FORM 10-Q

		 SECURITIES AND EXCHANGE COMMISSION
		      Washington, D.C.  20549

[X]     Quarterly report pursuant to Section 13 or 15(d) of the Securities 
Exchange Act of 1934.

For the quarterly period ended December 31, 1995 or

[ ]     Transition report pursuant to Section 13 or 15(d) of the Securities 
Exchange Act of 1934

For the transition period from __________ to __________

Commission file number 1-8680

			HIGH PLAINS CORPORATION

	(Exact name of registrant as specified in its charter)

Kansas                                                      #48-0901658
(State or other jurisdiction of                             (IRS Employer
incorporation or organization)                           Identification No.)

200 W. Douglas  67202
Suite #820      (Zip Code)
Wichita, Kansas
(Address of principal
executive offices)

				 (316)269-4310
			(Registrant's telephone number)

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

	YES X           NO   

	APPLICABLE ONLY TO ISSUERS INVOLVED IN
	BANKRUPTCY PROCEEDINGS DURING THE
	PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and 
reports required to be filed by Sections 12, 13 or 15(d) of the Securities 
Exchange Act of 1934 subsequent to the distribution of securities under a 
plan confirmed by a court.

	YES             NO   

	Common Stock, Par Value $.10 per share,
	Outstanding at December 31, 1995 - 15,780,519

<PAGE>

PART I  FINANCIAL INFORMATION


Item 1. CONSOLIDATED FINANCIAL STATEMENTS

Consolidated Balance Sheets                                     3-4

Consolidated Statements of Operations                            5

Consolidated Statements of Stockholders' Equity                  6

Consolidated Statements of Cash Flows                            7

Selected Notes to Consolidated Financial Statements              8


Item 2. MANAGEMENT'S DISCUSSIONS AND ANALYSIS
       	OF FINANCIAL CONDITION AND RESULTS
	       OF OPERATIONS                                           9-12



PART II   OTHER INFORMATION



Item 1. Legal Proceedings                                       13

Item 4. Submission of Matters to a Vote of Security Holders     13

<PAGE>
<TABLE>


                          			    HIGH PLAINS CORPORATION
                                 				Balance Sheets
                                 				 (Unaudited)
                 		      December 31, 1995 and June 30, 1995

<CAPTION>
                                          						 December 31,     June 30,    
Assets                                               1995           1995    
			                                           			 (Unaudited)         **     
<S>                                              <C>             <C>
Current Assets:
  Cash                        
						                                           $ 1,478,020     $   600,381
  Trade accounts receivable (less                                  
    allowance of $100,000 and $110,000    
    respectively)                                  5,941,363       3,948,761
  Inventories                                      3,240,345       2,645,277     
  Current portion of long-term
    notes receivable                                 101,502          96,691
  Prepaid expenses                                   406,070         384,859 
	 Total current assets                            11,167,300       7,675,969   

 
Property, plant and equipment, at cost:
   Land and land improvements                        142,283         142,283 
   Ethanol plant                                  74,968,469      72,387,277 
   Other facilities and equipment                    312,846         300,210
   Office equipment                                  232,333         231,284
   Leasehold improvements                             48,002          48,002 
						  75,703,933      73,109,056
   Less accumulated depreciation                  16,197,536      14,806,417 
     Net property, plant and equipment            59,506,397      58,302,639 

Other assets:
  Property and equipment held for resale             792,263         798,763
  Deferred loan costs (less accumulated     
    amortization of $115,251 and $65,857           
    respectively)                                    362,216         411,610
  Long-term notes receivable                         213,680         265,711
  Other                                               57,360          62,609 
	Total other assets                                1,425,519       1,538,693 

                                          						 $72,099,216     $67,517,301 



<FN>
See accompanying notes to financial statements.

** From audited financial statements.
</TABLE>
<PAGE>
<TABLE>
			                           HIGH PLAINS CORPORATION
                       			   Balance Sheets, Continued
                              				 (Unaudited)
                		      December 31, 1995 and June 30, 1995

<CAPTION>
						                                          December 31,      June 30,
Liabilities and Stockholders' Equity                1995            1995    
                                          						(Unaudited)          **
<S>                                             <C>             <C>
Current liabilities:
  Current maturities of short-term debt         $ 1,261,052     $       -0-
  Current maturities of long-term debt            3,572,444       3,876,972
  Accounts payable                                5,231,236       3,796,048
  Accrued interest                                  185,191         185,163
  Accrued payroll and property taxes                612,902         356,108 
	 Total current liabilities                      10,862,825       8,214,291 


Long-term debt, excluding current
  maturities                                     17,266,807      19,052,272  
	
Stockholders' equity:
  Common stock, $.10 par value, authorized
   50,000,000 shares; issued 16,140,289 shares
   and 15,470,947 shares at December 31, 1995,
   and June 30, 1995, respectively, of which
   359,770 and 289,770 shares were held as 
   treasury stock at December 31, 1995 and          
   June 30, 1995, respectively                    1,614,029       1,547,095
  Additional paid-in capital                     36,486,564      34,738,760
  Retained earnings                               6,489,618       4,209,260 
                                          						 44,590,211      40,495,115

  Less:
    Treasury stock - at cost                       (620,627)       (244,377)

       Total stockholders' equity                43,969,584      40,250,738 

                                          						$72,099,216     $67,517,301 



<FN>
See accompanying notes to financial statements.


** From audited financial statements.
</TABLE)
<PAGE>

</TABLE>
<TABLE>
                       			    HIGH PLAINS CORPORATION
                      			    Statements of Operations
                             				  (Unaudited)
               		  Three Months Ended December 31, 1995 and 1994
               		 and Six Months Ended December 31, 1995 and 1994

<CAPTION>
                        				  Three Months Ended        Six Months Ended
                          				    December 31,              December 31,      
                         				1995            1994      1995            1994
<S>                       <C>		         <C>          <C>           <C>
Net sales and revenues    $23,594,686   $9,028,515   $43,656,631   $17,099,441
Cost of sales              20,776,632    6,195,835    39,491,705    13,208,945
     Gross profit           2,818,054    2,832,680     4,164,926     3,890,496
Selling, general and
 administrative expenses      408,490      338,908       715,281       727,783
     Operating income       2,409,564    2,493,772     3,449,645     3,162,713

Other income (deductions):      
  Interest expense           (540,593)         -0-    (1,164,231)          -0-
  Gain on sale of 
   equipment                      -0-          -0-           -0-        73,592
  Interest and other      
   income                      25,558       18,908        41,204        20,273
                    		       (515,035)      18,908    (1,123,027)       93,865	
     Net earnings before
      income taxes          1,894,529    2,512,680     2,326,618     3,256,578

Income tax expense             37,757       58,367        46,260        73,246

     Net earnings         $ 1,856,772   $2,454,313   $ 2,280,358   $ 3,183,332

Earnings per common
 and dilutive common
  equivalent share        $       .12   $      .16   $       .15   $       .21

Weighted average
 shares outstanding        16,022,106   15,884,127    15,715,761    15,489,338







<FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>

                      			   HIGH PLAINS CORPORATION
              		     Statements of Stockholders' Equity
                            				(Unaudited)
             		      Six Months Ended December 31, 1995

												 
     

<CAPTION>
              Common
	    		        Stock
							                           Additional     
              Number    Amount     Paid-in     Retained  Treasury    Total
     			     of Shares             Capital     Earnings   Stock
												 
     
<S>        <C>        <C>        <C>         <C>        <C>        <C>  
Balance,
 June 30, 
 1995      15,470,947 $1,547,095 $34,738,760 $4,209,260 $(244,377) $40,250,738
	 
Exercise of 
 options      525,342     52,534   1,589,717                         1,642,251

Net earnings 
 for the 
 quarter                                        423,586                423,586


Balance, 
 September 30,
 1995      15,996,289 $1,599,629 $36,328,477 $4,632,846 $(244,377) $42,316,575

												 
Exercise of 
 options      144,000     14,400     158,087                           172,487

Common stock
 surrender                                               (376,250)    (376,250)

Net earnings 
 for the 
 quarter                                      1,856,772              1,856,772


Balance, 
 December 31, 
 1995      16,140,289 $1,614,029 $36,486,564 $6,489,618 $(620,627) $43,969,584

												 
<FN>     
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
	
	                     		     HIGH PLAINS CORPORATION
                     			     Statements of Cash Flows
                              				 (Unaudited)
                 		 Six Months Ended December 31, 1995 and 1994
<CAPTION>
                                          						      1995            1994  
<S>                                               <C>             <C>
Cash flows from operating activities:
  Net earnings                                    $ 2,280,358     $ 3,183,332
  Adjustments to reconcile net income to
   net cash provided by operating activities:
     Depreciation and amortization                  1,440,513         657,156
     Provision for bad debt                           (10,000)              0
     (Gain) on sale of equipment                            0         (73,592)
     Payments received on notes receivables            47,220               0
  Changes in operating assets and liabilities:                          
     Trade accounts receivable                     (1,982,602)     (3,692,432)
     Short-term investments                                 0        (240,434) 
      Inventories                                    (595,068)       (532,343)
     Refundable income taxes                                0         107,825 
     Prepaid expenses                                 (21,211)        174,507
     Accounts payable                               1,435,188       1,405,340 
     Accrued liabilities                             (119,428)        200,160

									  
    Net cash provided by operating activities       2,474,970       1,189,519
									  

Cash flows from investing activities:
  Proceeds from sale of equipment                      56,500         144,685
  Acquisition of property, plant and equipment     (2,644,877)    (12,988,057)
  (Increase) decrease in other non-current 
   assets                                               5,249        (227,312)
									  

    Net cash used in investing activities          (2,583,128)    (13,070,684)
									  

Cash flows from financing activities:
  Proceeds from short-term debt                     2,261,052               0
  Payments on short-term debt                      (1,000,000)              0
  Proceeds from long-term debt                              0      12,668,328 
  Payments on long-term debt                       (2,089,993)       (595,238)
  Proceeds from exercise of stock options           1,814,738          35,478
									     
								       
    Net cash provided by financing activities         985,797      12,108,568 
									  

    Increase in cash and cash equivalents             877,639         227,403
    Cash and cash equivalents:            
	Beginning of period                                  600,381         131,105
	End of period                                    $ 1,478,020     $   358,508 
									  
<FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>




                       			    HIGH PLAINS CORPORATION
         	      Selected Notes to Consolidated Financial Statements

(1)     BASIS OF PRESENTATION

The accompanying financial statements have been prepared by High 
Plains Corporation ("Company") without audit.  In the opinion of 
management, all adjustments (which include only normally recurring 
adjustments) necessary to present fairly the financial position, 
results of operations and changes in financial position for the 
periods presented, have been made.

Certain information and footnote disclosures normally included in 
financial statements prepared in accordance with generally accepted 
accounting principals have been condensed or omitted.  The results 
of operations for the six months ended December 31, 1995 are not 
necessarily indicative of the operating results for the entire 
year.

CHANGE IN ACCOUNTING ESTIMATE

Effective July 1, 1994, the Company revised its estimate of the 
useful lives of certain production facilities, machinery and 
equipment.  Previously, these assets were in one class and 
depreciated over 20 years.  These assets have now been 
componentized and assigned estimated useful lives of 5 to 40 years. 
These revisions were made to more properly reflect the true 
economic lives of the assets and to better align the Company's 
depreciable lives with the predominant practice in the industry.  
The effect of this change was to reduce depreciation and thus 
increase net income by approximately $165,657 or $.01 per share for 
the three months ended December 31, 1995 and 1994.


(2)     STOCK OPTIONS

On October 11, 1995, 86,400 options were exercised at $.6076 per 
share, with corresponding reloads granted for 86,400 options at 
$5.625 per share.  Additionally, on October 19, 1995, 57,600 
options were exercised at $2.083 per share and were not subject to 
reload provisions.


(3)     STOCK SURRENDER

On December 1, 1995, 70,000 shares of Common Stock were surrendered 
to the Company at the then fair market value of $5.375 per share, 
by several employees.  These shares were accepted in lieu of cash, 
in satisfaction of certain employee withholding tax obligations the 
Company was required to collect as a result of compensation arising 
from the exercise of stock options in calendar 1995.

<PAGE>

              		     MANAGEMENTS DISCUSSION AND ANALYSIS OF
             		  FINANCIAL CONDITION AND RESULTS OF OPERATIONS


Item 2.
	
Six Months Ended December 31, 1995 and 1994

Net Sales and Operating Expenses.

Net sales and revenues for the six months ended December 31, 1995, 
were higher than net sales for the same period ended December 31, 1994.  
During the six months ended December 31, 1995, 26,754,314 gallons of 
ethanol were sold at an average price of $1.18 per gallon compared to 
9,415,324 gallons sold at an average price of $1.34, for the same 
period ending December 31, 1994.  Gallons sold increased 184% due to 
the increase in production resulting from the York plant operating at 
near capacity for the entire period ending December 31, 1995 compared 
to production of 1,813,339 gallons from trial production runs during 
the final construction phase in late November and December of 1994.  

Cost of sales as a percentage of net sales was 90.5% and 77.2% for the 
six month periods ended December 31, 1995, and 1994, respectively.  
The increase in the cost of sales as a percentage of net sales was 
primarily due to the increase in average grain prices and the decline 
in the average sale price for ethanol.  Average cost of grain 
increased to $2.73 per bushel for the six months ended December 31, 
1995, up from $2.24 per bushel for the same period in 1994. 

Selling, general and administrative expenses decreased 1.7% for the six 
months ended December 31, 1995, compared to the same period ended 
December 31, 1994.  This decrease is the result of the elimination of 
selling expenses related to the Company's in-house marketing of its 
by-products in fiscal 1994.


Net Earnings.

Net earnings decreased 28% for the six months ended December 31, 1995, 
compared to the same period in 1994.  Net earnings decreased from 
18.6% to 5.2% of net sales and revenues, due to the increase in cost 
of sales, combined with a decrease in revenues in the 1995 period 
compared to the same period in 1994.  Earnings per share at December 
31, 1995, were 28.5% lower than earnings per share for the same 
period in 1994 due to the decline in net earnings.

<PAGE>

MATERIAL CHANGES IN RESULTS AND OPERATIONS

Three Months Ended December 31, 1995 and 1994

Net Sales and Operating Expenses and Results of Operations.

Net sales and revenues for the three months ended December 31, 1995, 
decreased slightly compared to the same period in 1994.  During the 
quarter ended December 31, 1995, 17,520,259 gallons of ethanol were 
sold at average price of $1.21 per gallon compared to 4,842,576 
gallons sold during the same period in 1994 at an average price of 
$1.38 per gallon.  Gallons sold increased 262% due to the increase in 
production from the York plant operating at near capacity for the 
three months ended December 31, 1995 compared to production of 
1,813,339 gallons from trial production runs during the final 
construction phase in late November and December of 1994.

Cost of sales as a percentage of net sales and revenues was 88.1% and 
68.6% for the three month periods ended December 31, 1995 and 1994, 
respectively.  The increase in cost of sales as a percentage of sales 
is primarily due to an increase in the cost of grain and the decline 
in the average sale price for ethanol.  The average cost of grain 
increased 34.1% to $2.79 per bushel for the three months ended 
December 31, 1995, up from $2.08 per bushel for the same period ended 
December 31, 1994.

Selling, general and administrative expenses increased 20.5% for the 
three months ended December 31, 1995, compared to the period ended 
December 31, 1994.  The increase was primarily the net effect of a 
decrease in selling expenses related to the elimination of the 
Company's in-house marketing of its DDG's and solubles in fiscal 1994 
and increases in administrative overhead related to the York plant 
operations.

Net Earnings.

Net earnings declined 24.3% for the three months ended December 31, 1995 
from the prior period in 1994.  Net earnings decreased from 27.2% to 
7.9% of net sales, due to the decline in gross profit in the 1995 
period compared to the 1994 level.  Earnings per share for the three 
months ended December 31, 1995 decreased 25% compared to earnings per 
share for the three months ending December 31, 1994, as a result of 
the decrease in net earnings.

<PAGE> 



Liquidity and Capital Resources

The Company's primary sources of funds during the last fiscal quarter 
were advances totaling $2,261,052 on it's revolving loan with Bank 
One, Indianapolis, N.A.  and cash flow from operations.  At December 
31, 1995, the Company had a working capital of $304,475 compared to a 
working capital deficit of $(538,322) at June 30, 1995.  The increase 
in the working capital was primarily as a result of an increase in 
trade accounts receivables.

Cash flow from operating activities amounted to $2,474,970 in the first 
six months of fiscal 1995 compared to $1,189,519 for the same period 
in fiscal 1994.  The increase in cash flow was a result of the 
increase in trade accounts receivables.

Capital expenditures in the first six months of fiscal 1995 amounted to 
$2,644,877 compared with $12,988,057 for the same period in fiscal 
1994.  These expenditures were made for minor modifications and 
completion of the facility in York, Nebraska.  This facility was 
virtually complete and operational at December 31, 1994.   

In the opinion of management, funds expected to be generated from future 
operations and the Company's ability to rely upon future secured 
borrowings will provide adequate liquidity for the foreseeable 
future.  The Company may, however, issue debt and equity securities 
as additional sources of financing as needed.


Seasonality 

Ethanol prices on products sold into oxygen markets, mandated under the 
Federal Oxygen Program did not begin their seasonal increase until 
early October due to increased competition and larger inventories 
carried through the summer months.  However, upward price movements 
leveled off below price levels experienced for the same period in 
fiscal 1994 due to these same factors.

Beginning in March, 1996, the Company anticipates demand for ETBE, a low 
vapor pressure oxygenate, to increase in response to Federal and 
State air quality program requiring gasoline fuels to have a low 
vapor pressure.  Consequently, it is anticipated that ethanol, a 
major component of ETBE will experience a similar increase in demand.

Additionally, the Company believes that the upcoming summer months will 
experience stronger ethanol prices compared to previous summers due 
to indications from competitors of plans for reduced ethanol 
production and from the anticipated stronger ethanol demand discussed 
above.

<PAGE>

Future Operating Results

The Company has continued to forward contract for its anticipated feedstock
requirements to minimize the effect of rising grain prices.  At this time,
the Company has forward contracted for approximately 80% of its expected
grain requirements through May, 1997, at price levels which should allow
the Company to operate profitably.  The Company's DDG prices historically
have moved in the same direction as grain prices, and accordingly are now
providing the Company with additiional revenue.  Higher DDG prices have
made it possible for the Company to cover approximately 40% of the grain
cost increases.

As grain prices continue to rise, the Company is evaluating on an ongoing
basis, profit margins at 100% of plant production capacities versus reduced
production levels which would not exceed the forward contracted grain
supplies.  Due to uncertainties in the price movement of grain feedstock
and ethanol, future trends for revenues and profitability are difficult to
predict.  Should the Company determine that gross profitability would be
positively impacted by avoiding cash grains prices on the remaining grain
requirements not covered under forward contracts, the Company may option
to temporarily produce below plant capacities.

<PAGE>

                              				  PART II
                       			    OTHER INFORMATION

Item 1.  LEGAL PROCEEDINGS

No new legal proceedings were instigated during the quarter ended December 
31, 1995 which would be considered other than in the ordinary course of the 
Company's business.


Item 2.  CHANGES IN SECURITIES

Not applicable.


Item 3.  DEFAULTS UPON SENIOR SECURITIES

Not applicable.


Item 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The Company held its Annual Meeting of Stockholders on November 17, 1995.  
The meeting involved the election of two directors, Daniel O. Skolness, and 
H.T. Ritchie.
<TABLE>
	Voting results:
<CAPTION>
                                                        								      BROKER
              		    FOR           AGAINST         ABSTENTIONS        NONVOTES 
<S>              <C>              <C>                 <C>               <C> 
D.O. Skolness    11,489,770       126,424             -0-               -0-
H.T. Ritchie     11,488,378       127,816             -0-               -0-

</TABLE>
The following details the issues which were presented to stockholders for 
vote and the results of that vote at the aforementioned annual meeting:
 
(1)     Approve the adoption of an Employee Stock Purchase Plan for key 
       	managment employees.

(2)     Ratify the appointment of Allen, Gibbs & Houlik, LC as the Company's 
       	independent public accountants.

<TABLE>
<CAPTION>
                                                        								      BROKER
  RESULTS           FOR          AGAINST         ABSTENTIONS         NONVOTES   
    <S>         <C>              <C>               <C>               <C> 
    (1)         10,553,655       931,689           130,850           2,497,292
							
    (2)         11,485,928        72,732            57,534           2,497,382
</TABLE>

<PAGE>



Item 5.  OTHER INFORMATION

None.


Item 6.  EXHIBITS AND REPORTS ON FORM 8-K

    	a)  Exhibit 27-1  Financial Data Schedule
	
	    b)  Reports on Form 8-K.  During the quarter for which this 
	        report is filed, the Company filed a Form 8-K on November 10, 1995.

<PAGE>



                              				 SIGNATURES


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

HIGH PLAINS CORPORATION



Date February 9, 1996                              /s/Raymond G. Friend
	                                          					      Executive Vice President
                                          						      Chief Financial Officer