##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
 þ
    
    Quarterly report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
 For the quarterly period ended September 30, 2009
 OR
 o
    
    Transition report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
 For the transition period from  to
 Commission file number 000-52617
 WESTERN DUBUQUE BIODIESEL, LLC
  Iowa
    
    20-3857933(State or other jurisdiction of organization)
    
    (I.R.S. Employer Identification No.)
 904 Jamesmeier Rd.
P.O. Box 82
Farley, IA 52046
 (563) 744-3554
 þ o
 o Yes o No
  Large Accelerated Filer o
    
    Accelerated Filer o
    
    Non-Accelerated Filer o
    
    Smaller Reporting Company þ
 o Yes þ No




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##### 



INDEX
 Page No.PART I. FINANCIAL INFORMATION
    
    
    1Item 1. Financial Statements
    
    
    1Item 2. Managements Discussion and Analysis of Financial Condition and Results of
Operations
    
    
    13Item 3. Quantitative and Qualitative Disclosures about Market Risks
    
    
    22Item 4. Controls and Procedures
    
    
    22PART II. OTHER INFORMATION
    
    
    22Item 1. Legal Proceedings
    
    
    22Item 1A. Risk Factors
    
    
    22Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    24Item 3. Defaults Upon Senior Securities
    
    
    24Item 4. Submission of Matters to Security Holders
    
    
    24Item 5. Other Information
    
    
    24Item 6. Exhibits
    
    
    25SIGNATURES
    
    
    25EX-31.1EX-31.2EX-32.1EX-32.2
   ii




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##### Table of Contents



PART I. FINANCIAL INFORMATION
 
 Item 1. Financial Statements
 WESTERN DUBUQUE BIODIESEL, LLC
BALANCE SHEET
 September 30,
    
    
    December 31,2009
    
    
    2008(UNAUDITED)ASSETSCURRENT ASSETSCash and cash equivalents
    
    $
    3,210,777
    
    
    $
    7,553,554Margin deposits
    
    
    226,150
    
    
    
    5,000Accounts receivable  related party
    
    
    452,191
    
    
    
    1,525,310Other receivables
    
    
    47,444
    
    
    
    Incentive receivables
    
    
    222,948
    
    
    
    Inventory
    
    
    1,811,006
    
    
    
    542,401Derivative instruments
    
    
    85,159
    
    
    
    Prepaid expenses
    
    
    115,638
    
    
    
    84,444Total current assets
    
    
    6,171,313
    
    
    
    9,710,709PROPERTY, PLANT AND EQUIPMENTLand and land improvements
    
    
    3,091,093
    
    
    
    3,091,093Office building and equipment
    
    
    407,203
    
    
    
    407,203Plant and process equipment
    
    
    37,799,987
    
    
    
    37,758,600Vehicles
    
    
    42,537
    
    
    
    42,537Total, at cost
    
    
    41,340,820
    
    
    
    41,299,433Less accumulated depreciation
    
    
    4,746,842
    
    
    
    3,104,761Total property, plant and equipment
    
    
    36,593,978
    
    
    
    38,194,672OTHER ASSETSRestricted cash
    
    
    406,929
    
    
    
    337,337Loan origination fees, net of amortization
    
    
    309,267
    
    
    
    380,637Total other assets
    
    
    716,196
    
    
    
    717,974TOTAL ASSETS
    
    $
    43,481,487
    
    
    $
    48,623,355LIABILITIES AND MEMBERS EQUITYCURRENT LIABILITIESAccounts payable:Trade
    
    $
    192,511
    
    
    $
    506,615Related party
    
    
    35,484
    
    
    
    241,545Current portion of long-term debt
    
    
    25,676,225
    
    
    
    28,097,365Accrued interest
    
    
    
    
    
    
    16,346Accrued liabilities
    
    
    69,244
    
    
    
    141,348Deferred rent
    
    
    8,050
    
    
    
    Total liabilities
    
    
    25,981,514
    
    
    
    29,003,219MEMBERS EQUITYContributed capital
    
    
    26,230,096
    
    
    
    26,230,096Accumulated deficit
    
    
    (8,730,123
    )
    
    
    (6,609,960
    )Total members equity
    
    
    17,499,973
    
    
    
    19,620,136TOTAL LIABILITIES AND MEMBERS EQUITY
    
    $
    43,481,487
    
    
    $
    48,623,355
   1




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WESTERN DUBUQUE BIODIESEL, LLC

STATEMENTS OF OPERATIONS
 Three Months Ended
    
    
    Three Months Ended
    
    
    Nine Months Ended
    
    
    Nine Months EndedSeptember 30, 2009
    
    
    September 30, 2008
    
    
    September 30, 2009
    
    
    September 30, 2008REVENUESBiodiesel and by product sales  related party
    
    $
    4,666,250
    
    
    $
    15,157,704
    
    
    
    7,076,150
    
    
    $
    36,769,476Tolling services  related party
    
    
    
    
    
    
    930,987
    
    
    
    1,030,385
    
    
    
    955,830Incentive funds
    
    
    351,407
    
    
    
    3,217,380
    
    
    
    777,659
    
    
    
    7,765,862Total revenues
    
    
    5,017,657
    
    
    
    19,306,071
    
    
    
    8,884,194
    
    
    
    45,491,168COST OF SALESMaterials, labor and overhead
    
    
    5,921,850
    
    
    
    19,035,571
    
    
    
    9,611,424
    
    
    
    44,721,030Net losses (gains) on derivative instruments
    
    
    (177,812
    )
    
    
    240,081
    
    
    
    242,691
    
    
    
    293,162Total cost of sales
    
    
    5,744,038
    
    
    
    19,275,652
    
    
    
    9,854,115
    
    
    
    45,014,192Gross profit (loss)
    
    
    (726,381
    )
    
    
    30,419
    
    
    
    (969,921
    )
    
    
    476,976OPERATING EXPENSESConsulting and professional fees
    
    
    63,228
    
    
    
    73,218
    
    
    
    207,409
    
    
    
    220,013Office and administrative expenses
    
    
    62,534
    
    
    
    103,781
    
    
    
    213,730
    
    
    
    355,146Total operating expenses
    
    
    125,762
    
    
    
    176,999
    
    
    
    421,139
    
    
    
    575,159OTHER INCOME (EXPENSE)Other income
    
    
    650
    
    
    
    
    
    
    
    1,950
    
    
    
    1,700Interest income
    
    
    6,684
    
    
    
    5,970
    
    
    
    49,268
    
    
    
    41,459Interest expense
    
    
    (256,087
    )
    
    
    (412,877
    )
    
    
    (780,321
    )
    
    
    (1,370,255
    )Total other income (expense)
    
    
    (248,753
    )
    
    
    (406,907
    )
    
    
    (729,103
    )
    
    
    (1,327,096
    )NET LOSS
    
    $
    (1,100,896
    )
    
    $
    (553,487
    )
    
    $
    (2,120,163
    )
    
    $
    (1,425,279
    )BASIC AND DILUTED LOSS PER UNIT
    
    $
    (36.97
    )
    
    $
    (18.59
    )
    
    $
    (71.20
    )
    
    $
    (47.91
    )WEIGHTED AVERAGE UNITS OUTSTANDING,
BASIC AND DILUTED
    
    
    29,779
    
    
    
    29,779
    
    
    
    29,779
    
    
    
    29,752
   2




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WESTERN DUBUQUE BIODIESEL, LLC
STATEMENTS OF CASH FLOWS
 Nine Months Ended
    
    
    Nine Months EndedSeptember 30, 2009
    
    
    September 30, 2008CASH FLOWS FROM OPERATING ACTIVITIESNet loss
    
    $
    (2,120,163
    )
    
    $
    (1,425,279
    )Adjustments to reconcile net loss to net cash
provided by (used in) by operating activitiesDepreciation
    
    
    1,642,081
    
    
    
    1,636,652Amortization
    
    
    71,370
    
    
    
    71,370Effects of changes in operating assets and liabilitiesMargin deposits
    
    
    (221,150
    )
    
    
    3,019,770Accounts receivable  related party
    
    
    1,073,119
    
    
    
    (1,742,919
    )Other receivables
    
    
    (47,444
    )
    
    
    150,186Incentive receivables
    
    
    (222,948
    )
    
    
    322,737Inventory
    
    
    (1,268,605
    )
    
    
    3,610,480Prepaid expenses
    
    
    (31,194
    )
    
    
    211,276Derivative instruments
    
    
    (85,159
    )
    
    
    (2,533,251
    )Accounts payable
    
    
    (520,165
    )
    
    
    (171,195
    )Accrued liabilities
    
    
    (88,450
    )
    
    
    (202,887
    )Deferred rent
    
    
    8,050
    
    
    
    Net cash provided by (used in) by operating activities
    
    
    (1,810,658
    )
    
    
    2,946,940CASH FLOWS FROM INVESTING ACTIVITIESPayments for property, plant and equipment,
including construction in progress
    
    
    (41,387
    )
    
    
    (54,402
    )Sales tax refund from construction in process
    
    
    
    
    
    
    286,190Increase in restricted cash
    
    
    (69,592
    )
    
    
    (127,971
    )Net cash provided by (used in) investing activities
    
    
    (110,979
    )
    
    
    103,817CASH FLOWS FROM FINANCING ACTIVITIESProceeds from long-term debt
    
    
    
    
    
    
    939,540Payments on long-term debt
    
    
    (2,421,140
    )
    
    
    (1,754,286
    )Net cash used in by financing activities
    
    
    (2,421,140
    )
    
    
    (814,746
    )NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
    
    
    (4,342,777
    )
    
    
    2,236,011CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
    
    
    7,553,554
    
    
    
    2,011,841CASH AND CASH EQUIVALENTS, END OF PERIOD
    
    $
    3,210,777
    
    
    $
    4,247,852
   3




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WESTERN DUBUQUE BIODIESEL, LLC
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
 NOTE 1  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
  Use of Estimates in Preparing Financial Statements
  Basis of Accounting
    Revenue Recognition
  Cash and Cash Equivalents
   Restricted Cash
  Accounts Receivable
   4




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WESTERN DUBUQUE BIODIESEL, LLC
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
  Derivative Instruments and Hedging Activities
 Derivatives and Hedging,
 Inventories
  Property and Equipment
   YearsLand improvements
    
    
    20  40Office equipment
    
    
    5  10Office building
    
    
    30Plant and process equipment
    
    
    10  40Vehicles
    
    
    5  7
  Loan Origination Fees
  Income Taxes
   5




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WESTERN DUBUQUE BIODIESEL, LLC
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
 Earnings (Loss) Per Unit
  Cost of Sales
  Shipping and Handling Costs
  Environmental Liabilities
  Fair Value of Financial Instruments
  Current assets and current liabilities
 Long-term debt
 New Accounting Standards
 The FASB Accounting Standards Codification and the
Hierarchy of Generally Accepted Accounting Principles Generally Accepted Accounting Standards,
  6




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WESTERN DUBUQUE BIODIESEL, LLC
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
 , Disclosures about Derivative Instruments and Hedging
Activities Derivatives
and Hedging,
 Interim Disclosures
about Fair Value of Financial Instruments Financial
Instruments,
 Subsequent Events Subsequent Events,
 NOTE 2  INCENTIVE PAYMENTS AND RECEIVABLE
  NOTE 3  INVENTORY
  September 30,
    
    
    December 31,2009
    
    
    2008Raw material
    
    $
    109,194
    
    
    $
    186,306Work in progress
    
    
    1,638,999
    
    
    
    146,334Finished goods
    
    
    62,813
    
    
    
    209,761Total
    
    $
    1,811,006
    
    
    $
    542,401
 NOTE 4  LONG-TERM DEBT AND FINANCING
  September 30,
    
    
    December 31,2009
    
    
    2008Note payable to Beal Bank  see details below
    
    $
    25,412,499
    
    
    $
    27,782,677Note payable to the Iowa Department of Economic
Development  see details below
    
    
    255,000
    
    
    
    300,000Note payable to Hodge Material Handling  see
details below
    
    
    8,726
    
    
    
    14,688Total
    
    
    25,676,225
    
    
    
    28,097,365Less current portion
    
    
    25,676,225
    
    
    
    28,097,365Long-term portion
    
    $
    
    
    
    $
    
   7




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WESTERN DUBUQUE BIODIESEL, LLC
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
     NOTE 5  MEMBERS EQUITY
   8




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WESTERN DUBUQUE BIODIESEL, LLC
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
  NOTE 6  CASH FLOW DISCLOSURES
  Nine Months Ended
    
    
    Nine Months EndedSeptember 30, 2009
    
    
    September 30, 2008Cash paid for interest
    
    $
    725,298
    
    
    $
    1,562,846
  Nine Months Ended
    
    
    Nine Months EndedSeptember 30, 2009
    
    
    September 30, 2008Units issued in
exchange for
reduction in
construction
payable
    
    $
    
    
    
    $
    2,500,000Loan proceeds
transferred to debt
reserve fund
(restricted cash)
    
    $
    
    
    
    $
    75,344
 NOTE 7  RELATED PARTY TRANSACTIONS
       9




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WESTERN DUBUQUE BIODIESEL, LLC
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
    NOTE 8  COMMITMENTS AND CONTINGENCIES
  NOTE 9  FAIR VALUE OF FINANCIAL INSTRUMENTS
 Fair Value
Measurements Fair Value Measurements and Disclosures,
 
    
    Level 1Unadjusted quoted prices for identical assets and liabilities in active
markets;
 
    
    Level 2Quoted prices for similar assets and liabilities in active markets (other
than those included in Level 1) which are observable for the asset or liability, either
directly or indirectly; and
 
    
    Level 3Valuations derived from valuation techniques in which one or more
significant inputs or significant value drivers are unobservable.
  SignificantQuoted Prices in
    
    
    Other
    
    
    SignificantActive Markets for
    
    
    Observable
    
    
    UnobservableSeptember 30,
    
    
    Identical Assets
    
    
    Inputs
    
    
    Inputs2009
    
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)Financial assets:Commodity derivatives
    
    $
    85,159
    
    
    $
    85,159
    
    
    $
    
    
    
    $
    
   10




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WESTERN DUBUQUE BIODIESEL, LLC
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
 NOTE 10  DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
 Disclosures about Derivative Instruments and Hedging Activities Derivatives and Hedging, Accounting for Derivative
Instruments and Hedging Activities
 Objectives and Strategies for Holding Derivative Instruments
  Commodity Risk Management
  Accounting for Derivative Instruments and Hedging Activities
   Fair Value of Derivative Instruments
 Balance Sheet
    
    
    Asset Derivatives
    
    
    Liability DerivativesClassification
    
    
    September 30, 2009
    
    
    September 30, 2009Derivatives not
designated as
hedging:Commodity
contracts
 Heat
oil swaps
    
    Current Assets
    
    
    $
    85,159
    
    
    $
    
  Location of net loss
    
    Net income (loss)recognized in
    
    recognized in income onDerivatives not designated as
    
    earnings on
    
    derivativehedging instruments
    
    derivative activities
    
    activitiesCommodity contracts  Heat oil swaps
    
    Cost of sales
    
    $
    (242,691
    )
  11




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WESTERN DUBUQUE BIODIESEL, LLC
NOTES TO FINANCIAL STATEMENTS
September 30, 2009
  NOTE 11  UNCERTAINTY
    NOTE 12  SUBSEQUENT EVENTS
  NOTE 13  GAIN CONTINGENCY
   12




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Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
  Cautionary Statements Regarding Forward-Looking Statements
  
    
    The availability and terms and conditions of credit or equity financing needed to
continue our operations if income from operations is insufficient for us to continue
biodiesel production;
 
    
    Our ability to generate free cash flow to invest in our business and service our debt;
 
    
    Our ability to comply with our loan covenants and the response of our lender to our
failure to comply with such covenants;
 
    
    Fuel prices, consumption of diesel and biodiesel and consumer attitudes regarding the
use of biodiesel;
 
    
    Prices of vegetable oils (particularly soybean oil), animal fats and/or other feedstock;
 
    
    Our ability to enter into toll manufacturing agreements or other arrangements that shift
responsibility for feedstock procurement and costs to other parties;
 
    
    Our relationship with Renewable Energy Group, Inc. (REG), our manager and marketer,
and our ability to obtain a new marketer upon termination of our agreement with REG.
 
    
    The continued imposition of tariffs or other duties on biodiesel exported to Europe;
 
    
    Overcapacity within the biodiesel industry resulting in increased competition and costs
for feedstock and/or decreased prices for our biodiesel and glycerin;
 
    
    Changes in soy-based biodiesels qualification under the Renewable Fuel Standard (RFS)
and similar legislation;
 
    
    Decreased availability of soybean oil, animal fat or other feedstock for any reason;
 
    
    Our ability to locate alternative feedstock to respond to market conditions,
particularly since we lack pretreatment capabilities to enable us to process raw animal
fats or other crude vegetable oils at our plant;
 
    
    Our ability to market our products and our reliance on our marketer to market our
products;
 
    
    Changes in or elimination of laws, tariffs, trade or other controls or enforcement
practices such as national, state or local energy policy; federal biodiesel tax incentives;
or environmental laws and regulations; and the ability of the biodiesel industry to
successfully lobby for mandates or other legislation beneficial to the biodiesel industry;
 
    
    Changes in plant production capacity or technical difficulties in operating the plant
for any reason, including changes due to events beyond our control or as a result of
intentional reductions in or halting of production;
    
    Changes and advances in biodiesel production technology, including the ability of our
competitors to process raw animal fats or other feedstock which we are unable to process;
 
    
    Competition from alternative fuels; and
 
    
    Other factors described elsewhere in this report.
  13




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Overview
       14




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Results of Operations for the Three Months Ended September 30, 2009
  Three Months Ended
    
    
    Three Months EndedSeptember 30, 2009
    
    
    September 30, 2008(Unaudited)
    
    
    (Unaudited)Income Statement Data
    
    Amount
    
    
    Percent
    
    
    Amount
    
    
    PercentRevenues
    
    $
    5,017,657
    
    
    
    100.00
    %
    
    $
    19,306,071
    
    
    
    100.00
    %Cost of Sales
    
    
    5,744,038
    
    
    
    114.48
    %
    
    
    19,275,652
    
    
    
    100.16
    %Gross Profit (loss)
    
    
    (726,381
    )
    
    
    (14.48
    )%
    
    
    30,419
    
    
    
    0.16
    %Operating Expenses
    
    
    125,762
    
    
    
    2.50
    %
    
    
    176,999
    
    
    
    0.92
    %Other Income (Expense)
    
    
    (248,753
    )
    
    
    (4.96
    %)
    
    
    (406,907
    )
    
    
    (2.11
    %)Net Loss
    
    
    (1,100,896
    )
    
    
    (2.19
    %)
    
    
    (553,487
    )
    
    
    (2.87
    %)
 Revenues
  Three Months Ended
    
    
    Three Months EndedSeptember 30, 2009
    
    
    September 30, 2008Revenue Source
    
    Amount
    
    
    % of Revenues
    
    
    Amount
    
    
    % of RevenuesBiodiesel/Glycerin Sales
    
    $
    4,666,250
    
    
    
    93.00
    %
    
    $
    15,157,704
    
    
    
    78.51
    %Tolling Services
    
    
    0
    
    
    
    0.0
    %
    
    
    930,987
    
    
    
    4.82
    %Incentive funds
    
    
    351,407
    
    
    
    7.00
    %
    
    
    3,217,380
    
    
    
    16.67
    %$
    5,017,657
    
    
    
    100.00
    %
    
    $
    19,306,071
    
    
    
    100.00
    %
    15




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Cost of Sales
    Operating Expenses
  Other Income (Expenses)
   16




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Results of Operations for the Nine Months Ended September 30, 2009
  Nine Months Ended
    
    
    Nine Months EndedSeptember 30, 2009
    
    
    September 30, 2008(Unaudited)
    
    
    (Unaudited)Income Statement Data
    
    Amount
    
    
    Percent
    
    
    Amount
    
    
    PercentRevenues
    
    $
    8,884,194
    
    
    
    100.00
    %
    
    $
    45,491,168
    
    
    
    100.00
    %Cost of Sales
    
    
    9,854,115
    
    
    
    110.92
    %
    
    
    45,014,192
    
    
    
    98.95
    %Gross Profit (Loss)
    
    
    (969,921
    )
    
    
    (10.92
    %)
    
    
    476,976
    
    
    
    1.05
    %Operating Expenses
    
    
    421,139
    
    
    
    4.74
    %
    
    
    575,159
    
    
    
    1.26
    %Other Income (Expense)
    
    
    (729,103
    )
    
    
    (8.21
    %)
    
    
    (1,327,096
    )
    
    
    (2.92
    %)Net Income (Loss)
    
    
    (2,120,163
    )
    
    
    (23.87
    %)
    
    
    (1,425,279
    )
    
    
    (3.13
    %)
 Revenues
  Nine Months Ended
    
    
    Nine Months EndedSeptember 30, 2009
    
    
    September 30, 2008Revenue Source
    
    Amount
    
    
    % of Revenues
    
    
    Amount
    
    
    % of RevenuesBiodiesel/Glycerin Sales
    
    $
    7,076,150
    
    
    
    79.65
    %
    
    $
    36,769,476
    
    
    
    80.83
    %Tolling Services
    
    
    1,030,385
    
    
    
    11.60
    %
    
    
    955,830
    
    
    
    2.60
    %Incentive funds
    
    
    777,659
    
    
    
    8.75
    %
    
    
    7,765,862
    
    
    
    17.07
    %$
    8,884,194
    
    
    
    100.00
    %
    
    $
    45,491,168
    
    
    
    100.00
    %
  Cost of Sales
  Operating Expenses
   17




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##### Table of Contents



Other Income (Expenses)
  Changes in Financial Condition for the Nine Months Ended September 30, 2009
  September 30,
    
    
    December 31,2009
    
    
    2008Current Assets
    
    $
    6,171,313
    
    
    $
    9,710,709Current Liabilities
    
    
    25,981,514
    
    
    
    29,003,219Long-Term Liabilities
    
    
    0
    
    
    
    0Total Members Equity
    
    
    17,499,973
    
    
    $
    19,620,136
 Current Assets
  Current Liabilities
  Members Equity
  Plan of Operations for the Next 12 Months
 Plant Operations
  Operating Budget and Financing of Plant Operations
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##### Table of Contents



Critical Accounting Estimates
  Liquidity and Capital Resources
 Cash Flows
 Cash Flow from Operating Activities.
 Cash Flow from Investing Activities.
 Cash Flow from Financing Activities.
 Sources of Funds
 Equity Financing.
 Debt Financing
  19




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Government Programs and Grants
   20




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##### Table of Contents



Commodity Price Risk Protection
 Accounting for Derivative Instruments
and Hedging Activities
    Interest Rate Risk
  Distribution to Unit Holders
  Off-Balance Sheet Arrangements
   21




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##### Table of Contents



Item 3. Quantitative and Qualitative Disclosures about Market Risks
  
 Item 4. Controls and Procedures
   
 PART II. OTHER INFORMATION
 
 Item 1. Legal Proceedings
  
 Item 1A. Risk Factors
  There are doubts about our ability to continue as a going concern and if we are unable to
continue our business, our units may have little or no value.
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Doubts about our ability to continue as a going concern may make it difficult to obtain
additional funds in the future.
 Liquidity issues could require us to cease operations.
 An increase in animal fat prices could damage our profitability.
 We are highly dependent upon REG.
   23




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##### Table of Contents



The imposition of duties or tariffs by the European Commission on biodiesel imported into
Europe could cause a significant decrease in our revenues.
 If implemented, the EPAs recent preliminary findings could reduce demand for soy-based
biodiesel and reduce our profitability.
 
 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
  
 Item 3. Defaults upon Senior Securities
  
 Item 4. Submission of Matters to Security Holders
  
 Item 5. Other Information
    24




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##### Table of Contents



Item 6. Exhibits
  Exhibit
    
    
    
    Method ofNo.
    
    Description
    
    Filing31.1
    
    
    Certificate pursuant to 17 CFR 240 13a-14(a)
    
    *31.2
    
    
    Certificate pursuant to 17 CFR 240 13a-14(a)
    
    *32.1
    
    
    Certificate pursuant to 18 U.S.C. Section 1350
    
    *32.2
    
    
    Certificate pursuant to 18 U.S.C. Section 1350
    
    *
 
 (*)
    
    Filed herewith. 
 SIGNATURES
  WESTERN DUBUQUE BIODIESEL, LLCDate:      November 16, 2009
    /s/ Bruce KlostermannBruce KlostermannVice Chairman and Director
(Principal Executive Officer)Date:      November 16, 2009
    /s/ George DavisGeorge DavisTreasurer and Director
(Principal Financial and Accounting Officer)  25