the result of a change in the
fair value of its derivatives designated and accounted for as cash flow hedges
for corn as of March 31, 2001. The company did not have any comprehensive income
or loss for the first quarter of last year.

LIQUIDITY AND CAPITAL RESOURCES

At March 31, 2001 the companys total assets were $591.9
million, as compared to $600.9 million at December 31, 2000. Current assets
decreased by $2.9 million, with the majority of the decrease in cash as a result
of prepaying long-term debt and the accrued interest. Net property, plant and
equipment decreased by $6.5 million primarily as a result of recording
depreciation expense in excess of new capital additions.

Cash flows for the three months were used to fund capital
projects and debt repayments. Net cash provided by operating activities was $8.8
million, primarily as a result of depreciation and amortization. Cash used for
investing activities totaled $6.2 million, reflecting normal capital
expenditures for the plants, as well as other capital expenditures. The $5.3
million of cash used for financing activities was primarily for the prepayment
of long-term debt.

The companys senior notes outstanding were $255 million
at March 31, 2001, compared to $260 million at December 31, 2000. In addition to
its senior notes, the company has a $50 million revolving line of credit
facility. There was no outstanding balance on the line of credit at either March
31, 2001 or December 31, 2000.

|ITEM 3. | Quantitative and Qualitative Disclosures About Market Risk.
|------- | -----------------------------------------------------------

COMMODITIES

The availability and price of agricultural commodities are subject to wide
fluctuations due to unpredictable factors such as weather, plantings, government
(domestic and international) farm programs and policies, shifts in global demand
created by population growth changes in standards of living, and global
production of similar crops. To reduce price risk caused by market fluctuations,
the Company generally follows a policy of hedging its inventories and related
purchase and sale contracts. In addition, the Company from time to time will
hedge portions of its production requirements. The instruments used are
principally readily marketable exchange traded futures contracts which are
designated as hedges. The changes in market value of such contracts have a high
correlation to the price changes of the hedged commodity.

On July 1, 2000, the Company adopted Statement of Financial Accounting Standards
(SFAS) 133, accounting for derivative instruments and hedging activities. The
Company uses derivative financial instruments to minimize the exposure of price
risk related to corn and natural gas purchases used in the manufacturing
process, and price risk in the sales of feed co-products. The derivative
financial instruments consist of open futures contracts on established futures
exchanges and are valued at fair value in the December 31, 2000 balance sheet,
net of margin deposits.

The contracts used to mitigate the price risk related to corn and natural gas
purchases are designated as effective cash flow hedges for a portion of the corn
and natural gas usage over the next nine months. Gains and losses arising from
open and closed hedging transactions are deferred in other comprehensive
income, and are reclassified into net income in the month in which the purchases
being hedged are recognized or if the hedge is determined to be ineffective. At
December 31, 2000, the Company had a balance of $230,251 of unrealized losses
related to future transactions, which is expected to be recognized in earnings
within the next twelve months. The ineffective portion of these hedges recognized
in net income during the six months ended December 31, 2000 was a loss of
$38,750. The cumulative adjustment of these contracts was to record a loss of
$16,978,319 in other comprehensive income at July 1, 2000.

The contracts used to mitigate the price risk related to sales of fee
co-products are not designated and accounted for as effective cash flow hedging
instruments, and therefore the related unrealized gains and losses are recorded
in net earnings monthly. The cumulative adjustment of these contracts was to
record a gain of $2,867,405 at July 1, 2000.

To obtain a proper matching of revenue and expense, gains or losses arising from
open and closed effective cash flow hedging transactions are included in
inventories as a cost of the commodities and reflected in the statement of
earnings when the product is sold.

8

PART II  Other Information

|ITEM 1. |  | Legal ProceedingsNone.
|------- |  | ----------------------

|ITEM 2. |  | Changes in Securities and Use of ProceedsNone.
|------- |  | ----------------------------------------------

|ITEM 3. |  | Defaults Upon Senior SecuritiesNone.
|------- |  | ------------------------------------

|ITEM 4. |  | Submission of Matters to a Vote for Security HoldersNone.
|------- |  | ---------------------------------------------------------

|ITEM 5. |  | Other InformationNone.
|------- |  | ----------------------

|ITEM 6. |  | Exhibits and Reports on Form 8-K
|------- |  | --------------------------------

| |  | (a) | ExhibitsNone.
| |  | --- | -------------

| |  | (b) | Reports on Form 8-KA Report on Form 8-K dated January 3, 2001 reporting under Items 7 and 8 was filed January 18, 2001.
A Report on Form 8-K dated February 20, 2001 reporting under Items 5 and 7 was filed March 6, 2001.
A Report on Form 8-K dated March 14, 2001 reporting under Items 5 and 7 was filed March 15, 2001.
| |  | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

9

SIGNATURES

Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned thereunto duly authorized.

|                    | MINNESOTA CORN PROCESSORS, LLC              
|------------------- | --------------------------------------------
|                    |                                             
|                    |                                             
|Dated: May 14, 2001 |                                             
|                    |                                             
|                    | By /s/ Dan Thompson                         
|                    | L. Dan Thompson                             
|                    | President and Chief Executive Officer       
|                    | (principal executive officer)               
|                    |                                             
|                    |                                             
|Dated: May 14, 2001 |                                             
|                    |                                             
|                    | By /s/ Daniel H. Stacken                    
|                    | Daniel H. Stacken                           
|                    | Vice President and Chief Financial Officer  
|                    | (principal financial and accounting officer)

10

EXHIBIT INDEX

|Exhibit Number | Description
|-------------- | -----------
|None.          |            

11