| UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549                                                                                                                                                                                                                                                                                                                                                                               |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Form 10-Q                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| (Mark one)                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |
| R                                                                                                                                                                                                                                                                                                                                                                                                                                                   | QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
| For the quarterly period ended March 31, 2010                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
| £                                                                                                                                                                                                                                                                                                                                                                                                                                              | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
| For the transition period from _________ to __________                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                | Commission file number 000-53041 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
| SOUTHWEST IOWA RENEWABLE ENERGY, LLC                                                                                                                                                                                                                                                                                                                                                                                                                |
| (Exact name of registrant as specified in its charter)                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
| Iowa                                                                                                                                                                                                                                                                                                                                                                                                                                                | 20-2735046 |
| (State or other jurisdiction of incorporation or organization)                                                                                                                                                                                                                                                                                                                                                                                      | (I.R.S. Employer Identification No.) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
| 10868 189th Street, Council Bluffs, Iowa 51503                                                                                                                                                                                                                                                                                                                                                                                                      |
| (Address of principal executive offices)                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
| (712) 366-0392                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| (Registrant’s telephone number, including area code)                                                                                                                                                                                                                                                                                                                                                                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
| __________________________________________________________________                                                                                                                                                                                                                                                                                                                                                                                  |
| (Former name, former address and former fiscal year, of changed since last report)                                                                                                                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
| Indicate by check mark whether the registrant has (1) 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 R    No £                                     |
| Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes £    No o  |
| Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.                                                                                                             |
| Large accelerated filer  £       Accelerated filer £      Non-accelerated filer £      Smaller reporting company R                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes £    No R                                                                                                                                                                                                                                                                             |
| As of March 31, 2010, the issuer had 8,805 Series A Units, 3,334 Series B Units, and 1,000 Series C Units issued and outstanding.                                                                                                                                                                                                                                                                                                                   |

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| PART I—FINANCIAL INFORMATION |
|------------------------------------|
|                               |   |   |   |
| Item Number                        | Item Matter | Page Number |   |
|                               |   |   |   |
| Item 1.                            | Financial Statements. | 1 |   |
|                               |   |   |   |
| Item 2.                            | Management’s Discussion and Analysis of Financial Condition and Results of Operations. | 17 |   |
|                               |   |   |   |
| Item 4 and 4T.                     | Controls and Procedures. | 24 |   |
|                               |   |   |   |
| PART II—OTHER INFORMATION    |   |
|                               |   |   |   |
| Item 1.                            | Legal Proceedings. | 24 |   |
|                               |   |   |   |
| Item 2.                            | Unregistered Sales of Equity Securities and Use of Proceeds. | 24 |   |
|                               |   |   |   |
| Item 3.                            | Defaults Upon Senior Securities. | 24 |   |
|                               |   |   |   |
| Item 4.                            | Submission of Matters to a Vote of Security Holders. | 24 |   |
|                               |   |   |   |
| Item 5.                            | Other Information. | 24 |   |
|                               |   |   |   |
| Item 6.                            | Exhibits. | 24 |   |
|                               |   |   |   |
|                               | Signatures |   |   |
|                               |   |   |   |
|                               | Certifications | See Exhibits 31 and 32 |   |

----

| PART I—FINANCIAL INFORMATION |
|------------------------------------|

| SOUTHWEST IOWA RENEWABLE ENERGY, LLC                                                                      |
|----------------------------------------------------------------------------------------------------------------|
| Balance Sheets                                                                                                 |
| ASSETS                                                                                                         | March 31, 2010 | September 30, 2009 |
|                                                                                                           | (Unaudited) |   |
| Current Assets                                                                                                 |   |   |   |   |
| Cash and cash equivalents                                                                                      | $ | 8,186,923 | $ | 7,455,084 |
| Accounts receivable                                                                                            |   | 143,996 |   | 1,831,722 |
| Accounts receivable, related party                                                                             |   | 16,219,977 |   | 12,396,172 |
| Due from broker                                                                                                |   | 2,748,162 |   | 2,108,267 |
| Inventory                                                                                                      |   | 11,918,270 |   | 4,913,675 |
| Derivative financial instruments                                                                               |   | 1,750,912 |   | 263,688 |
| Prepaid expenses and other                                                                                     |   | 1,084,162 |   | 439,431 |
|            Total current assets                         |   | 42,052,402 |   | 29,408,039 |
|                                                                                                           |   |   |   |   |
| Property, Plant, and Equipment                                                                                 |   |   |   |   |
| Land                                                                                                           |   | 2,064,090 |   | 2,064,090 |
| Plant, Building and Equipment                                                                                  |   | 198,393,532 |   | 197,435,327 |
| Office and Other Equipment                                                                                     |   | 703,969 |   | 680,145 |
| Total Cost                                                                                                     |   | 201,161,591 |   | 200,179,562 |
| Accumulated Depreciation                                                                                       |   | (19,135,774) |   | (9,600,217) |
|               Net property and equipment |   | 182,025,817 |   | 190,579,345 |
|                                                                                                           |   |   |   |   |
| Other Assets                                                                                                   |   |   |   |   |
| Financing costs, net of amortization of $1,678,266 and $1,467,677                                              |   | 2,171,728 |   | 2,382,317 |
| Total Assets                                                                                                   | $ | 226,249,947 |   | 222,369,701 |
| (continued)Notes to Unaudited Financial Statements are an integral part of these Financial Statements.    |

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| SOUTHWEST IOWA RENEWABLE ENERGY, LLC                                                              |
|--------------------------------------------------------------------------------------------------------|
| Balance Sheets                                                                                         |
| LIABILITIES AND MEMBERS’ EQUITY                                                                  | March 31, 2010 | September 30, 2009 |
|                                                                                                   | (Unaudited) |   |
| Current Liabilities                                                                                    |   |   |   |   |
| Accounts payable                                                                                       | $ | 1,420,623 | $ | 1,351,156 |
| Accounts payable, related parties                                                                      |   | 6,212,962 |   | 4,297,990 |
| Retainage payable, related parties                                                                     |   | 272,770 |   | 697,770 |
| Accrued expenses                                                                                       |   | 2,498,443 |   | 1,704,014 |
| Accrued expenses, related parties                                                                      |   | 4,039,435 |   | 4,023,231 |
| Current maturities of notes payable                                                                    |   | 24,953,257 |   | 18,215,803 |
| Total current liabilities                                                                              |   | 39,397,490 |   | 30,289,964 |
|  Long Term Liabilities                                                                            |   |   |   |   |
|      Notes payable, less current maturities                                   |   | 128,018,176 |   | 130,897,350 |
|      Other                                                                    |   | 750,004 |   | 800,002 |
|             Total long term liabilities    |   | 128,768,180 |   | 131,697,352 |
|  Commitments and Contingencies                                                               |   |   |   |   |
| Members’ Equity                                                                                  |   |   |   |   |
|  Members’ capital, 13,139 units issued and outstanding                                      |   | 76,474,111 |   | 76,474,111 |
|   Accumulated (deficit)                                                                      |   | (18,389,834) |   | (16,091,726) |
| Total members’ equity                                                                            |   | 58,084,277 |   | 60,382,385 |
| Total Liabilities and Members’ Equity                                                            | $ | 226,249,947 |   | 222,369,701 |
|  Notes to Unaudited Financial Statements are an integral part of these Financial Statements. |

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| SOUTHWEST IOWA RENEWABLE ENERGY, LLC  |
|--------------------------------------------|
|                                       |
| Statements of Operations              |
|                                       |   |   |   | Three MonthsEnded March 31, 2010(Unaudited) |   | Three Months Ended March 31, 2009(Unaudited) | Six Months Ended March 31, 2010(Unaudited) | Six Months Ended March 31, 2009(Unaudited) |   |
|                                       |   |   |   |   |   |   |   |   |   |   |   |
|                                       |   | Revenues |          | $ | 51,977,147 |           | $                                 11,925,655 |           | $ |        102,725,586 |   | $                                            11,925,655 |   |
|                                       |   |   |   |   |   |   |   |   |   |   |   |
|                                       |   | Cost of Goods Sold |   | 49,372,349 |   | 14,340,434 |   | 98,226,500 |   | 14,340,434 |   |
|                                       |   |   |   |   |   |   |   |   |   |   |   |
|                                       |   | Gross Margin |   | 2,604,798 |   | (2,414,779) |   | 4,499,086 |   | (2,414,779) |   |
|                                       |   |   |   |   |   |   |   |   |   |   |   |
|                                       |   | Selling, General, and Administrative Expenses |   | 1,358,410 |   | 1,299,356 |   | 2,496,708 |   | 3,010,985 |   |
|                                       |   |   |   |   |   |   |   |   |   |   |   |
|                                       |   | Operating Income (Loss) |   | 1,246,388 |   | (3,714,135) |   | 2,002,378 |   | (5,425,764) |   |
|                                       |   |   |   |   |   |   |   |   |   |   |   |
|                                       |   | Other Income (Expense) |   |   |   |   |   |   |   |   |   |
|                                       |   | Realized and unrealized losses on derivative financial instrumentsInterest income |   | 13,220 |   |  - 19,246 |   |  - 26,383 |   |  (656,973) 65,380 |   |
|                                       |   | Grant revenue |   | - |   | 49,252 |   | - |   | 49,252 |   |
|                                       |   | Interest expense |   | (2,113,260) |   | (728,468) |   | (4,443,644) |   | (728,468) |   |
|                                       |   | Miscellaneous income |   | 110,801 |   | 5,940 |   | 116,775 |   | 11,280 |   |
|                                       |   | Total |   | (1,989,239) |   | (654,030) |   | (4,300,486) |   | (1,259,529) |   |
|                                       |   |   |   |   |   |   |   |   |   |   |   |
|                                       |   | Net (Loss) |          | $          (742,851) |           | $                                 (4,368,165) |            | $                             (2,298,108) |   | $ |     (6,685,293) |   |
|                                       |   |   |   |   |   |   |   |   |   |   |   |
|                                       |   | Weighted Average Units |   |   |   |   |   |   |   |   |   |
|                                       |   | Outstanding—Basic & Diluted |   | 13,139 |   | 13,139 |   | 13,139 |   | 13,139 |   |
|                                       |   | Net (loss) per unit –basic & diluted |         |  $ |         (56.54) |           |  $                                      (332.46) |           |  $                                   (174.91) |            | $ |                                (508.81) |   |
|                                       |  Notes to Unaudited Financial Statements are an integral part of these Financial Statements. |   |

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| SOUTHWEST IOWA RENEWABLE ENERGY, LLC                                                                                                                                   |                           |                           |                                                                                                                                                                                                                                                      |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                        |                           |                           |                                                                                                                                                                                                                                                      |   |   |
|  Statements of Cash Flows                                                                                                                                         |                           |                           |                                                                                                                                                                                                                                                      |
|                                                                                                                                                                        | Six Months EndedMarch 31, 2010 | Six Months EndedMarch 31, 2009 |                                                                                                                                                                                                                                                      |   |
|                                                                                                                                                                        | (Unaudited)                    | (Unaudited)                    |                                                                                                                                                                                                                                                      |   |
| Cash Flows from Operating Activities                                                                                                                                        |                           |                           |                                                                                                                                                                                                                                                      |   |   |   |
| Net (loss)                                                                                                                                                                  | $                              | (2,298,108)                    | $                                                                                                                                                                                                                                                         | (6,685,293) |   |   |
| Adjustments to reconcile net (loss) to net cash provided by (used in)                                                                                                       |                           |                           |                                                                                                                                                                                                                                                      |   |   |   |
| operating activities:        Depreciation                                                                                           |                           |  9,535,557                |                                                                                                                                                                                                                                                      |  1,369,624 |   |   |
|         Amortization                                                                                                                |                           | 210,589                        |                                                                                                                                                                                                                                                      | 95,428 |   |   |
|         Other                                                                                                                       |                           |                           |                                                                                                                                                                                                                                                      |   |   |   |
|          (Increase) decrease in current assets:          Accounts receivable |                           | (2,136,079)                    |                                                                                                                                                                                                                                                      | (3,174,623) |   |   |
|           Inventories                                                                                                     |                           | (7,004,595)                    |                                                                                                                                                                                                                                                      | (7,028,611) |   |   |
|      Prepaid expenses and other                                                                                                                    |                           | (607,575)                      |                                                                                                                                                                                                                                                      | (451,245) |   |   |
|      Derivative financial instruments                                                                                                              |                           | (1,487,224)                    |                                                                                                                                                                                                                                                      | (477,619) |   |   |
|      Due from broker                                                                                                                               |                           | (639,895)                      |                                                                                                                                                                                                                                                      | (1,585,549) |   |   |
|    Increase (decrease) in current liabilities:                                                                                                               |                           |                           |                                                                                                                                                                                                                                                      |   |   |   |
|      Accounts and retainage payable                                                                                                                |                           | 1,559,439                      |                                                                                                                                                                                                                                                      | 175,836 |   |   |
|      Accrued expenses                                                                                                                              |                           | 1,792,167                      |                                                                                                                                                                                                                                                      | 1,129,147 |   |   |
| Net cash (used in) operating activities                                                                                                                                     |                           | (1,075,724)                    |                                                                                                                                                                                                                                                      | (16,682,905) |   |   |
| Cash Flows from Investing Activities                                                                                                                                        |                           |                           |                                                                                                                                                                                                                                                      |   |   |   |
| Purchase of property and equipment                                                                                                                                          |                           | (982,029)                      |                                                                                                                                                                                                                                                      | (25,243,546) |   |   |
| Increase in restricted cash                                                                                                                                                 |                           | -                              |                                                                                                                                                                                                                                                      | 3,289,949 |   |   |
| Net cash (used in) investing activities                                                                                                                                     |                           | (982,029)                      |                                                                                                                                                                                                                                                      | (21,953,597) |   |   |
| Cash Flows from Financing Activities                                                                                                                                        |                           |                           |                                                                                                                                                                                                                                                      |   |   |   |
| Increase in prepaids                                                                                                                                                        |                           | (37,156)                       |                                                                                                                                                                                                                                                      | - |   |   |
| Payments for financing costs                                                                                                                                                |                           | -                              |                                                                                                                                                                                                                                                      | (74,501) |   |   |
| Proceeds from borrowings                                                                                                                                                    |                           | 7,530,702                      |                                                                                                                                                                                                                                                      | 42,607,504 |   |   |
| Payments on borrowings                                                                                                                                                      |                           | (4,703,954)                    |                                                                                                                                                                                                                                                      | (10,000) |   |   |
| Net cash provided by financing activities                                                                                                                                   |                           |                           | 2,789,592                                                                                                                                                                                                                                                 |   | 42,523,003 |   |   |
| Net increase in cash and cash equivalents                                                                                                                                   |                           | 731,839                        | 3,886,501                                                                                                                                                                                                                                                 |   |
|  Cash and Equivalents—Beginning of Period                                                                                                                        |                           |                           |  7,455,084                                                                                                                                                                                                                                           |   |  6,557,394 |   |
| Cash and Equivalents—End of Period                                                                                                                                    |                           |                           | $                            8,186,923                                                                             |   |   | $                                          10,443,895 |   |
|                                                                                                                                                                        |                           |                           |                                                                                                                                                                                                                                                      |   |
| Supplemental Disclosures of Noncash Investing                                                                                                                               |                           |                           |                                                                                                                                                                                                                                                      |   |
|      And Financing Activities                                                                                                                      |                           |                           |                                                                                                                                                                                                                                                      |   |
|       Property, plant and equipment included in accounts and retainage payable                                                                |                           |                           | $                                          - |   |   |  $ |      9,887,766 |   |
|       Interest capitalized and included in long term debt and accruals                                                                        |                           |                           | $                                          - |   |   |  2,049,643 |   |
|       Accrued interest included in long term debt                                                                                             |                           |                           | $                            1,131,531                                                                             |   | $                                                           - |   |
| Cash Paid for Interest                                                                                                                                                      |                           |                           | $                           2,466,334                                                                                   |   | $                                            1,022,905 |   |

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| SOUTHWEST IOWA RENEWABLE ENERGY, LLCNotes to Financial Statements (unaudited)March 31, 2010 |
|---------------------------------------------------------------------------------------------|

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----

|                                                                                |                                                         | Three MonthsEndedMarch 31, 2010 | Three MonthsEndedMarch 31, 2009 | Six MonthsEndedMarch  31, 2010 | Six MonthsEndedMarch  31, 2009 |
|-------------------------------------------------------------------------------------|--------------------------------------------------------------|---------------------------------|---------------------------------|------------------------------------------|-----------------------------------------------|
|                                                                                |                                                         |                            |                            |                                     |                                          |   |   |   |   |
| Increase (decrease) in cost of goods sold due to derivatives related to corn costs: |                                                         |                            |                            |                                     |                                          |   |   |   |
|                                                                                | Realized                                                     | $                               | (1,488,368)                     | $                                        | (1,124,212)                                   | $ | (2,210,305) | $ | (1,124,212) |
|                                                                                | Unrealized                                                   |                            | (2,127,362)                     |                                     | (400,212)                                     |   | (1,487,224) |   | (400,212) |
|                                                                                | Total effect on costof goods sold                            |  $                         |  (3,615,730)               |  $                                  |  (1,524,424)                             |  $ |  (3,697,529) |  $ |  (1,524,424) |
|                                                                                |                                                         |                            |                            |                                     |                                          |   |   |   |   |
|                                                                                | Total increaseto operatingincome due toderivative activities |    $             |    3,615,730     |    $                      |    1,524,424                   |    $ |    3,697,529 |    $ |    1,524,424 |

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|                                         |  March 31, 2010 |       |         September 30,  2009 |
|----------------------------------------------|----------------------|------------|-------------------------------------------------------------------------------|
|                                         |                 |       |                                                                          |
|                                         |                 |       |                                                                          |   |   |
| Raw materials - corn                         | $                    | 8,074,813  |                                                                          | $ | 1,401,680 |
| Supplies and chemicals                       |                 | 1,648,869  |                                                                          |   | 1,335,874 |
|     Work in process      |                 | 932,314    |                                                                          |   | 1,033,185 |
|      Finished goods |                 | 1,262,274  |                                                                          |   | 1,142,936 |
| Total                                        | $                    | 11,918,270 |                                                                          | $ | 4,913,675 |

----

| A Units | 8,805 |
|---------|-------|
| B Units | 3,334 |
| C Units | 1,000 |

----

----

----

| Southwest Iowa Southwest Iowa Renewable Energy, LLC Notes to Unaudited Financial Statements |
|--------------------------------------------------------------------------------------------------|

|                                                                                                                                                                                                                                |                                                                | March 31, 2010          |                                   | September 30, 2009                                                                                                                                                                                                                                                                                                                                |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------|-------------------------|----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| $200,000 Note payable to Iowa Department Economic Development (“IDED”) a non-interest bearing obligation with monthly payments of $1,667 due through the maturity date of March 2012 on the non-forgivable portion. (A) | $                                                                   | 38,333                  | $                                      | 148,333                                                                                                                                                                                                                                                                                                                                           |   |
|                                                                                                                                                                                                                                |                                                                |                    |                                   |                                                                                                                                                                                                                                                                                                                                              |
| Bridge Loan bearing interest at LIBOR plus 1.50% with a floor of 3.00 % (3.00% at March 31, 2010) through maturity on June 15, 2010 secured by a letter of credit and a money market account as described in Note 5.                |                                                                | 8,716,527               |                                   | 8,585,496                                                                                                                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                |                                                                |                    |                                   |                                                                                                                                                                                                                                                                                                                                              |
| Note payable to affiliate Holdings, bearing interest at LIBOR plus 7.50-10.5% with a floor of 3.00% (7.81% at March 31, 2010); maturity on August 31, 2014.(B)                                                                      |                                                                | 28,106,579              |                                   | 27,106,079                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                |                                                                |                    |                                   |                                                                                                                                                                                                                                                                                                                                              |
| Term facility and term revolver payable to AgStar bearing interest at LIBOR plus 3.65% and 3.25% (5.00% at March 31, 2010).  See maturity discussed in Note 5.                                                            |                                                                | 100,306,0468,303,948    |                                   | 101,000,000  7,273,245                                                                                                                                                                                                                                                                                                                       |
|                                                                                                                                                                                                                                |                                                                |                    |                                   |                                                                                                                                                                                                                                                                                                                                              |
| $15 million Revolving working capital term facility payable to AgStar bearing interest at LIBOR plus 3.45% (5.00% at March 31, 2010), maturing March 31, 2011.                                                                      |                                                                | 7,500,000               |                                   | 3,000,000                                                                                                                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                |                                                                |                    |                                   |                                                                                                                                                                                                                                                                                                                                              |
| Revolving line of credit payable to affiliate Holdings matured on December 24, 2009.(C)                                                                                                                                             |                                                                |  -                 |                                   |  2,000,000                                                                                                                                                                                                                                                                                                                                   |
|  Less current maturities                                                                                                                                                                                                       |                                                                | 152,971,433(24,953,257) |                                   |                                                       149,113,153(18,215,803) |
|  Total long term debt                                                                                                                                                                                                          |            $ |  128,018,176       |        $ |  130,897,350                                                                                                                                                                                                                                                                                                                                 |

----

|                                    |                     | Total  |      | Level 1 |   | Level 2   |   | Level 3 |
|-----------------------------------------|--------------------------|--------|-----------|---------|--------|-----------|--------|---------|
| Derivative financial instruments, asset |                     |   |      |    |   |      |   |    |   |   |   |
|                                    | Corn commodity contracts | $      | 1,750,912 |    | $      | 1,750,912 |   | $       | --- |   | $ | --- |
|                                    |                     | $      | 1,750,912 |    | $      | 1,750,912 |   | $       | --- |   | $ | --- |

----

|                                    |                     | Total  |    | Level 1 |   | Level 2 |   | Level 3 |
|-----------------------------------------|--------------------------|--------|---------|---------|--------|---------|--------|---------|
| Derivative financial instruments, asset |                     |   |    |    |   |    |   |    |   |   |   |
|                                    | Corn commodity contracts | $      | 263,688 |    | $      | 263,688 |   | $       | --- |   | $ | --- |
|                                    |                     | $      | 263,688 |    | $      | 263,688 |   | $       | --- |   | $ | --- |

----

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|   | · | Overcapacity in the ethanol industry; |
|--------|--------|---------------------------------------|

|   | · | Fluctuations in the price and market for ethanol and distillers grains; |
|--------|--------|-------------------------------------------------------------------------|

|   | · | Availability and costs of products and raw materials, particularly corn, steam and natural gas; |
|--------|--------|-------------------------------------------------------------------------------------------------|

|   | · | Changes in our business strategy, capital improvements or development plans; |
|--------|--------|------------------------------------------------------------------------------|

|   | · | Changes in the environmental regulations that apply to our plant site and operations; |
|--------|--------|---------------------------------------------------------------------------------------|

|   | · | Our ability to hire and retain key employees for the operation of the plant; |
|--------|--------|------------------------------------------------------------------------------|

|   | · | Changes in general economic conditions or the occurrence of certain events causing an economic impact in the agricultural, oil or automobile industries; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Changes in the weather and economic conditions impacting the availability and price of corn and natural gas; |
|--------|--------|--------------------------------------------------------------------------------------------------------------|

|   | · | Changes in federal and/or state laws (including the elimination of any federal and/or state ethanol tax incentives); |
|--------|--------|----------------------------------------------------------------------------------------------------------------------|

|   | · | Changes and advances in ethanol production technology, and competition from alternative fuel additives; |
|--------|--------|---------------------------------------------------------------------------------------------------------|

|   | · | Lack of transport, storage and blending infrastructure preventing ethanol from reaching high demand markets; |
|--------|--------|--------------------------------------------------------------------------------------------------------------|

|   | · | Changes in interest rates and lending conditions; and |
|--------|--------|-------------------------------------------------------|

|   | · | Results of our hedging strategies. |
|--------|--------|------------------------------------|

----

|                                         | Three Months Ended March 31, 2010(Unaudited)(1) |        | Three Months Ended December 31, 2009(Unaudited)(1)  |
|----------------------------------------------|-------------------------------------------------|-------------|----------------------------------------------------------|
|                                         |                                            |        | Amounts                                                  |   | % ofRevenues | Gallons |   | Amounts |   | % ofRevenues |   | Gallons |
| Income Statement Data                        |                                            |        |                                                     |   |   |   |   |   |   |   |   |   |   |   |
| Revenues                                     | $                                               | 51,977,147  |                                                     | 100% | $ | 1.89 |   | $ | 50,748,439 |   | 100% |   | $ | 1.84 |
| Cost of Goods Sold                           |                                            | 49,372,349  |                                                     | 95% |   | 1.80 |   |   | 48,854,151 |   | 96% |   |   | 1.77 |
| Gross Margin                                 |                                            | 2,604,798   |                                                     | 5% |   | 0.09 |   |   | 1,894,288 |   | 4% |   |   | 0.07 |
| Selling, General and Administrative Expenses |                                            | 1,358,410   |                                                     | 2% |   | 0.05 |   |   | 1,138,298 |   | 2% |   |   | 0.05 |
| Other (Expense)                              |                                            | (1,989,239) |                                                     | (4%) |   | (0.07) |   |   | (2,311,247) |   | (5%) |   |   | (0.08) |
| Net Loss                                     | $                                               | (742,851)   |                                                     | (1%) | $ | (0.03) |   | $ | (1,555,257) |   | (3%) |   | $ | (0.06) |

|                            | Three Months Ended March 31, 2010(Unaudited) |       | Three Months Ended December 31, 2009(Unaudited) |
|---------------------------------|----------------------------------------------|------------|-------------------------------------------------|
|                            |                                         |       | Gallons/Tons Sold                               |   | % ofRevenues | Gallons/TonsAverage Price |   | Gallons/Tons Sold |   | % ofRevenues |   | Gallons/TonsAverage Price |
| Statistical Revenue Information |                                         |       |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Denatured Ethanol               |                                         | 27,482,126 |                                            | 83% | $ | 1.58 |   |   | 27,543,976 |   | 85% |   | $ | 1.57 |
|                            |                                         |       |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Dry Distiller’s Grains    |                                         | 77,473     |                                            | 17% | $ | 108.39 |   |   | 70,908 |   | 15% |   | $ | 100.10 |

----

----

----

|   | · | Revenue Recognition |
|--------|--------|---------------------|

|   | · | Investment in Commodities Contracts, Derivative Instruments and Hedging Activities |
|--------|--------|------------------------------------------------------------------------------------|

----

| When we have sufficient working capital available, we enter into derivative contracts to hedge our exposure to price risk related to forecasted corn needs and forward corn purchase contracts.  We use cash, futures and options contracts to hedge changes to the commodity prices of corn and ethanol.  The Company adopted new disclosure requirements requiring entities to provide greater transparency in interim and annual financial statements about how and why the entity uses derivative instruments, how the instruments and related hedged items are accounted for, and how the instruments and related hedged items affect the financial position, results of operations, and cash flows of the entity. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Inventory |
|--------|--------|-----------|

|   | · | Property and Equipment |
|--------|--------|------------------------|

|   | Buildings                                                   |  40 Years  |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------|
|   | Process Equipment                                                                                                                                                                                                                                                                                                     |  10 Years  |
|   | Office Equipment                                                                                                                       |  3-7 Years |

----

| 3(i) | Articles of Organization, as filed with the Iowa Secretary of State on March 28, 2005 (incorporated by reference to Exhibit 3(i) of Registration Statement on Form 10 filed by Registrant on January 28, 2008). |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3(ii) | Second Amended and Restated Operating Agreement dated March 7, 2008 (incorporated by reference to Exhibit 4(i) of Amendment No. 1 to Registration Statement on Form 10 filed by Registrant on March 21, 2008). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3(iii) | Third Amended and Restated Operating Agreement dated July 17, 2009 (incorporated by reference to Exhibit 3.1 of Form 8-K filed by the Company on August 21, 2009). |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1 | Agreement dated October 13, 2006 with Bunge North America, Inc. (incorporated by reference to Exhibit 10.1 of Registration Statement on Form 10/A filed by the Company on October 23, 2008).  Portions of the Agreement have been omitted pursuant to a request for confidential treatment. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2 | Ethanol Merchandising Agreement dated November 1, 2006 with Lansing Ethanol Services, LLC (incorporated by reference to Exhibit 10.2 of Registration Statement on Form 10 filed by the Company on October 23, 2008).  Portions of the Agreement have been omitted pursuant to a request for confidential treatment. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3 | Assignment of Ethanol Merchandising Agreement dated May 2, 2007 between AgStar Financial Services, PCA and Southwest Iowa Renewable Energy, LLC (incorporated by reference to Exhibit 10.3 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.4 | Executed Steam Service Contract dated January 22, 2007 with MidAmerican Energy Company (incorporated by reference to Exhibit 10.4 of Registration Statement on Form 10/A filed by the Company on October 23, 2008).   Portions of the Contract have been omitted pursuant to a request for confidential treatment. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.5 | Assignment of Steam Service Contract dated May 2, 2007 in favor of AgStar Financial Services, PCA (incorporated by reference to Exhibit 10.5 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.6 | Electric Service Contract dated December 15, 2006 with MidAmerican Energy Company (incorporated by reference to Exhibit 10.6 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.7 | Assignment of Electric Service Contract dated May 2, 2007 in favor of AgStar Financial Services, PCA (incorporated by reference to Exhibit 10.7 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.8 | Distillers Grain Purchase Agreement dated October 13, 2006 with Bunge North America, Inc. (incorporated by reference to Exhibit 10.8 of Registration Statement on Form 10 filed by the Company on January 28, 2008).  Portions of the Agreement have been omitted pursuant to a request for confidential treatment. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.9 | Assignment of Distillers Grain Purchase Agreement dated May 2, 2007 in favor of AgStar Financial Services, PCA (incorporated by reference to Exhibit 10.9 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.10 | Grain Feedstock Agency Agreement dated October 13, 2006 with AGRI-Bunge, LLC (incorporated by reference to Exhibit 10.10 of Registration Statement on Form 10 filed by the Company on October 23, 2008).  Portions of the Agreement have been omitted pursuant to a request for confidential treatment. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.11 | Assignment of Grain Feedstock Agency Agreement dated May 2, 2007 with AgStar Financial Services, PCA (incorporated by reference to Exhibit 10.11 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.12 | Agreement between Owner and Design/Builder Based on The Basis of a Stipulated Price dated September 25, 2006 with ICM, Inc. (incorporated by reference to Exhibit 10.12 of Registration Statement on Form 10/A filed by the Company on October 23, 2008).  Portions of the Agreement have been omitted pursuant to a request for confidential treatment. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.13 | Railcar Sublease Agreement dated June 25, 2007 with Bunge North America, Inc. (incorporated by reference to Exhibit 10.13 of Registration Statement on Form 10 filed by the Company on January 28, 2008).  Portions of the Agreement have been omitted pursuant to a request for confidential treatment. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.14 | Credit Agreement dated May 2, 2007 with AgStar Financial Services, PCA (incorporated by reference to Exhibit 10.14 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.15 | Security Agreement dated May 2, 2007 with AgStar Financial Services, PCA (incorporated by reference to Exhibit 10.15 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.16 | Mortgage, Security Agreement Assignment of Rents and Leases and Fixture Filing dated May 2, 2007 in favor of AgStar Financial Services, PCA (incorporated by reference to Exhibit 10.16 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.17 | Environmental Indemnity Agreement dated May 2, 2007 with AgStar Financial Services, PCA (incorporated by reference to Exhibit 10.17 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.18 | Convertible Note dated May 2, 2007 in favor of Monumental Life Insurance Company (incorporated by reference to Exhibit 10.18 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.19 | Convertible Note dated May 2, 2007 in favor of Metlife Bank, N.A. (incorporated by reference to Exhibit 10.19 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.20 | Convertible Note dated May 2, 2007 in favor of Cooperative Centrale Raiffeisen-Boerenleenbank, B.A. (incorporated by reference to Exhibit 10.20 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.21 | Convertible Note dated May 2, 2007 in favor of Metropolitan Life Insurance Company (incorporated by reference to Exhibit 10.21 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.22 | Convertible Note dated May 2, 2007 in favor of First National Bank of Omaha (incorporated by reference to Exhibit 10.22 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.23 | Revolving Line of Credit Note in favor of Cooperative Centrale Raiffeisen-Boerenleenbank, B.A. (incorporated by reference to Exhibit 10.23 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.24 | Revolving Line of Credit Note in favor of Metropolitan Life Insurance Company (incorporated by reference to Exhibit 10.24 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.25 | Revolving Line of Credit Note in favor of First National Bank of Omaha (incorporated by reference to Exhibit 10.25 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.26 | Term Revolving Note in favor of Metlife Bank, N.A. (incorporated by reference to Exhibit 10.26 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.27 | Term Revolving Note in favor of Cooperative Centrale Raiffeisen-Boerenleenbank, B.A. (incorporated by reference to Exhibit 10.27 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.28 | Term Revolving Note in favor of Metropolitan Life Insurance Company (incorporated by reference to Exhibit 10.28 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.29 | Term Revolving Note in favor of First National Bank of Omaha (incorporated by reference to Exhibit 10.29 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.30 | Lien Subordination Agreement dated May 2, 2007 among Southwest Iowa Renewable Energy, LLC, AgStar Financial Services, PCA and Iowa Department of Economic Development (incorporated by reference to Exhibit 10.30 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.31 | Value Added Agricultural Product Marketing Development Grant Agreement dated November 3, 2006 with the United States of America (incorporated by reference to Exhibit 10.31 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.32 | Engineering Services Agreement dated November 27, 2006 with HGM Associates, Inc. (incorporated by reference to Exhibit 10.32 of Registration Statement on Form 10 filed by the Company on January 28, 2008).  Portions of the Contract have been omitted pursuant to a request for confidential treatment. |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.33 | Fee Letter dated May 2, 2007 with AgStar Financial Services, PCA (incorporated by reference to Exhibit 10.33 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.34 | Design-Build Agreement dated December 18, 2006 with Todd & Sargent, Inc. (incorporated by reference to Exhibit 10.34 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.35 | Master Contract dated November 21, 2006 with Iowa Department of Economic Development (incorporated by reference to Exhibit 10.35 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.36 | Employment Agreement dated January 31, 2007 with Mark Drake (incorporated by reference to Exhibit 10.36 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.37 | Letter Agreement dated July 23, 2007 with Cindy Patterson (incorporated by reference to Exhibit 10.37 of Registration Statement on Form 10 filed by the Company on January 28, 2008). |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.38 | First Amendment to Credit Agreement dated March 7, 2008 with AgStar Financial Services, PCA (incorporated by reference to Exhibit 10.38 of Amendment No. 1 to Registration Statement on Form 10  filed by the Company on March 21, 2008) . |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.39 | Amended and Restated Disbursing Agreement dated March 7, 2008 with AgStar Financial Services, PCA (incorporated by reference to Exhibit 10.39 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.40 | Promissory Note dated March 7, 2008 in favor of Commerce Bank, N.A (incorporated by reference to Exhibit 10.40 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.41 | Irrevocable Standby Letter of Credit No. S500381 made by UMB Bank, N.A., for the account of Bunge North America, Inc. in favor of Commerce Bank, N.A. dated March 10, 2008 (incorporated by reference to Exhibit 10.41 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.42 | Irrevocable Standby Letter of Credit No. 08SBLC0345 made by INTRUST Bank, N.A. for the account of ICM Inc. in favor of Commerce Bank, N.A. dated March 7, 2008 (incorporated by reference to Exhibit 10.42 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.43 | Allonge to Revolving Line of Credit Note in favor of First National Bank of Omaha dated March 7, 2008 (incorporated by reference to Exhibit 10.43 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.44 | Allonge to Revolving Line of Credit Note in favor of Cooperative Centrale Raiffeisen-Boerenleenbank, B.A., dated March 7, 2008 (incorporated by reference to Exhibit 10.44 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.45 | Allonge to Revolving Line of Credit Note in favor of Metropolitan Life Insurance Company, dated March 7, 2008 (incorporated by reference to Exhibit 10.45 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.46 | Allonge to Convertible Note in favor of First National Bank of Omaha, dated March 7, 2008 (incorporated by reference to Exhibit 10.46 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.47 | Allonge to Convertible Note in favor of Metlife Bank, N.A., dated March 7, 2008 (incorporated by reference to Exhibit 10.47 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.48 | Allonge to Convertible Note in favor of Metropolitan Life Insurance Company, dated March 7, 2008 (incorporated by reference to Exhibit 10.48 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.49 | Allonge to Convertible Note in favor of Cooperative Centrale Raiffeisen-Boerenleenbank, B.A., dated March 7, 2008 (incorporated by reference to Exhibit 10.49 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.50 | Allonge to Term Revolving Note in favor of First National Bank of Omaha, dated March 7, 2008 (incorporated by reference to Exhibit 10.50 of Amendment No. 1 to Registration Statement on Form 10  filed by the Company on March 21, 2008). |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.51 | Allonge to Term Revolving Note in favor of Cooperative Centrale Raiffeisen-Boerenleenbank, B.A., dated March 7, 2008 (incorporated by reference to Exhibit 10.51 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.52 | Allonge to Term Revolving Note in favor of Metlife Bank, N.A., dated March 7, 2008 (incorporated by reference to Exhibit 10.52 of Amendment No. 1 to Registration Statement on Form 10  filed by the Company on March 21, 2008). |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.53 | Allonge to Term Revolving Note in favor of Metropolitan Life Insurance Company, dated March 7, 2008 (incorporated by reference to Exhibit 10.53 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.54 | Allonge to Convertible Note in favor of Monumental Life Insurance Company, dated March 7, 2008 (incorporated by reference to Exhibit 10.54 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.55 | Term Revolving Note in favor of Amarillo National Bank (incorporated by reference to Exhibit 10.55 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.56 | Allonge to Term Revolving Note in favor of Amarillo National Bank, dated March 7, 2008 (incorporated by reference to Exhibit 10.56 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.57 | Convertible Note dated May 2, 2007, in favor of Amarillo National Bank (incorporated by reference to Exhibit 10.57 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.58 | Allonge to Convertible Note in favor of Amarillo National Bank, dated March 7, 2008 (incorporated by reference to Exhibit 10.58 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.59 | Revolving Line of Credit Note in favor of Amarillo National Bank (incorporated by reference to Exhibit 10.59 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.60 | Allonge to Revolving Line of Credit Note in favor of Amarillo National Bank, dated March 7, 2008 (incorporated by reference to Exhibit 10.60 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.61 | Series C Unit Issuance Agreement dated March 7, 2008 with ICM, Inc. (incorporated by reference to Exhibit 10.61 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.62 | Series E Unit Issuance Agreement dated March 7, 2008 with Bunge North America, Inc. (incorporated by reference to Exhibit 10.62 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.63 | Support Services Agreement dated January 30, 2008 with Bunge North America, Inc. (incorporated by reference to Exhibit 10.63 of Amendment No. 1 to Registration Statement on Form 10 filed by the Company on March 21, 2008). |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.64 | Amendment No. 01 dated March 9, 2007 with Iowa Department of Economic Development (incorporated by reference to Exhibit 10.2 of Form 8-K filed by the Company on June 10, 2006). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.65 | Amendment No. 02 dated May 30, 2008 with Iowa Department of Economic Development (incorporated by reference to Exhibit 10.1 of Form 8-K filed by the Company on June 10, 2006). |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.66 | Industrial Track Agreement dated as of June 18, 2008 with CBEC Railway, Inc. (incorporated by reference to Exhibit 10.1 of Form 8-K filed by the Company on June 25, 2006). |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.67 | Base Agreement dated August 27, 2008 between Southwest Iowa Renewable Energy, LLC and Cornerstone Energy, LLC (incorporated by reference to Exhibit 10.1 of Form 8-K filed by the Company on September 2, 2008). |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.68 | Lease Agreement dated December 15, 2008 with Bunge North America, Inc. (incorporated by reference to Exhibit 10.2 of Form 8-K filed by the Company on December 22, 2008). |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.69 | Ethanol Purchase Agreement dated December 15, 2008 with Bunge North America, Inc.  Portions of the Agreement have been omitted pursuant to a request for confidential treatment (incorporated by reference to Exhibit 10.3 of Form 8-K filed by the Company on December 22, 2008). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.70 | Risk Management Services Agreement dated December 15, 2008 with Bunge North America, Inc. (incorporated by reference to Exhibit 10.4 of Form 8-K filed by the Company on December 22, 2008). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.71 | Base Agreement with Cornerstone Energy, LLC d/b/a Constellation Energy dated August 27, 2008 (incorporated by reference to Exhibit 10.1 of Report on Form 8-K filed by the Registrant on September 2, 2008). |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.72 | Grain Feedstock Supply Agreement dated December 15, 2008 with AGRI-Bunge, LLC.  Portions of the Agreement have been omitted pursuant to a request for confidential treatment (incorporated by reference to Exhibit 10.1 of Form 8-K filed by the Company on December 22, 2008). |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.73 | Fifth Amendment to Credit Agreement dated August 1, 2009 by and among Southwest Iowa Renewable Energy, LLC and AgStar Financial Services, PCA; Metropolitan Life Insurance Company; MetLife Bank, N.A.; Cooperative Centrale Raiffeisen-Boerenleenbank B.A.; Amarillo National Bank; First National Bank of Omaha; Bank of the West; Monumental Life Insurance Company; M&I Marshall & Ilsley Bank (incorporated by reference to Exhibit 10.1 of Form 8-K filed by the Company on August 20, 2009). |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.74 | Second Amendment to Series C Unit Issuance Agreement dated August 1, 2009 between Southwest Iowa Renewable Energy, LLC and ICM, Inc. (incorporated by reference to Exhibit 10.2 of Form 8-K filed by the Company on August 20, 2009). |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 10.75 | Subordinated Term Loan Note made by Southwest Iowa Renewable Energy, LLC in favor of Bunge N.A. Holdings, Inc. dated effective August 26, 2009 (incorporated by reference to Exhibit 10.1 of Form 8-K filed by the Company on September 2, 2009). |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.76 | Subordinated Revolving Credit Note made by Southwest Iowa Renewable Energy, LLC in favor of Bunge N.A. Holdings, Inc. dated effective August 26, 2009 (incorporated by reference to Exhibit 10.2 of Form 8-K filed by the Company on September 2, 2009). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.77 | Employment Agreement dated August 27, 2009 between Southwest Iowa Renewable Energy, LLC and Mr. Brian T. Cahill (incorporated by reference to Exhibit 10.3 of Form 8-K filed by the Company on September 2, 2009). |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.78 | Sixth Amendment to Credit Agreement by and among Southwest Iowa Renewable Energy, LLC and AgStar Financial Services, PCA, Metropolitan Life Insurance Company, MetLife Bank, N.A., Cooperative Centrale Raiffeisen-Boerenleenbank B.A., Amarillo National Bank, First National Bank of Omaha, Bank of the West, Monumental Life Insurance Company, M&I Marshall & Ilsley Bank, dated effective December 18, 2009 (incorporated by reference to Exhibit 10.1 of Form 8-K filed by the Company on December 29, 2009). |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.79 | Fourth Amendment to Steam Service Contract by and between Southwest Iowa Renewable Energy, LLC and MidAmerican Energy Company dated effective December 1, 2009 (incorporated by reference to Form 8-K filing by the company on December 31, 2009). |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.1 | Rule 13a-14(a)/15d-14(a) Certification (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) executed by the Principal Executive Officer. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.2 | Rule 15d-14(a) Certification (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) executed by the Principal Financial Officer. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.1 | Rule 15d-14(b) Certifications (pursuant to Section 906 of the Sarbanes-Oxley Act of 2002) executed by the Principal Executive Officer. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.2 | Rule 15d-14(b) Certifications (pursuant to Section 906 of the Sarbanes-Oxley Act of 2002) executed by the Principal Financial Officer. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------|

----

|               | SOUTHWEST IOWA RENEWABLE ENERGY, LLC       |
|--------------------|--------------------------------------------|
|               |                                       |
| Date: May 11, 2010 | /s/ Brian T. Cahill                        |
|               | President and Chief Executive Officer      |
|               |                                       |
| Date: May 11, 2010 | /s/ Karen L. Kroymann                      |
|               | Controller and Principal Financial Officer |

----