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, 1997 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, 1997 - 15,985,444


<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 - 11


PART II                     OTHER INFORMATION


Item 1.  Legal Proceedings                                            12

Item 5.  Other Information                                            12

Item 6.  Exhibits and Reports on Form 8-K                           12 - 13


<PAGE>
<TABLE>

                          HIGH PLAINS CORPORATION
                               Balance Sheets
                                 (Unaudited)
                     September 30, 1997 and June 30, 1997

<CAPTION>    
                                                September 30,     June 30,
Assets                                              1997            1997
                                                 (Unaudited)         **
<S>                                              <C>             <C>
Current Assets:
        Cash and cash equivalents                $ 1,585,654     $ 2,389,758
  Accounts Receivable            
    Trade (less allowance of $75,000)              5,561,024       4,102,173
    Production credits and incentives                751,297       1,536,541
  Inventories                                      3,211,336       4,246,783
  Current portion of long-term                          
    notes receivable                                 120,303         117,417
  Prepaid expenses                                   600,195         309,350
  Refundable income tax                                  -0-         145,328     
         Total current assets                     11,829,809      12,847,350 

  Property, plant and equipment, at cost:
    Land and land improvements                       323,496         323,496
    Ethanol plants                                86,431,195      85,055,215
    Other equipment                                  451,742         393,683
    Office equipment                                 210,608         202,135
    Leasehold improvements                            48,002          48,002 
                                                  87,465,043      86,022,531   
    Less accumulated depreciation                (21,289,526)    (20,444,381)
      Net property, plant and equipment           66,175,517      65,578,150 

Other assets:
  Equipment held for resale                          422,753         427,432
  Deferred loan costs (less accumulated
  amortization of $16,581 and $10,857,
  respectively)                                       97,900         103,623
  Long-term notes receivable, less current   
  portion                                             10,562          41,742
  Other                                               76,235          76,235 
        Total other assets                           607,450         649,032 

                                                 $78,612,776     $79,074,532 


<FN>
See accompanying notes to financial statements.

** From audited financial statements.

</TABLE>
<PAGE>
<TABLE>


                               HIGH PLAINS CORPORATION
                               Balance Sheets Continued
                                     (Unaudited)
                         September 30, 1997 and June 30, 1997

<CAPTION>
                                                September 30,     June 30,
Liabilities and Stockholders' Equity                1997            1997    
                                                (Unaudited)          **
<S>                                              <C>            <C>
Current liabilities:
  Revolving lines-of-credit                      $ 6,200,000    $ 6,200,000
  Current maturities of capital lease                                       
      obligations                                    515,644        519,384
  Accounts payable                                 3,993,098      5,114,452
  Accrued interest                                   287,401        298,551
  Accrued payroll and property taxes                 558,408        644,846 
       Total current liabilities                  11,554,551     12,777,233 


Revolving line-of-credit                           7,150,000      7,700,000
Long-term debt, excluding current               
  maturities                                       2,376,136      2,500,014
Other                                                448,188        441,109 
                                                   9,974,324     10,641,123  

Stockholders' equity:
  Common stock, $.10 par value, authorized
    50,000,000 shares; issued 16,396,622   
    shares at September 30, 1997 and June
    30, 1997, of which 411,178 shares were
    held as treasury stock at September 30,
    1997 and June 30, 1997                         1,639,662      1,639,662
  Additional paid-in capital                      37,387,203     37,348,072
  Retained earnings                               19,134,508     17,763,627 
                                                  58,161,373     56,751,361

  Less:
    Treasury stock - at cost                        (863,911)      (863,911)
    Deferred compensation                           (213,561)      (231,274)
     Total Stockholders' equity                   57,083,901     55,656,176 

                                                 $78,612,776    $79,074,532 


<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, 1997 and 1996



<CAPTION>
                                                  Three Months  Three Months
                                                      Ended         Ended
                                                  September 30,  September 30,
                                                      1997           1996     
    
<S>                                               <C>             <C>
Net sales and revenues                            $22,570,837     $ 1,339,233
Cost of products sold                              20,506,099       2,567,568 
  Gross profit                                      2,064,738      (1,228,335)

Selling, general and administrative
 expenses                                             450,128         313,177 
  Operating income (loss)                           1,614,610      (1,541,512)

Other income (expense):
  Interest and other income                            30,937          67,022
  Interest expense                                   (342,588)       (395,358)
  Loss on sale of equipment                               -0-          (5,906)
                                                     (311,651)       (334,242)

  Net earnings (loss) before income
   taxes                                            1,302,959      (1,875,754)

Income tax benefit                                     67,922          37,515 
  
  Net earnings (loss)                             $ 1,370,881     $(1,838,239)


Earnings per common and dilutive common
 equivalent share:
      Net earnings (loss)                         $       .09     $      (.11)



<FN>
See accompanying notes to financial statements.


</TABLE>
<PAGE>
<TABLE>



                                                          HIGH PLAINS CORPORATION
                                                      Statement of Stockholders' Equity
                                                                (Unaudited)
                                                    Three Months Ended September 30, 1997

                                                                                                                       
<CAPTION>

                     
                        Common Stock
                                                Additional
                        Number                   Paid-in       Retained      Treasury       Deferred         
                       of Shares     Amount      Capital       Earnings       Stock       Compensation     Total
                                                                                                                       
<S>                   <C>         <C>          <C>           <C>           <C>            <C>           <C>
Balance,
 June 30, 1997        16,396,622  $ 1,639,662  $ 37,348,072  $ 17,763,627  $ (863,911)    $ (231,274)   $ 55,656,176

Amortization of
 deferred
 compensation                                                                                 17,713          17,713

Compensation
 expense on stock
 options granted                                     39,131                                                   39,131            

Net Earnings for
 the Quarter                                                 $  1,370,881                                  1,370,881 


Balance,
 September 30, 1997   16,396,622  $ 1,639,662  $ 37,387,203  $ 19,134,508  $ (863,911)    $ (213,561)   $ 57,083,901      


<FN>
See accompanying notes to financial statements.


</TABLE>
<PAGE>
<TABLE>


                                      HIGH PLAINS CORPORATION
                                      Statements of Cash Flows
                                            (Unaudited)
                            Three Months Ended September 30, 1997 and 1996
<CAPTION>
                                                        1997          1996   
<S>                                                 <C>           <C>
Cash flows from operating activities:
  Net earnings (loss)                               $ 1,370,881   $(1,838,239)
  Adjustments to reconcile net earnings (loss) to
   net cash provided by operating activities:
     Depreciation and amortization                      850,868       705,125
     Amortization of deferred compensation               17,713         5,887
     Compensation expense on stock options
      granted                                            39,131           -0-
     Payments received on notes receivable               28,294        25,675
Changes in operating assets and liabilities:
  Accounts receivable                                  (673,607)      (13,833)
  Inventories                                         1,035,447        62,211 
  Refundable income tax                                 145,328           -0-
  Prepaid expenses                                     (290,845)   (2,233,252)
  Accounts payable                                   (1,121,354)    2,829,568
  Estimated contract commitments                            -0-      (463,884)
  Accrued liabilities                                   (97,589)      (48,016)
                                                                          
  Net cash provided by operating activities           1,304,267      (968,758)
                                                                          
Cash flows from investing activities:
  Proceeds from sale of equipment                         4,679           -0-
  Acquisition of property, plant and equipment       (1,442,512)   (2,124,642)
  Increase in other non-current assets                      -0-       (69,738)
                                                                          
  Net cash used in investing activities              (1,437,833)   (2,194,380)
                                                                          
Cash flows from financing activities:
  Payment on revolving line-of-credit                  (550,000)          -0-
  Payments on capital lease obligations                (127,619)          -0-
  Payment on long-term debt                                 -0-    (4,898,308)
  Proceeds from exercise of options                         -0-       240,754
  Increase in other non-current liabilities               7,079         8,022
                                                                          
  Net cash provided by financing activities            (670,540)   (4,649,532)
                                                                          
  Decrease in cash and cash equivalents                (804,104)   (7,812,670)   

Cash and cash equivalents:
Beginning of quarter                                  2,389,758     8,889,246
  End of quarter                                    $ 1,585,654   $ 1,076,576
                                                                          

<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, 1997 are not 
necessarily indicative of the operating results for the entire year.


(2)  Stock Options

The Company granted the following stock options during the quarter 
ended September 30, 1997:

<TABLE>
<CAPTION>
                                                           Exercise
                 Date                Options                 Price   
               <C>                   <C>                    <C>
               08/01/97              14,000                 $1.50
               09/25/97              25,000                 $3.8125
               09/26/97              15,000                 $3.8750
</TABLE>

(3)  Stock-Based Compensation

As part of a retirement benefit package for the former President and 
Chairman of the Board, the company agreed to a one time grant, on 
August 1, 1997, of 14,000 non-qualified stock options at an exercise 
price equal to one-half of the lowest closing price achieved by the 
Company's stock between May 1, 1997 and August 1, 1997.  As noted 
above, these options were granted at the exercise price of $1.50 per 
share.  These options were accounted for under FAS 123, resulting in 
$39,131 in compensation expense for the quarter ended September 30, 
1997.  The Company continues to account for stock-based compensation 
for employees using the intrinsic value method prescribed in APB No. 
25.  Accordingly, compensation cost for stock options is measured as 
the excess, if any, of the quoted market price of the Company's stock 
at the date of grant over the amount an employee must pay to acquire 
the stock.

Had compensation cost for all the stock-based compensation been determined 
based on the fair value grant date, consistent with the provisions of 
FAS 123, the Company's net earnings and earnings per share above would 
have been reduced to the proforma amounts below:

<PAGE>
<TABLE>
<CAPTION>
    For the quarters ending                
     September 30,                            1997             1996   

    <S>                                    <C>             <C>
    Net earnings (loss)                    
     As reported                           $1,370,881      $(1,838,239)
     Pro forma                              1,240,957       (1,989,945)

    Earnings (loss) per share:
     As reported                           $      .09      $      (.11)
     Pro forma                                    .08             (.12)

</TABLE>

(4)  Net Income Per Share

The net income per share for the three months ended September 30, 1997 and 
1996 has been calculated based on 16,051,411 and 15,988,379 weighted 
average shares outstanding, respectively.  The Company does not present 
a fully diluted earnings per share amount as options outstanding at 
September 30, 1997 do not dilute per share amounts by 3% or more.


Part I

                       MANAGEMENTS DISCUSSION AND ANALYSIS OF
                   FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Item 2.


Forward-looking Statements

Forward-looking statements in this Form 10-Q, future filings including but 
not limited to, the Company's annual 10K, Proxy Statement, and 8K 
filings by the Company with the Securities and Exchange Commission, the 
Company's press releases and oral statements by authorized officers of 
the Company are intended to be subject to the safe harbor provisions of 
the Private Securities Litigation Reform Act of 1995.  Investors are 
cautioned that all forward-looking statements involve risks and 
uncertainty, including without limitation, the risk of a significant 
natural disaster, the inability of the Company to ensure against 
certain risks, the adequacy of its loss reserves, fluctuations in 
commodity prices, change in market prices or demand for motor fuels and 
ethanol, legislative changes regarding air quality, fuel specifications 
or incentive programs, as well as general market conditions, 
competition and pricing.  The Company believes that forward-looking 
statements made by it are based upon reasonable expectations.  However, 
no assurances can be given that actual results will not differ 
materially from those contained in such forward-looking statements.  
The words "estimate", "anticipate", "expect", "predict", "believe" and 
similar expressions are intended to identify forward-looking 
statements.

<PAGE>


THREE MONTHS ENDED SEPTEMBER 30, 1997 and 1996

Net Sales and Revenues and Operating Expenses and Results of 
Operations.

Net sales and revenues for the three months ended September 30, 1997 were 
higher than net sales and revenues for the same period ended September 
30, 1996.  During the three months ended September 30, 1997, 12.6 
million gallons of fuel grade ethanol were sold at an average price of 
$1.13 per gallon, compared to 1.0 million gallons sold during the same 
period ended September 30, 1996, at an average price of $1.19 per 
gallon.  Industrial grade ethanol sold during the three months ended 
September 30, 1997 totaled .84 million gallons at an average price of 
$1.31 per gallon.  The York facility had not been retrofitted for the 
production of industrial grade ethanol as of the quarter ended 
September 30, 1996.  Higher net sales and revenues were a direct result 
of the prior year's temporary shutdown of the Company's production 
facilities.  At the York Plant there was no production for the entire 
period ended September 30, 1996 and on a very limited basis in the 
month of September 1996 for the Colwich Plant.

Cost of products sold as a percentage of net sales and revenues was 90.9% 
and 191.7% for the three month periods ended September 30, 1997 and 
1996, respectively.  The decrease in cost of products sold as a 
percentage of net sales and revenues was due to the Company operating 
its production facilities at normal capacity during the period ended 
September 30, 1997 compared to the limited production noted above for 
the same period ended September 30, 1996. 

Selling, general and administrative expenses increased 43.7% for the three 
months ended September 30, 1997, compared to the same period ended 
September 30, 1996.  This increase is a result of a return to normal 
staffing during the period ended September 30, 1997 compared to minimal 
staffing during the temporary shutdown of the plants for the period 
ended September 30, 1996.

Net earnings increased from (137.3%) as a percentage of sales for the 
three months ended September 30, 1996 to net earnings of 6.1% as a 
percentage of sales for the same period ended September 30, 1997.  The 
increase in net earnings as a percentage of sales results primarily 
from normal operations at both production facilities during the period 
ending September 30, 1997 compared to the temporary suspension of 
operations at the York Plant and the re-opening of the Colwich Plant in 
mid-September 1996.
  
<PAGE>


Liquidity and Capital Resources

The Company's primary source of funds during the first fiscal quarter of 
1998 was cash flow from operations.  At September 30, 1997, the Company 
had a working capital surplus of $275,258.  Working capital increased 
compared to the June 30, 1997 surplus of $70,117.  This increase is the 
net effect of a decrease in inventories, increase in accounts 
receivables and the decrease in trade payables.

Capital expenditures in the first three months of fiscal 1998 amounted to 
$1.4 million compared to $2.1 million, for the same period in fiscal 
1997.  these expenditures were primarily for modifications at the York, 
Nebraska plant.

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

Currently, concerns over possible increases in grain export levels have 
allowed exchange-traded grain futures to remain stronger than normal in 
spite of the anticipation of a large corn crop.  However, cash grain 
prices have decreased with the onset of the autumn harvest compared to 
the high price levels that occurred for most of last fiscal year.  As 
autumn harvest continues and the actual grain production is determined, 
the Company believes that grain prices will trend lower in response to 
the anticipated near record corn crop.

The Company believes on hand inventory levels of finished ethanol are at 
historically typical levels.  Most plants have been operating for 
approximately a year since the high grain prices of 1996 curtailed 
production.

A seasonal increase in demand for ethanol resulting from the Federal 
Wintertime Oxygen Program is once again occurring.  Along with the 
September startup of the program, the industry has experienced both a 
significant increase in fuel ethanol demand and a price increase of 
about $.10 per gallon.  There have been no material changes in the 
scope of the Federal Oxygen Program, so production volume and demand 
are expected to be similar to last year's program.

<PAGE>


PART II
                             OTHER INFORMATION


Item 1.  LEGAL PROCEEDINGS

No new legal proceedings were instigated during the quarter ended September 
30, 1997 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.  SUBSEQUENT EVENTS.

Subsequent to September 30, 1997 the Company resolved all on-going lawsuits 
between itself and Commodity Specialist Company.  In addition, the Company 
reached a compromised settlement with Summit Resource Management, Inc.  The 
Company believes that the resolution of these suits does not have a material 
adverse effect on the Company's financial condition.


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 the following Form 8-K's:           

      July 31, 1997          Announcement of material improvement to 
                             quality of industrial grade ethanol 
                             produced

      September 10, 1997     Company announced fiscal year end earnings
                             and earnings per share at June 30, 1997


<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 12, 1997                                 s/Raymond G. Friend
                                                         President
                            

<PAGE>