EXHIBIT 10.29


                              EMPLOYMENT AGREEMENT

         THIS AGREEMENT is made effective as of June 16, 1999 by and between
John D. Johnson (hereafter "Johnson") and Cenex Harvest States Cooperatives, a
Minnesota cooperative corporation (together with all affiliates, the "Company").

         WHEREAS, Johnson is an integral part of the Company's management; and

         WHEREAS, the Company is contemplating the possible full consolidation
         of its business with the business of Farmland Industries, Inc. through
         a merger or other similar transaction (the "Consolidation") and desires
         to assure both itself and Johnson of continuity in the event of the
         Consolidation;

         NOW, THEREFORE, it is hereby agreed to by and between the parties as
         follows:

1.       Employment

         The Company hereby agrees to and does hereby employ Johnson as
         President and General Manager, and Johnson hereby agrees to accept
         employment with the Company as President and General Manager, for the
         period set forth in Paragraph 2 below (the period of employment) upon
         the other terms and conditions set forth in this Agreement. It is
         understood that the Company or its successor may appoint Johnson to a
         different position, and that Johnson may accept such a position,
         subject to the other terms and conditions set forth in this Agreement.

2.       Period of Employment; Termination of Agreement

         The period of employment shall commence on the date of this Agreement
         and, subject to the provisions of Paragraphs 5 and 6 below, shall
         continue for a rolling three (3) year period, provided that Johnson's
         employment may be earlier terminated by either party subject to the
         rights and obligations of the parties set forth herein.

3.       Performance

         Throughout the period of employment, Johnson agrees to devote his full
         time and attention during normal business hours to the business of the
         Company, except for earned vacations and except for illness or
         incapacity.

4.       Compensation

         (a)      For all services to be rendered by Johnson in any capacity
                  during the period of employment, Johnson shall be paid as
                  annual compensation a base salary of at least $575,000. The
                  Board will annually review Johnson's annual compensation and


                                       1
<PAGE>


                  determine what is appropriate for a cost of living increase,
                  merit increase, and/or increase in responsibilities or duties.

         (b)      During the term of his employment hereunder, Johnson shall be
                  eligible to participate in all of the Company's variable pay
                  programs. Johnson shall further be entitled to any additional
                  employee benefits separately made available to him from time
                  to time by the Board in its discretion.

         (c)      The Company shall bear such ordinary and necessary business
                  expenses incurred by Johnson in performing his duties
                  hereunder as the Company determines from time to time,
                  provided that Johnson accounts promptly for such expenses to
                  the Company in the manner prescribed from time to time by the
                  Company.

5.       Termination with Severance Allowance

         (a)      Termination by the Company Not for Cause. In the event of
                  termination of the employment of Johnson by the Company during
                  the period of employment for any reason other than for cause,
                  as defined in paragraph 6(a), death or disability, the Company
                  shall:

                  (i) pay Johnson a severance allowance in the amount of 2.99
                  times the greater of

                                  (A) his then-current base salary plus
                           short-term and long-term target bonus ("Target
                           Bonus"), or

                                      (B) the amount payable in base salary plus
                           Target Bonus for calendar year 1999;

                  (ii) continue his family health insurance for one (1) year;

                  (iii) continue his family health insurance thereafter up to
                  age 65 (or any revised age for Medicare eligibility), upon
                  Johnson's payment of the retiree premium rate, except for any
                  period during which Johnson is eligible for coverage, without
                  any exclusions for preexisting conditions, through another
                  employee group plan; and

                  (iv) continue his existing executive perquisites for a period
                  of three (3) years.

         Said severance allowance shall be in lieu of all other severance
         payable to Johnson under Company severance policies.

         (b)      Termination by Johnson if the Consolidation is closed on or
                  before December 31, 2000. If the Consolidation is closed on or
                  before December 31, 2000; and if (i) Johnson is not offered
                  the position of Chief Executive Officer of the Company or its
                  successor on or before June 1, 2001, or (ii) the Company or
                  its successor names


                                       2
<PAGE>


                  someone other than Johnson as its new Chief Executive Officer;
                  and if Johnson thereafter resigns his employment on or before
                  June 1, 2002, the Company shall:

                  (i) pay Johnson a severance allowance in the amount of 1.99
                  times the greater of

                                  (A) his then-current base salary plus Target
                           Bonus, or

                                      (B) the amount payable in base salary plus
                           Target Bonus for calendar year 1999;

                  (ii) continue his family health insurance for one (1) year;

                  (iii) continue his family health insurance thereafter up to
                  age 65 (or any revised age for Medicare eligibility), upon
                  Johnson's payment of the retiree premium rate, except for any
                  period during which Johnson is eligible for coverage, without
                  any exclusions for preexisting conditions, through another
                  employee group plan; and

                  (iv) continue his existing executive perquisites for a period
                  of two (2) years.

         Said severance allowance shall be in lieu of all other severance
         payable to Johnson under Company severance policies.

         (c)      Termination by Johnson if the Consolidation is not closed on
                  or before December 31, 2000. If the Consolidation is not
                  closed on or before December 31, 2000 and Johnson is not
                  offered the position of Chief Executive Officer of the Company
                  on or before December 31, 2000, this shall be deemed an event
                  of termination without cause. In that event, the Company
                  shall:

                  (i) pay Johnson a severance allowance in the amount of 2.99
                  times the greater of

                          (A) his then-current base salary plus Target Bonus,
                  or

                               (B) the amount payable in base salary plus Target
                  Bonus for calendar year 1999;

                  (ii) continue his family health insurance for one (1) year;

                  (iii) continue his family health insurance thereafter up to
                  age 65 (or any revised age for Medicare eligibility), upon
                  Johnson's payment of the retiree premium rate, except for any
                  period during which Johnson is eligible for coverage, without
                  any exclusions for preexisting conditions, through another
                  employee group plan; and

                  (iv) continue his existing executive perquisites for a period
                  of three (3) years.


                                       3
<PAGE>


         Said severance allowance shall be in lieu of all other severance
         payable to Johnson under Company severance policies.

         (d)      Additional Payments. In the event that Johnson becomes
                  entitled to payments under paragraph 5(a), 5(b), or 5(c) of
                  this Agreement, the Company shall cause its independent
                  auditors promptly to review, at the Company's sole expense,
                  the applicability of Section 4999 of the Code to such
                  payments. If such auditors shall determine that any payment or
                  distribution of any type by the Company to Johnson or for his
                  benefit, whether paid or payable or distributed or
                  distributable pursuant to the terms of this Agreement or
                  otherwise (the "Total Payments"), would be subject to the
                  excise tax imposed by Section 4999 of the Code, or any
                  interest or penalties with respect to such excise tax (such
                  excise tax, together with any such interest and penalties, are
                  collectively referred to as the "Excise Tax"), then Johnson
                  shall be entitled to receive an additional cash payment (a
                  "Gross-Up Payment") within 30 days of such determination equal
                  to an amount such that after payment by Johnson of all taxes
                  (including any interest or penalties imposed with respect to
                  such taxes), including any Excise Tax, imposed upon the
                  Gross-Up Payment, Johnson would retain an amount of the
                  Gross-Up Payment equal to the Excise Tax imposed upon the
                  Total Payments. For purposes of the foregoing determination,
                  Johnson's tax rate shall be deemed to be the highest statutory
                  marginal state and Federal tax rate (on a combined basis)
                  (including Johnson's share of F.I.C.A. and Medicare taxes)
                  then in effect. If no determination by the Company's auditors
                  is made prior to the time a tax return reflecting the Total
                  Payments is required to be filed by Johnson, he will be
                  entitled to receive a Gross-Up Payment calculated on the basis
                  of the Total Payments reported by Johnson in such tax return,
                  within 30 days of the filing of such tax return. In all
                  events, if any tax authority determines that a greater Excise
                  Tax should be imposed upon the Total Payments than is
                  determined by the Company's independent auditors or reflected
                  in Johnson's tax return pursuant to this Section 6, Johnson
                  shall be entitled to receive the full Gross-Up Payment
                  calculated on the basis of the amount of Excise Tax determined
                  to be payable by such tax authority from the Company within 30
                  days of such determination.

         (e)      Request and Release. In order to obtain the severance
                  allowance provided for in this Agreement, Johnson must submit
                  a request for severance and must sign a complete release of
                  all claims. The Company shall have no obligation to pay any
                  severance allowance unless and until Johnson shall have
                  submitted the request for severance and signed a full and
                  complete release of all claims, to be drafted by Legal Counsel
                  for the Company.

6.       Termination without Severance Allowance

         (a)      Termination by the Company for Cause. The Company may
                  terminate Johnson's employment for cause without incurring
                  further obligation. For the purpose of this Agreement,
                  termination of Johnson's employment shall be deemed to have
                  been for cause only:


                                       4
<PAGE>


                  (i)      if termination of Johnson's employment shall have
                           been the result of an act or acts of fraud, theft or
                           embezzlement on the part of Johnson which, if
                           convicted, would constitute a felony and which
                           results or which is intended to result directly or
                           indirectly in gain or personal enrichment of Johnson
                           at the expense of the Company; or

                  (ii)     if termination of Johnson's employment results from
                           Johnson's willful and material misconduct, including
                           willful and material failure to perform his duties,
                           and Johnson has been given written notice by the
                           Board of Directors with respect to such and Johnson
                           does not cure within a reasonable time; or

                  (iii)    if there has been a breach by Johnson during the
                           period of employment of the provisions of Paragraph 3
                           above, relating to the time to be devoted to the
                           affairs of the Company, and with respect to any
                           alleged breach of Paragraph 3 hereof, Johnson shall
                           have substantially failed to remedy such alleged
                           breach within thirty days from Johnson's receipt of
                           notice from the Board of Directors.

         (b)      Nonrenewal of Agreement. Except as otherwise provided in
                  paragraph 5(b) and/or 5(c) above, the Company may elect not to
                  renew this Agreement, and thereby to terminate Johnson's
                  employment hereunder without any severance obligations, upon
                  at least three (3) years' prior written notice to Johnson.

         (c)      Termination by Johnson. Johnson shall have the right to
                  terminate his employment in his sole discretion, with or
                  without cause, by providing thirty (30) days notice of his
                  intent to resign. Except as otherwise provided in paragraph
                  5(b) and/or 5(c) above, Johnson shall in that event receive no
                  further compensation or severance allowance.

         (d)      Death. In the event of Johnson's death during the period of
                  employment, the legal representative of Johnson shall be
                  entitled to the base or fixed salary provided for in Paragraph
                  4(a) above for the month in which death shall have occurred,
                  at the rate being paid at the time of death, and the period of
                  employment shall be deemed to have ended as of the close of
                  business on the last day of the month in which death shall
                  have occurred but without prejudice to any benefits, such as
                  life insurance, otherwise due in respect of Johnson's death.

         (e)      Disability

                  (i)      In the event of Johnson's disability during the
                           period of employment, Johnson shall be entitled to an
                           amount equal to the base or fixed salary provided for
                           in Paragraph 4(a) above, at the rate being paid at
                           the time of the commencement of disability, for the
                           period of such disability but not in


                                       5
<PAGE>


                           excess of twelve (12) months from the beginning of
                           the period that establishes such disability, as
                           described in Paragraph 6(e)(iii) below.

                  (ii)     The amount of any payments due under Paragraph
                           6(e)(i) shall be reduced by any payments to which
                           Johnson may be entitled for the same period because
                           of disability under any disability or pension plan of
                           the Company or of any division, subsidiary, or
                           affiliate thereof, or as the result of workers'
                           compensation or nonoccupational disability payments
                           received from any government entity.

                  (iii)    The term "Disability" as used in this Agreement,
                           shall mean an illness or accident occurring during
                           the period of employment which prevents Johnson from
                           performing the essential functions of his job under
                           this Agreement, with reasonable accommodations (as
                           defined by federal and Minnesota disability laws),
                           for a period of six consecutive months. The period of
                           employment shall be deemed to have ended as of the
                           close of business on the last day of such six-month
                           period but without prejudice to any payments due
                           Johnson from any disability policy or disability
                           insurance.

7.       Transaction Incentive

         If the Company and Farmland Industries, Inc. complete the Consolidation
         prior to December 31, 2000, and Johnson has not by then resigned or
         been terminated for cause, Johnson shall become entitled to a
         Transaction Incentive payment in the amount of his base salary plus
         Target Bonus for calendar year 1999. In the event that Johnson's
         employment is terminated by death or disability after the
         Consolidation, Johnson or his estate shall be paid the full Transaction
         Incentive. In the event that Johnson's employment is terminated by
         death or disability prior to the Consolidation, Johnson, his estate or
         any beneficiary designated by Johnson shall be entitled to a partial
         Transaction Incentive, prorated for the period of his employment
         between May 1, 1999 and the closing of the Consolidation. (For example,
         if Johnson is terminated for one of these reasons on November 30, 1999
         and the Consolidation occurs on June 1, 2000, Johnson or his estate
         would be entitled to 7/13 of Transaction Incentive.) The Transaction
         Incentive shall be paid on or before January 31, 2001.

8.       Noncompetition

         Executive agrees that during the term of his employment and thereafter
         for a period of two (2) years, Executive will not directly or
         indirectly engage in or carry on a business that is in direct
         competition with any significant business unit of the Company as
         conclusively determined by the Board of Directors. Further, Executive
         agrees that during this same period of time he will not act as an
         agent, representative, consultant, officer, director, independent
         contractor or employee of any entity or enterprise that is in direct
         competition with any significant business unit of the Company as
         conclusively determined by the Board of Directors. If Johnson's
         employment with the Company terminates


                                       6
<PAGE>


         pursuant to paragraph 5(b), the foregoing restrictions shall extend
         only for a period of one (1) year thereafter.

9.       Successor in Interest

         This Agreement and the rights and obligations hereunder shall be
         binding upon and inure to the benefit of the parties hereto and their
         respective legal representatives, and shall also bind and inure to the
         benefit of any successor of the Company by merger or consolidation or
         any purchaser or assignee of all or substantially all of its assets,
         but, except to any such successor, purchaser, or assignee of the
         Company, neither this Agreement nor any rights or benefits hereunder
         may be assigned by either party hereto.

10.      Construction

         Whenever possible, each provision of this Agreement shall be
         interpreted in such a manner as to be effective and valid under
         applicable law, but if any provision of this Agreement shall be
         prohibited by or invalid under applicable law, such provision shall be
         ineffective only to the extent of such prohibition or invalidity
         without invalidating the remainder of such provision or the remaining
         provisions of this Agreement.

11.      Governing Laws

         This Agreement shall be governed by and construed and enforced in
         accordance with the laws of the State of Minnesota.

12.      Notices

         Any notice required or permitted to be given under this Agreement shall
         be sufficient if in writing, sent by Certified Mail, Return Receipt
         Requested:

         If to Johnson:      John D. Johnson
                             10 Echo Lake Blvd.
                             Mahtomedi, MN 55115

         If to the Company:  Chairman of the Board
                             Cenex Harvest States Cooperatives
                             5500 CENEX Drive
                             Inver Grove Heights, MN 55077

         With a copy to:     General Counsel
                             Cenex Harvest States Cooperatives
                             5500 CENEX Drive
                             Inver Grove Heights, MN 55077
13.      Entire Agreement


                                       7
<PAGE>


         This Agreement shall constitute the entire agreement between the
         parties, superseding all prior agreements, and may not be modified or
         amended and no waiver shall be effective unless by written document
         signed by the Chairman of the Board and Johnson.

         IN WITNESS WHEREOF, the parties have executed this Agreement effective
as of the date set forth above.



                                          CENEX HARVEST STATES COOPERATIVES


 /s/ John D. Johnson                      By: /s/ Noel K. Estenson
-------------------------------------         ----------------------------------
     John D. Johnson
                                          Its: Chief Executive Officer
                                               ---------------------------------


                                       8