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 September 30, 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 September 30, 1995 - 15,996,289

<PAGE>

PART I                   FINANCIAL INFORMATION


Item 1.                   FINANCIAL STATEMENTS

Balance Sheets                                         3 - 4

Statements of Operations                                 5

Statements of Stockholders' Equity                       6

Statements of Cash Flows                                 7

Selected Notes to Financial Statements                 8 - 9


Item 2.          MANAGEMENT'S DISCUSSIONS AND ANALYSIS
                   OF FINANCIAL CONDITION AND RESULTS
                            OF OPERATIONS              9 - 10


PART II                   OTHER INFORMATION


Item 1.  Legal Proceedings                              11

Item 5.  Other Information                              11

Item 6.  Exhibits and Reports on Form 8-K               11

<PAGE>
<TABLE>
                          HIGH PLAINS CORPORATION
                              Balance Sheets
                               (Unaudited)
                    September 30, 1995 and June 30, 1995

<CAPTION>    
                                          September 30,      June 30,
Assets                                        1995             1995    
                                           (Unaudited)          **
<S>                                        <C>            <C>
Current Assets:
  Cash                                     $   152,045    $   600,381
  Trade accounts receivable (less
    allowance of $100,000 and $110,000
    respectively)                            5,385,048      3,948,761
  Inventories                                3,717,188      2,645,277
  Current portion of long-term                          
    notes receivable                           104,992         96,691
  Prepaid expenses                             314,555        384,859     
                                           -----------    -----------
         Total current assets                9,673,828      7,675,969 
                                           -----------    -----------
  Property, plant and equipment, at cost:
    Land and land improvements                 142,283        142,283
    Ethanol plant                           73,733,991     72,387,277
    Other facilities and equipment             303,105        300,210
    Office equipment                           232,332        231,284
    Leasehold improvements                      48,002         48,002 
                                           -----------    -----------
                                            74,459,713     73,109,056   
    Less accumulated depreciation           15,498,882     14,806,417 
                                           -----------    -----------
      Net property, plant and equipment     58,960,831     58,302,639 
                                           -----------    -----------
Other assets:
  Property and equipment held for resale       798,763        798,763
  Deferred loan costs (less accumulated
  amortization of $98,786 and $65,857
  respectively)                                386,913        411,610
  Long-term notes receivable                   239,935        265,711
  Other                                         57,359         62,609 
                                           -----------    -----------        
        Total other assets                   1,482,970      1,538,693 
                                           -----------    -----------
                                           $70,117,629    $67,517,301 
                                           ===========    ===========

<FN>
See accompanying notes to financial statements.

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

<TABLE>  
                           HIGH PLAINS CORPORATION
                          Balance Sheets Continued
                               (Unaudited)
                    September 30, 1995 and June 30, 1995

<CAPTION>
                                                September 30,      June 30,
Liabilities and Stockholders' Equity                1995             1995    
                                                 (Unaudited)          **
<S>                                              <C>            <C>
Current liabilities:
  Current maturities of short-term debt          $ 1,211,052    $        -0-
  Current maturities of long-term debt             3,778 534       3,876,972 
  Accounts payable                                 3,874,516       3,796,048
  Accrued interest                                   199,059         185,163
  Accrued payroll and property taxes                 578,478         356,108 
                                                 -----------     ----------- 
       Total current liabilities                   9,641,639       8,214,291 
                                                 -----------     -----------

Long-term debt, excluding current               
  maturities                                      18,159,415      19,052,272 
                                                 -----------     -----------
Stockholders' equity:
  Common stock, $.10 par value, authorized
   50,000,000 shares; issued 15,470,947   
   shares and 15,996,299 shares at September 30,     
   1995 and June 30, 1995, respectively, of 
   which 289,770 shares were held as          
   treasury stock                                  1,599,629       1,547,095
  Additional paid-in capital                      36,328,477      34,738,760
  Retained earnings                                4,632,846       4,209,260 
                                                 -----------     -----------
                                                  42,560,952      40,495,115

  Less:
        Treasury stock - at cost                    (244,377)       (244,377)  
                                                 -----------     -----------
       Total stockholders' equity                 42,316,575      40,250,738 
                                                 -----------     -----------
                                                 $70,117,629     $67,517,301 
                                                 ===========     ===========

<FN>
See accompanying notes to financial statements.
** From audited financial statements.

</TABLE>

<PAGE>

<TABLE>
  
                          HIGH PLAINS CORPORATION
                         Statements of Operations
                               (Unaudited)
               Three Months Ended September 30, 1995 and 1994

<CAPTION>
                                         Three Months    Three Months
                                            Ended            Ended
                                         September 30,   September 30,
                                             1995            1994     
<S>                                      <C>             <C>
Net Sales                                $20,061,945     $ 8,070,925
Cost of sales                             18,715,073       7,059,988    
                                         -----------     -----------     
  Gross profit                             1,346,872       1,010,937

Selling, general and administrative
 expenses                                    306,791         341,995 
                                         -----------     -----------     
  Operating income                         1,040,081         668,942

Other income (deductions):
  Interest expense                          (623,638)            -0-
  Gain (loss) on sale of equipment               -0-          73,592
  Interest and other income                   15,645           1,363  
                                         -----------     -----------                                               
                                            (607,993)         74,955  
                                         -----------     -----------   
  Net earnings before income
   taxes                                     432,088         743,897

Income taxes                                   8,502          14,878 
                                         -----------     -----------   
  Net earnings                           $   423,586     $   729,019 
                                         ===========     ===========
Earnings per common and common
 equivalent share:
    Net Earnings (loss)                  $       .03     $       .05*
                                         ===========     ===========



<FN>
See accompanying notes to financial statements.
* Restated for comparative purposes.
</TABLE>

<PAGE>

<TABLE>
 
                          HIGH PLAINS CORPORATION
                    Statements of Stockholders' Equity
                               (Unaudited)
                  Three Months Ended September 30, 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 Income 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
======================================================================================================

                                                                                             
<FN>
See accompanying notes to financial statements.

</TABLE>

<PAGE>

<TABLE>
                          HIGH PLAINS CORPORATION
                          Statements of Cash Flows
                               (Unaudited)
              Three Months Ended September 30, 1995 and 1994
<CAPTION>
                                                          1995        1994   
-----------------------------------------------------------------------------
<S>                                                   <C>          <C>
Cash flows from operating activities:
  Net income                                          $  423,586   $  729,019
  Adjustments to reconcile net income to
   net cash provided by operating activities:
     Depreciation and Amortization                       692,465      330,528
Changes in operating assets and liabilities:
  Trade accounts receivable                           (1,436,287)    (746,544)
  Inventories                                         (1,071,911)     176,401 
  Prepaid expenses                                        70,304      273,391 
  Accounts payable                                        78,468     (332,242)
  Accrued interest                                        13,896       64,693
  Accrued payroll, taxes, and other                      222,370      (38,508)
  Current Maturities of long-term debt                   (98,438)         -0-
-----------------------------------------------------------------------------
  Net cash provided by operating activities           (1,105,547)     456,738
-----------------------------------------------------------------------------
Cash flows from investing activities:
  Acquisition of property, plant and equipment        (1,350,657)  (6,050,484)
  (Increase) Decrease in other non-current assets         29,947      (12,674)
-----------------------------------------------------------------------------
  Net cash used in investing activities               (1,320,710)  (6,063,158)
-----------------------------------------------------------------------------
Cash flows from financing activities:
  Proceeds from short-term debt                        1,211,052          -0-
  Proceeds from long-term debt                               -0-    5,825,068
  Payment on long-term debt                             (892,857)         -0-
  Proceeds from exercise of options                    1,642,251          -0-
  Payments on notes receivable                            17,475          -0-
-----------------------------------------------------------------------------
  Net cash provided by financing activities            1,977,921    5,825,068 
-----------------------------------------------------------------------------
  Increase (decrease) in cash and 
    cash equivalents                                    (448,336)     218,648 
Beginning of quarter                                     600,381      131,105
-----------------------------------------------------------------------------
  End of quarter                                      $  152,045   $  349,753
=============================================================================
                                                                          
<FN>
See accompanying notes to financial statements.

</TABLE>

<PAGE>


                          HIGH PLAINS CORPORATION
                   Selected Notes to 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 period ended
September 30, 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 September 30, 1995.

(2)  FINANCIAL ARRANGEMENTS

On July 14, 1995, the Company entered into a third amendment to the Credit
Agreement with Bank One, Indianapolis, N.A. which amended the December 30, 1993,
agreement and restated certain provisions allowing for a revolving loan to fund
working capital requirements and the issuance of standby letters of credit as
needed by the Company in its normal course of business.

Advances in amounts not to exceed in the aggregate three million dollars or
twenty-five million dollars minus the outstanding principal balance of the term
loan, may be requested by the Company.  The revolving loan interest rate is 1.5%
over Bank One prime rate.  The revolving loan matures on June 30, 1996, however,
Bank One, may at its discretion extend the maturity date from time to time.

During the three months ended September 30, 1995, the Company made advances
totaling $1,211,052 on its revolving loan.  The interest rate at September 30,
1995, was 9.7%.  In addition, on July 17, 1995,  Bank One issued on behalf of
the Company a $1,000,000 standby letter of credit for the benefit of Farmland,
Industries, Inc., pursuant to the Company's exclusive grain supply agreement.

<PAGE>

(3)  Stock Options

On July 7, 1995, 72,000 options were exercised at $8.344 per share and were
not subject to reload provisions.  In August of 1995 the following options were
exercised and granted corresponding reloads.


       Date            Exercised             Reload Options 
     -------      -------------------      ------------------
     8/14/95      14,400      $ .6076      14,400      $6.125
     8/14/95      28,800       1.8889      28,800       6.125
     8/14/95      28,800       1.4653      28,800       6.125
     8/30/95      50,000       3.3438      50,000        5.50



                MANAGEMENTS DISCUSSION AND ANALYSIS OF
             FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Item 2.

THREE MONTHS ENDED SEPTEMBER 30, 1995 and 1994

Net Sales and Operating Expenses and Results of Operations.

Net sales for the three months ended September 30, 1995 were higher than net
sales for the same period ended September 30, 1994.  During the three months
ended September 30, 1995, 12,309,160 gallons of ethanol were sold at an average
price of $1.13 per gallon, compared to 4,572,748 gallons sold during the same
period ended September 30, 1994, at an average price of $1.29 per gallon.  Lower
ethanol prices are a result of a slower than normal seasonal upward movement in
prices, which generally occurs in August and September, that did not begin to
affect pricing until October.

Cost of sales as a percentage of net sales was 93.3% and 87.5% for the three
month periods ended September 30, 1995 and 1994, respectively.  The increase in
cost of sales as a percentage of sales was due primarily to an increase in grain
feedstock costs.  For the three months ended September 30, 1995 average grain
costs increased 11.2% to $2.69 per bushel compared to $2.42 per bushel for the
same period ended September 30, 1994.

Selling, general and administrative expenses decreased 10.3% for the three
months ended September 30, 1995, compared to the same period ended September 30,
1994.  The decrease results from the reduction in selling expenses related to
the elimination of the Company's in-house marketing of its by-products.  

Net Earnings declined  41.9% for the three months ended September 30, 1995
over the same period in 1994.  The decrease in net earnings results primarily
from lower ethanol prices and higher grain feedstock prices.

<PAGE>

Liquidity and Capital Resources

The Company's primary source of funds during the first fiscal quarter of 1996
were from the exercise of options by officers and a former employee, with
proceeds totalling $1,642,251 and from advances on short-term borrowing
totalling $1,211,052.  At September 30, 1995, the Company had a working capital
surplus of $32,189.   The increase in working capital resulted from the net
effect of the proceeds from the exercise of options, an increase in trade
accounts receivable and inventories offset by an increase in short-term
borrowings.

Capital expenditures in the first three months of fiscal 1996 amounted to
$1,350,657 compared to $6,050,484, for the same period in fiscal 1995.  These
expenditures were primarily for improvements and modifications at the York,
Nebraska facility.  

In the opinion of management, funds expected to be generated from future
operations, 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.  This was due to increased competition and larger inventories carried
through the summer months.

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
programs 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.  This increase in demand, especially through the
summer months should reduce the high inventory levels experienced in previous
summers. 

<PAGE>


                                 PART II
                            OTHER INFORMATION


Item 1.  LEGAL PROCEEDINGS

No new legal proceedings were instigated during the quarter ended September
30, 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

Not applicable.


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, no reports of the Company on Form 8-K have been filed.

<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   November 13, 1995             Raymond G. Friend                    
                                     Executive Vice President  
                                     Chief Financial Officer