##### Table of Contents



UNITED
    STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C.
    20549
   Form 10-Q
   (Mark One)þ

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
    OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended
    March 31, 2007ORo

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
    OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period
    from          to   Commission File Number:
    001-3320
   US BioEnergy
    Corporation
 (Exact name of registrant as
    specified in its charter)
   South Dakota

20-1811472(State or other jurisdiction
    of
    incorporation or organization)

(I.R.S. Employer
    Identification No.)5500 Cenex Drive
    Inver Grove Heights, Minnesota(Address of principal
    executive offices)

55077(Zip Code)    Registrants telephone number, including area code:
 (651) 355-8300
   þ o
  Rule 12b-2
 o o þ
  Rule 12b-2 o þ




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##### 



US
    BioEnergy Corporation
  TABLE OF
    CONTENTS
  PART I.
    FINANCIAL INFORMATIONItem 1.

Financial
    Statements


3Condensed
    Consolidated Balance Sheets


3Condensed
    Consolidated Statements of Operations


4Condensed
    Consolidated Statements of Cash Flows


5Notes to Condensed
    Consolidated Financial Statements


6Item 2.

Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations


13Item 3.

Quantitative and
    Qualitative Disclosures about Market Risk


23Item 4.

Controls and
    Procedures


25PART II.
    OTHER INFORMATIONItem 2.

Unregistered Sales
    of Equity Securities and Use of Proceeds


26Item 6.

Exhibits


27SIGNATURES


28CertificationsAmended and Restated LeaseAmended and Restated Sublease AgreementEthanol Sales and Marketing Agreement302 Certification of Chief Executive Officer302 Certification of Chief Financial Officer906 Certification of Chief Executive Officer906 Certification of Chief Financial Officer   2




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##### Table of Contents



PART I.
    FINANCIAL INFORMATION ITEM 1:  FINANCIAL
    STATEMENTS  US
    BioEnergy Corporation
  Condensed Consolidated Balance Sheets
 (in thousands, except share data)
  March 31,


December 31,2007


2006(Unaudited)ASSETSCurrents AssetsCash and cash equivalents

$
215,444


$
170,099Receivables


54,217



40,958Inventories


27,803



28,420Derivative financial instruments


1,569



7,144Prepaid expenses


2,394



3,572Total current assets


301,427



250,193Other AssetsDeposits


4,010



4,307Investment in equity of
    unconsolidated subsidiary


1,793



1,509Goodwill


65,823



65,489Other assets


3,861



3,47875,487



74,783Property and equipment, net


465,400



408,814Total assets

$
842,314


$
733,790LIABILITIES AND
    SHAREHOLDERS EQUITYLiabilitiesCurrent maturities of long-term
    debt

$
7,761


$
8,131Checks written on controlled
    disbursement accounts


49



13,270Notes payable


970



1,815Accounts payable


69,558



47,163Accrued expenses


5,836



4,938Deferred income tax liability


916



2,913Other current liabilities


1,594



3,955Total current
    liabilities


86,684



82,185Long-term debt


228,018



140,128Deferred income taxes


32,427



27,099Long-term income taxes payable


662



Minority interest in subsidiary


3,993



Commitments and ContingenciesShareholders EquityPreferred stock, $0.01 par
    value, authorized 75,000,000 shares, issued none






Common stock, $0.01 par
    value, authorized 750,000,000 shares; 67,975,135 and
    67,968,885 shares issued and outstanding as of
    March 31, 2007 and December 31, 2006, respectively


680



679Additional paid-in capital


468,261



467,552Retained earnings


21,589



16,147490,530



484,378Total liabilities and
    shareholders equity

$
842,314


$
733,790    3




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##### Table of Contents



US
    BioEnergy Corporation
  Condensed Consolidated Statements of
    Operations
 (in thousands, except per share data)
  Three Months EndedMarch 31,2007


2006(Unaudited)Revenues:Product sales

$
130,048


$
3,945Services and commissions


2,169



2,074Total revenues


132,217



6,019Cost of goods sold:Cost of product sales


113,149



3,870Cost of services and commissions


926



1,525Total cost of goods
    sold


114,075



5,395Gross profit


18,142



624Selling, general and
    administrative expenses


7,568



2,182Operating income
    (loss)


10,574



(1,558
)Other income (expense):Interest expense


(4,409
)


(48
)Interest income


2,293



214Other income


23



14Equity in net income of
    unconsolidated subsidiary (Note 5)


283



(1,810
)


180Income (loss) before income
    taxes and minority interest


8,764



(1,378
)Federal and state income tax
    expense


(3,529
)


Minority interest in net loss of
    subsidiary (Note 5)


7



Net income (loss)

$
5,242


$
(1,378
)Income (loss) per common share:Basic

$
0.08


$
(0.04
)Diluted


0.08



(0.04
)Weighted average shares
    outstanding:Basic


67,974



30,980Diluted


68,913



30,980    4




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##### Table of Contents



US
    BioEnergy Corporation
  Condensed Consolidated Statements of Cash
    Flows
 (Dollars in thousands)
  Three Months EndedMarch 31,2007


2006(Unaudited)Cash Flows from Operating ActivitiesNet income (loss)

$
5,242


$
(1,378
)Adjustments to reconcile net income
    (loss) to net cash provided by (used in) operating activities:Depreciation


5,007



170Amortization


916



336Minority interest in net loss of
    subsidiary


(7
)


Stock-based compensation expense


681



58Deferred income taxes


3,992



(221
)Change in derivative financial
    instruments


5,827



Equity in net income of
    unconsolidated subsidiary


(283
)


Changes in working capital
    components, net of affects of business acquisitions:Receivables


(13,059
)


6,181Inventories


617



(2,269
)Prepaid expenses


1,178



201Accounts payable


10,237



(31,719
)Accrued expenses and other
    liabilities


(1,464
)


2,731Net cash provided by (used in)
    operating activities


18,884



(25,910
)Cash Flows from Investing ActivitiesPurchases of property and equipment


(45,770
)


(30,534
)Acquisition of US Bio Hankinson,
    LLC, net of cash received






(773
)Deposits made


297



Other






(125
)Net cash used in investing
    activities


(45,473
)


(31,432
)Cash Flows from Financing ActivitiesIncrease (decrease) in checks
    written on controlled disbursement accounts


(13,221
)


14,871Debt issuance costs paid


(1,550
)


(210
)Net change in notes payable


(845
)


2,925Proceeds from long-term debt


125,495



Payments of long-term debt


(37,974
)


Proceeds from the issuance of
    common stock


29



94,394Net cash provided by financing
    activities


71,934



111,980Net increase in cash and cash
    equivalents


45,345



54,638Cash and Cash EquivalentsBeginning of period


170,099



40,450End of period

$
215,444


$
95,088    5




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##### Table of Contents



US
    BioEnergy Corporation
  Notes
    to Condensed Consolidated Financial Statements
    (Unaudited)
  Note 1:
    Basis of
    Presentation and Significant Accounting Policies  joint-venture
    Form 10-K
      Derivative financial
    instruments:
  Recently issued accounting
    pronouncements:
   6




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US
    BioEnergy Corporation
  Notes to
    Condensed Consolidated Financial Statements
    (Unaudited)  (Continued)
    Note 2:
    Income
    Taxes              Note 3:
    Inventories  (in thousands)
  March 31,


December 31,2007


2006Ethanol

$
3,159


$
4,752Distillers grains


3,310



3,496Corn


15,334



13,923Chemicals


683



650Supplies


2,383



2,095Work-in-process


2,934



3,504$
27,803


$
28,420  7




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##### Table of Contents



US
    BioEnergy Corporation
  Notes to
    Condensed Consolidated Financial Statements
    (Unaudited)  (Continued)
  Note 4:
    Property
    and Equipment  (in
    thousands)
  March 31,


December 31,2007


2006Land and land improvements

$
28,731


$
28,710Buildings


74,084



74,080Leasehold improvements


199



157Machinery and equipment


227,401



224,232Office furniture and equipment


2,584



2,359Construction in progress


143,896



85,764476,895



415,302Less accumulated depreciation


11,495



6,488$
465,400


$
408,814   Note 5:
    Investment
    in Subsidiary       8




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US
    BioEnergy Corporation
  Notes to
    Condensed Consolidated Financial Statements
    (Unaudited)  (Continued)
   Note 6:
    Notes Payable
    and Long-Term Debt          Note 7:
    Earnings
    Per Common Share  1-for-4
    WeightedAverageNet


Shares


Per ShareIncome (Loss)


Outstanding


Amount(in thousands)2007:Basic EPS

$
5,242



67,973,982


$
0.08Effects of dilutive securities:Exercise of stock options






939,243



Diluted EPS

$
5,242



68,913,225


$
0.082006:Basic EPS

$
(1,378
)


30,979,981


$
(0.04
)Effects of dilutive securities:Exercise of stock options










Diluted EPS

$
(1,378
)


30,979,981


$
(0.04
)  9




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##### Table of Contents



US
    BioEnergy Corporation
  Notes to
    Condensed Consolidated Financial Statements
    (Unaudited)  (Continued)
    Note 8:
    Stock-Based
    Compensation and Payments      Restricted stock:
  Weighted-Number of


AverageNonvested


Grant DateShares


Fair ValueOutstanding on December 31,
    2006


239,452


$
14.00Granted





$
0.00Vested





$
0.00Forfeited


(8,530
)

$
14.00Outstanding on March 31, 2007


230,922


$
14.00   Stock options:
  Weighted


WeightedAverage


AverageNumber of


Exercise


Remaining


AggregateStock


Price


Contractual


IntrinsicOptions


Per Share


Term (in Years)


Value(in thousands)Outstanding on December 31,
    2006


2,505,750


$
6.42Granted






0.00Exercised


(6,250
)


4.00Forfeited


(92,700
)


11.13Outstanding on March 31, 2007


2,406,800


$
6.25



8.85


$
13,877Vested or expected to vest at
    March 31, 2007


2,373,693


$
6.16



8.84


$
25,734Exercisable at March 31, 2007


1,723,575


$
4.00



8.61


$
22,400      10




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##### Table of Contents



US
    BioEnergy Corporation
  Notes to
    Condensed Consolidated Financial Statements
    (Unaudited)  (Continued)
    Note 9:
    Acquisitions      (in thousands except per share
    data):
  Three MonthsEndedMarch 31, 2006Revenues

$
29,834Net income


2,351Basic earnings per common share


0.01Diluted earnings per common share


0.01   Note 10:
    Condensed
    Segment Information   11




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US
    BioEnergy Corporation
  Notes to
    Condensed Consolidated Financial Statements
    (Unaudited)  (Continued)
  ($ in thousands)
  Three Months Ended March 31, 2007Production


All Other


TotalRevenues from external customers

$
128,987


$
3,230


$
132,217Intersegment revenues






149



149Segment income (loss) before taxes
    and minority interest


9,554



(790
)


8,764Segment assets as of
    March 31, 2007


616,791



232,470



849,261   Three Months Ended March 31, 2006Production


All Other


TotalRevenues from external customers

$



$
6,019


$
6,019Segment pretax loss


(265
)


(1,113
)


(1,378
)Segment assets as of
    December 31, 2006


537,395



222,518



759,913     Note 11:
    Commitments
    and Contingencies  Master design-build letter
    agreement:
    Contingencies:
 12




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ITEM 2:
    MANAGEMENTS
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
    OPERATIONS  Form 10-K
  GENERAL
             13




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RECENT
    DEVELOPMENT
    EXECUTIVE
    OVERVIEW
               14




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##### Table of Contents



CONSOLIDATED
    RESULTS
    For the Three Months Ended March 31,2007


2006(Unaudited)


(Unaudited)(Dollars in thousands)Total revenues


132,217



100.0
%


6,019



100.0
%Cost of goods sold


114,075



86.3



5,395



89.6Gross profit


18,142



13.7



624



10.4Selling, general and
    administrative expenses


7,568



5.7



2,182



36.3Operating income (loss)


10,574



8.0



(1,558
)


(25.9
)Other income (expense):Interest expense


(4,409
)


(3.3
)


(48
)


(0.8
)Interest income


2,293



1.7



214



3.6Other income


23



0.0



14



0.2Equity in net loss of
    unconsolidated subsidiary


283



0.2







0.08,764



6.6



(1,378
)


(22.9
)Income tax expense


(3,529
)


(2.6
)






0.0Minority interest in net loss of
    subsdiary


7



0.0







0.0Net income (loss)


5,242



4.0
%


(1,378
)


(22.9
)%   Three MonthsEndedMarch 31, 2007Additional Data:Ethanol sold (gallons in thousands)


59,726Ethanol average gross price per
    gallon(1)

$
1.90Distillers grains average sales
    per gallon of ethanol sold(1)

$
0.26Corn costs per gallon of ethanol
    sold(2)

$
1.25Natural gas costs per gallon of
    ethanol sold(3)

$
0.19Corn costs per bushel(4)

$
3.64     (1)
    
    Represents the gross sales dollars, net of freight and
    commissions, for each respective product divided by the gallons
    of ethanol sold.(2)
    
    Represents the corn costs, including freight, commissions,
    hedging gains or losses or other related costs divided by the
    gallons of ethanol sold.(3)
    
    Represents natural gas costs, including hedging gains or losses,
    divided by the gallons of ethanol sold.(4)
    
    Represents corn costs, including hedging losses of
    $0.12 per bushel. 15




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Three
    Months Ended March 31, 2007 compared to Three Months
    March 31, 2006
  Total Revenues.
          Cost of Goods Sold.
       16




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Gross Profits.
  Selling, General and Administrative
    Expenses.
  Interest Expense.
  Interest Income.
  Equity in Net Income of Subsidiary.
  Income (Loss) Before Income Taxes and Minority
    Interest.
 17




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Income Taxes.
  Minority Interest in Net Loss of
    Subsidiary.
  LIQUIDITY
    AND CAPITAL RESOURCES
  CASH
    FLOW
  Cash Flows Provided by (Used in) Operating
    Activities.
  Cash Used in Investing Activities.
  Cash Provided by Financing Activities.
     18




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PRODUCTION
    CAPACITY EXPANSION
  start-up
  Ord,

Hankinson,

Dyersville,

Janesville,Nebraska

North Dakota

Iowa

Minnesota

Total(Dollars in thousands)Estimated Production Start Date


May



Q2



Q2



Q32007



2008



2008



2008Estimated Ethanol Production
    Capacity per year (mmgy)


50



100



100



100



350Total Estimated Construction Costs

$
71.5


$
146.0


$
163.0


$
138.0


$
518.5Estimated Remaining Construction
    Costs

$
10.4


$
105.3


$
147.0


$
133.1


$
395.8Amount to be Funded Under Existing
    Credit Facilities

$
10.4


$
87.6


$
97.8


$
82.8


$
278.6           CREDIT
    ARRANGEMENTS
     19




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20




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##### Table of Contents



Albert





PlatteCity


Ord


Valley


Woodbury


Hankinson


Dyersville


Janesville


Total(Dollars in thousands)Construction loans:Senior secured
    facilities:Total capacity

$



$
46,500


$



$



$
95,100


$
105,300


$
90,300


$
337,200
(1)Letters of credit






180























180Outstanding borrowings






24,578























24,578Total available capacity






21,742











95,100



105,300



90,300



312,442Term loans:Seasonal revolving
    loans:Total capacity


6,500







10,000



3,500















20,000Letters of credit


2,717







480



















3,197Outstanding borrowings










470



500















970Total available capacity


3,783







9,050



3,000















15,833Senior secured
    facilities:Total capacity


65,397







67,500



27,313















160,210Outstanding borrowings


65,397







67,500



27,313















160,210Total available capacity






























Revolving term loans:Total capacity


17,000







22,500



8,000















47,500Outstanding borrowings


17,000







22,500



8,000















47,500Total available capacity






























TotalTotal capacity


88,897



46,500



100,000



38,813



95,100



105,300



90,300



564,910Letters of credit


2,717



180



480



















3,377Outstanding borrowings


82,397



24,578



90,470



35,813















233,258Total available capacity

$
3,783


$
21,742


$
9,050


$
3,000


$
95,100


$
105,300


$
90,300


$
328,275Community redevelopment revenue
    bonds





























$
3,491Total debt





























$
236,749     (1)
    
    Includes a $5.0 million letter of credit facility per
    construction project.      OFF-BALANCE
    SHEET ARRANGEMENTS
    CONTRACTUAL
    OBLIGATIONS
   21




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Form 10-K,
  CRITICAL
    ACCOUNTING POLICIES
  Form 10-K.
    CAUTIONARY
    STATEMENT FOR PURPOSES OF THE SAFE HARBOR PROVISIONS OF THE
    PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
  Form 10-Q
  Form 10-Q,
  Form 10-Q. Form 10-Q.
  Form 10-K
  
    our ability to implement our expansion strategy as planned or at
    all;
    the volatility and uncertainty of commodity prices;
    changes in current legislation or regulations that affect
    ethanol supply and demand;
    changes in ethanol supply and demand;
    our ability to compete effectively in the industry;
    our limited operating history and history of operating losses;
    our ability to successfully locate and integrate future
    acquisitions;
    development of infrastructure related to the sale and
    distribution of ethanol; 22




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##### Table of Contents




    the results of our hedging transactions;
    operational difficulties at our ethanol plants;
    the adverse effect of environmental, health and safety laws,
    regulations and liabilities;
    our less than 100% ownership of and control over certain assets
    used in our business;
    our ability to provide services to competing third-party
    producers;
    disruptions to infrastructure or in the supply of raw materials;
    the limited use of our historical financial information in
    evaluating our performance;
    the division of our managements time and energy among our
    different ethanol plants;
    competition for qualified personnel in the ethanol industry;
    our ability to keep pace with technological advances;
    the restrictive covenants in our debt financing agreements;
    the material weakness and reportable conditions identified in
    our internal controls;
    we are subject to financial reporting and other requirements for
    which we may not be adequately prepared;
    our status as a holding company;
    certain of our shareholders could exert significant influence
    over us; and
    the market price of our common stock may be volatile.  ITEM 3:
    QUANTITATIVE
    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK      over-the-counter over-the-counter
 23




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Form 10-Q
             24




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Hypothetical Change


Change in Quarterly


Percentage ChangeUnits

in Price


Gross Profit


in Gross Profit(In millions)







(Dollars in millions)Corn


20.5


bushels


10%


$
7.5



46%Ethanol


59.7


gallons


10%


$
11.3



69%Distillers Grains


0.26


tons


10%


$
1.9



12%Natural Gas


1.6


MMBTU


10%


$
1.1



7%   ITEM 4:
    CONTROLS
    AND PROCEDURES  DISCLOSURE
    CONTROLS AND PROCEDURES
  Rules 13a-15(e) 15d-15(e)
  CHANGES
    IN INTERNAL CONTROLS OVER FINANCIAL REPORTING
    Rule 13a-15(f)
 25




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##### Table of Contents



PART II.
    OTHER INFORMATION  ITEM 2:
    UNREGISTERED
    SALES OF EQUITY SECURITIES AND USE OF PROCEEDS  Form S-1 333-136279 333-139364)
    Repayment of subordinated credit
    facilities

$
6.8Construction of facilities


13.4
(1)Temporary investments


129.5     (1)
    
    Proceeds were used to fund construction costs at our Hankinson,
    Janesville and Dyersville facilities. Of this amount
    $7.2 million was paid to Fagen Inc., one of our largest
    shareholders, primarily for mobilization at the site of our
    Hankinson facility. 26




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ITEM 6:  EXHIBITS  Exhibit No.

Description10
.1

Operating Agreement of Big River
    Resources Grinnell, LLC, dated February 1, 2007, between
    Big River Resources, LLC and US BioEnergy Corporation
    (incorporated by reference to Exhibit 10.1 to US
    BioEnergys Current Report on
    Form 8-K,
    filed with the SEC on February 2, 2007, File
    No. 001-33203)10
.2

Credit Agreement, dated
    February 7, 2007, among US Bio Platte Valley, LLC, AgStar
    Financial Services, PCA, and the commercial, banking or
    financial institutions whose signatures appear on the signature
    pages thereto (incorporated by reference to Exhibit 10.1 to
    US BioEnergys Current Report on
    Form 8-K,
    filed with the SEC on February 13, 2007, File
    No. 001-33203)10
.3

Credit Agreement, dated
    February 7, 2007, among US Bio Ord, LLC, AgStar Financial
    Services, PCA, and the commercial, banking or financial
    institutions whose signatures appear on the signature pages
    thereto (incorporated by reference to Exhibit 10.2 to US
    BioEnergys Current Report on
    Form 8-K,
    filed with the SEC on February 13, 2007, File
    No. 001-33203)10
.4

Credit Agreement, dated
    February 7, 2007, among US Bio Dyersville, LLC, AgStar
    Financial Services, PCA, and the commercial, banking or
    financial institutions whose signatures appear on the signature
    pages thereto (incorporated by reference to Exhibit 10.3 to
    US BioEnergys Current Report on
    Form 8-K,
    filed with the SEC on February 13, 2007, File
    No. 001-33203)10
.5

Credit Agreement, dated
    February 7, 2007, among US Bio Hankinson, LLC, AgStar
    Financial Services, PCA, and the commercial, banking or
    financial institutions whose signatures appear on the signature
    pages thereto (incorporated by reference to Exhibit 10.4 to
    US BioEnergys Current Report on
    Form 8-K,
    filed with the SEC on February 13, 2007, File
    No. 001-33203)10
.6

Credit Agreement, dated
    February 7, 2007, among US Bio Janesville, LLC, AgStar
    Financial Services, PCA, and the commercial, banking or
    financial institutions whose signatures appear on the signature
    pages thereto (incorporated by reference to Exhibit 10.5 to
    US BioEnergys Current Report on
    Form 8-K,
    filed with the SEC on February 13, 2007, File
    No. 001-33203)10
.7

Amended and Restated Lease, dated
    November 1, 2006, between CHS Inc. and US BioEnergy
    Corporation10
.8

Amended and Restated Sublease
    Agreement, dated January 25, 2007, between UBE Services,
    LLC and Fagen Engineering, LLC10
.9

Ethanol Sales and Marketing
    Agreement, dated February 1, 2007, between Provista
    Renewable Fuels Marketing, LLC and Big River Resources Grinnell,
    LLC*31
.1

Certification of Chief Executive
    Officer pursuant to Section 302 of the Sarbanes-Oxley Act
    of 200231
.2

Certification of Chief Financial
    Officer pursuant to Section 302 of the Sarbanes-Oxley Act
    of 200232
.1

Certification of Chief Executive
    Officer pursuant to 18 U.S.C. Section 1350, as adopted
    pursuant to Section 906 of the Sarbanes-Oxley Act of 200232
.2

Certification of Chief Financial
    Officer pursuant to 18 U.S.C. Section 1350, as adopted
    pursuant to Section 906 of the Sarbanes-Oxley Act of 2002     *
    
    Portions of this exhibit have been omitted pursuant to a request
    for confidential treatment under Rule 24b-2 of the
    Securities Exchange Act of 1934, as amended. Omitted portions
    for which confidential treatment has been requested have been
    filed separately with the Securities and Exchange Commission. 27




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##### Table of Contents



SIGNATURES    US BIOENERGY CORPORATION
  Date: May 14, 2007

By: /s/  Gordon
    W. OmmenGordon
    W. OmmenChairman of the Board,
    Chief Executive Officer and President
    (Principal Executive Officer)   Date: May 14, 2007

By: /s/  Richard
    K. AtkinsonRichard
    K. AtkinsonSenior Vice President and
    Chief Financial Officer
    (Principal Financial Officer)  28




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##### Table of Contents



EXHIBIT
    INDEX
  Exhibit No.

Description10
.1

Operating Agreement of Big River
    Resources Grinnell, LLC, dated February 1, 2007, between
    Big River Resources, LLC and US BioEnergy Corporation
    (incorporated by reference to Exhibit 10.1 to US
    BioEnergys Current Report on
    Form 8-K,
    filed with the SEC on February 2, 2007, File
    No. 001-33203)10
.2

Credit Agreement, dated
    February 7, 2007, among US Bio Platte Valley, LLC, AgStar
    Financial Services, PCA, and the commercial, banking or
    financial institutions whose signatures appear on the signature
    pages thereto (incorporated by reference to Exhibit 10.1 to
    US BioEnergys Current Report on
    Form 8-K,
    filed with the SEC on February 13, 2007, File
    No. 001-33203)10
.3

Credit Agreement, dated
    February 7, 2007, among US Bio Ord, LLC, AgStar Financial
    Services, PCA, and the commercial, banking or financial
    institutions whose signatures appear on the signature pages
    thereto (incorporated by reference to Exhibit 10.2 to US
    BioEnergys Current Report on
    Form 8-K,
    filed with the SEC on February 13, 2007, File
    No. 001-33203)10
.4

Credit Agreement, dated
    February 7, 2007, among US Bio Dyersville, LLC, AgStar
    Financial Services, PCA, and the commercial, banking or
    financial institutions whose signatures appear on the signature
    pages thereto (incorporated by reference to Exhibit 10.3 to
    US BioEnergys Current Report on
    Form 8-K,
    filed with the SEC on February 13, 2007, File
    No. 001-33203)10
.5

Credit Agreement, dated
    February 7, 2007, among US Bio Hankinson, LLC, AgStar
    Financial Services, PCA, and the commercial, banking or
    financial institutions whose signatures appear on the signature
    pages thereto (incorporated by reference to Exhibit 10.4 to
    US BioEnergys Current Report on
    Form 8-K,
    filed with the SEC on February 13, 2007, File
    No. 001-33203)10
.6

Credit Agreement, dated
    February 7, 2007, among US Bio Janesville, LLC, AgStar
    Financial Services, PCA, and the commercial, banking or
    financial institutions whose signatures appear on the signature
    pages thereto (incorporated by reference to Exhibit 10.5 to
    US BioEnergys Current Report on
    Form 8-K,
    filed with the SEC on February 13, 2007, File
    No. 001-33203)10
.7

Amended and Restated Lease, dated
    November 1, 2006, between CHS Inc. and US BioEnergy
    Corporation10
.8

Amended and Restated Sublease
    Agreement, dated January 25, 2007, between UBE Services,
    LLC and Fagen Engineering, LLC10
.9

Ethanol Sales and Marketing
    Agreement, dated February 1, 2007, between Provista
    Renewable Fuels Marketing, LLC and Big River Resources Grinnell,
    LLC*31
.1

Certification of Chief Executive
    Officer pursuant to Section 302 of the Sarbanes-Oxley Act
    of 200231
.2

Certification of Chief Financial
    Officer pursuant to Section 302 of the Sarbanes-Oxley Act
    of 200232
.1

Certification of Chief Executive
    Officer pursuant to 18 U.S.C. Section 1350, as adopted
    pursuant to Section 906 of the Sarbanes-Oxley Act of 200232
.2

Certification of Chief Financial
    Officer pursuant to 18 U.S.C. Section 1350, as adopted
    pursuant to Section 906 of the Sarbanes-Oxley Act of 2002     *
    
    Portions of this exhibit have been omitted pursuant to a request
    for confidential treatment under Rule 24b-2 of the
    Securities Exchange Act of 1934, as amended. Omitted portions
    for which confidential treatment has been requested have been
    filed separately with the Securities and Exchange Commission. 29