##### Table of Contents



SECURITIES AND EXCHANGE
    COMMISSION
 WASHINGTON, D.C.
    20549
  Form 10-Q
  (Mark One)þ

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934for the quarterly period ended
    November 30, 2006.o

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934for the transition period from
    
    to
    
    .   Commission File Number 0-50150
  CHS Inc.
 (Exact name of registrant as
    specified in its charter)
  Minnesota

41-0251095(State or other jurisdiction
    of
    incorporation or organization)

(I.R.S. Employer
    Identification Number)5500 Cenex Drive
    Inver Grove Heights, MN 55077(Address of principal
    executive offices,
    including zip code)

(651) 355-6000(Registrants
    telephone number,
    including area code)   þ o
  Rule 12b-2
 o o þ
  Rule 12b-2 o þ
    Number of Shares OutstandingClass

at November 30, 2006NONE

NONE




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##### 



INDEX
  Page No.PART I.
    FINANCIAL INFORMATIONItem 1.

Financial
    Statements (unaudited)


3Consolidated
    Balance Sheets as of November 30, 2006, August 31,
    2006 and November 30, 2005


3Consolidated
    Statements of Operations for the three months ended
    November 30, 2006 and 2005


4Consolidated
    Statements of Cash Flows for the three months ended
    November 30, 2006 and 2005


5Notes to
    Consolidated Financial Statements


6Item 2.

Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations


17Item 3.

Quantitative and
    Qualitative Disclosures about Market Risk


34Item 4.

Controls and
    Procedures


34PART II.
    OTHER INFORMATIONItem 5.

Other
    Information


35Item 6.

Exhibits


35SIGNATURE
    PAGE


36Articles of IncorporationCommercial Paper Dealer AgreementCommercial Paper Dealer AgreementSection 302 CertificationSection 302 CertificationSection 906 CertificationSection 906 Certification   1




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##### Table of Contents



PART I.
    FINANCIAL INFORMATION  SAFE
    HARBOR STATEMENT UNDER THE PRIVATE
    SECURITIES LITIGATION REFORM ACT OF 1995
  Form 10-Q Form 10-Q
 2




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##### Table of Contents



Item 1.
    Financial
    Statements  CHS INC.
    AND SUBSIDIARIES
  CONSOLIDATED
    BALANCE SHEETS
 (Unaudited)
  November 30,


August 31,


November 30,2006


2006


2005(dollars in thousands)ASSETSCurrent assets:Cash and cash equivalents

$
112,232


$
112,525


$
244,756Receivables


1,141,811



1,076,602



938,148Inventories


1,180,498



1,130,824



1,006,853Other current assets


600,990



298,666



297,846Total current assets


3,035,531



2,618,617



2,487,603Investments


713,382



624,253



561,869Property, plant and equipment


1,525,028



1,476,239



1,395,180Other assets


237,553



223,474



224,745Total assets

$
5,511,494


$
4,942,583


$
4,669,397LIABILITIES AND
    EQUITIESCurrent liabilities:Notes payable

$
291,422


$
22,007


$
21,147Current portion of long-term debt


61,443



60,748



36,942Customer credit balances


75,907



66,468



70,964Customer advance payments


118,319



82,362



103,087Checks and drafts outstanding


77,558



57,083



61,004Accounts payable


917,719



904,143



902,808Accrued expenses


410,433



347,078



303,889Dividends and equities payable


254,539



249,774



203,521Total current liabilities


2,207,340



1,789,663



1,703,362Long-term debt


665,756



683,997



729,356Other liabilities


355,452



310,157



239,416Minority interests in subsidiaries


156,870



141,375



160,813Commitments and contingenciesEquities


2,126,076



2,017,391



1,836,450Total liabilities and equities

$
5,511,494


$
4,942,583


$
4,669,397    3




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##### Table of Contents



CHS INC.
    AND SUBSIDIARIES
  CONSOLIDATED
    STATEMENTS OF OPERATIONS
 (Unaudited)
  For the Three Months EndedNovember 30,2006


2005(dollars in thousands)Revenues

$
3,751,070


$
3,453,513Cost of goods sold


3,528,794



3,199,068Gross profit


222,276



254,445Marketing, general and
    administrative


52,102



49,626Operating earnings


170,174



204,819Gain on sale of investment


(5,348
)Interest, net


7,688



7,331Equity income from investments


(4,531
)


(9,177
)Minority interests


18,912



32,161Income from continuing operations
    before income taxes


153,453



174,504Income taxes


17,171



20,478Income from continuing operations


136,282



154,026Income on discontinued operations,
    net of taxes






(208
)Net income

$
136,282


$
154,234    4




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##### Table of Contents



CHS INC.
    AND SUBSIDIARIES
  CONSOLIDATED
    STATEMENTS OF CASH FLOWS
 (Unaudited)
  For the Three Months EndedNovember 30,2006


2005(as restated)(dollars in thousands)Cash flows from operating
    activities:Net income

$
136,282


$
154,234Depreciation and amortization


34,201



27,984Income from equity investments


(4,531
)


(9,177
)Distributions from equity
    investments


15,272



3,532Minority interests


18,912



32,161Noncash patronage dividends
    received


(321
)


(251
)(Gain) loss on sale of property,
    plant and equipment


(302
)


294Gain on sale of investment


(5,348
)Deferred taxes


17,171



37,512Other, net


375



228Changes in operating assets and
    liabilities:Receivables


(39,841
)


151,493Inventories


(45,118
)


(90,281
)Other current assets and other
    assets


(300,523
)


57,168Customer credit balances


9,439



(20,938
)Customer advance payments


35,932



(23,813
)Accounts payable and accrued
    expenses


82,329



(141,678
)Other liabilities


11,458



(14,782
)Net cash (used in) provided by
    operating activities


(34,613
)


163,686Cash flows from investing
    activities:Acquisition of property, plant and
    equipment


(80,192
)


(64,524
)Proceeds from disposition of
    property, plant and equipment


1,415



5,431Investments


(77,420
)


(37,015
)Investments redeemed


1,376



1,175Proceeds from sale of investment


10,918Changes in notes receivable


(32,546
)


8,826Other investing activities, net


(3,097
)


(45
)Net cash used in investing
    activities


(179,546
)


(86,152
)Cash flows from financing
    activities:Changes in notes payable


269,415



(40,000
)Principal payments on long-term
    debt


(17,641
)


(6,776
)Changes in checks and drafts
    outstanding


20,475



(6,582
)Distribution to minority owners


(8,313
)


(11,677
)Costs incurred  capital
    equity certificates redeemed


(4
)Preferred stock dividends paid


(2,932
)


(2,476
)Retirements of equities


(47,134
)


(6,285
)Net cash provided by (used in)
    financing activities


213,866



(73,796
)Net (decrease) increase in cash
    and cash equivalents


(293
)


3,738Cash and cash equivalents at
    beginning of period


112,525



241,018Cash and cash equivalents at end
    of period

$
112,232


$
244,756    5




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##### Table of Contents



CHS INC.
    AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
 (dollars in thousands)
  Note 1.
    Accounting
    Policies      Form 10-K,
  Goodwill
    and Other Intangible Assets
      Recent
    Accounting Pronouncements
     6




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##### Table of Contents



CHS INC.
    AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
    (Unaudited)  (Continued)
      accrue-in-advance accrue-in-advance
    Reclassifications
    Note 2.
    Receivables  November 30,


August 31,


November 30,2006


2006


2005Trade

$
1,101,845


$
1,056,514


$
923,090Other


95,215



73,986



77,1171,197,060



1,130,500



1,000,207Less allowances for doubtful
    accounts


55,249



53,898



62,059$
1,141,811


$
1,076,602


$
938,148  7




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##### Table of Contents



CHS INC.
    AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
    (Unaudited)  (Continued)
  Note 3.
    Inventories  November 30,


August 31,


November 30,2006


2006


2005Grain and oilseed

$
619,913


$
511,413


$
460,182Energy


378,260



447,664



372,050Feed and farm supplies


146,516



137,978



146,347Processed grain and oilseed


34,128



32,198



26,754Other


1,681



1,571



1,520$
1,180,498


$
1,130,824


$
1,006,853   Note 4.
    Derivative
    Assets and Liabilities    Note 5.
    Investments           8




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##### Table of Contents



CHS INC.
    AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
    (Unaudited)  (Continued)
        Ventura
    Foods, LLC
  For the Three Months EndedNovember 30,2006


2005Net sales

$
398,133


$
387,361Gross profit


55,464



51,678Net income


22,007



16,673   November 30,


August 31,


November 30,2006


2006


2005Current assets

$
267,583


$
237,117


$
235,582Non-current assets


440,261



441,435



452,703Current liabilities


166,172



141,080



164,110Non-current liabilities


308,172



308,377



306,274   Agriliance
    LLC
  For the Three Months EndedNovember 30,2006


2005Net sales

$
669,993


$
692,461Gross profit


45,623



57,565Net loss


(31,389
)


(15,708
)   November 30,


August 31,


November 30,2006


2006


2005Current assets

$
1,485,243


$
1,261,874


$
1,557,983Non-current assets


165,704



166,365



152,601Current liabilities


1,253,078



999,038



1,305,025Non-current liabilities


132,128



132,071



118,964  9




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##### Table of Contents



CHS INC.
    AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
    (Unaudited)  (Continued)
  Note 6.
    Discontinued
    Operations    For the Three Months EndedNovember 30, 2005Marketing, general and
    administrative *

$
(499
)Interest, net


158Income tax expense


133Income from discontinued operations

$
(208
)     *
    
    Includes a gain of $0.8 million on the sale of a facility.  Note 7.
    Interest,
    net    For the Three Months EndedNovember 30,2006


2005(dollars in thousands)Interest expense

$
11,283


$
11,674Interest income


3,595



4,343Interest, net

$
7,688


$
7,331   Note 8.
    Equities    Fiscal


Fiscal2007


2006Balances, September 1, 2006
    and 2005

$
2,017,391


$
1,757,897Net income


136,282



154,234Other comprehensive income


26,259



2,246Equities retired


(47,134
)


(6,285
)Equity retirements accrued


47,134



6,285Equities issued in exchange for
    elevator properties


864



1,847Preferred stock dividends


(2,932
)


(2,476
)Preferred stock dividends accrued


1,955



1,650Accrued dividends and equities
    payable


(53,855
)


(79,050
)Other, net


112



102Balances, November 30, 2006
    and 2005

$
2,126,076


$
1,836,450   Note 9.
    Comprehensive
    Income   10




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##### Table of Contents



CHS INC.
    AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
    (Unaudited)  (Continued)
    Note 10.
    Employee
    Benefit Plans    Qualified


Non-QualifiedPension Benefits


Pension Benefits


Other Benefits2006


2005


2006


2005


2006


2005Components of net periodic
    benefit cost for the three months ended
    November 30:Service cost

$
3,624


$
3,723


$
254


$
548


$
256


$
256Interest cost


4,817



4,259



360



342



416



392Return on plan assets


(7,211
)


(7,091
)Prior service cost amortization


211



214



125



129



(128
)


(76
)Actuarial loss amortization


1,502



1,878



16



53



(14
)


4Transition amount amortization


















234



234Net periodic benefit cost

$
2,943


$
2,983


$
755


$
1,072


$
764


$
810   Employer
    Contributions:
    Note 11.
    Segment
    Reporting         11




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CHS INC.
    AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
    (Unaudited)  (Continued)
             12




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##### Table of Contents



CHS INC.
    AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
    (Unaudited)  (Continued)
    Ag





Corporate


ReconcilingEnergy


Business


Processing


and Other


Amounts


TotalFor the Three Months Ended
    November 30, 2006Revenues

$
1,853,409


$
1,804,616


$
155,024


$
7,306


$
(69,285
)

$
3,751,070Cost of goods sold


1,702,786



1,746,843



148,463



(13
)


(69,285
)


3,528,794Gross profit


150,623



57,773



6,561



7,319







222,276Marketing, general and
    administrative


20,987



19,285



5,956



5,874







52,102Operating earnings


129,636



38,488



605



1,445







170,174Gain on sale of investment






(5,348
)














(5,348
)Interest, net


385



5,170



2,887



(754
)






7,688Equity (income) losses from
    investments


(1,056
)


10,589



(12,850
)


(1,214
)






(4,531
)Minority interests


18,961



(49
)














18,912Income from continuing operations
    before income taxes

$
111,346


$
28,126


$
10,568


$
3,413


$



$
153,453Intersegment sales

$
(67,820
)

$
(1,381
)

$
(84
)





$
69,285


$
Goodwill

$
3,654


$
250














$
3,904Capital expenditures

$
66,143


$
8,600


$
4,949


$
500






$
80,192Depreciation and amortization

$
21,016


$
8,186


$
3,650


$
1,349






$
34,201Total identifiable assets at
    November 30, 2006

$
2,130,876


$
2,240,442


$
600,463


$
539,713






$
5,511,494For the Three Months Ended
    November 30, 2005Revenues

$
1,861,256


$
1,490,543


$
152,978


$
7,324


$
(58,588
)

$
3,453,513Cost of goods sold


1,665,456



1,446,890



145,310







(58,588
)


3,199,068Gross profit


195,800



43,653



7,668



7,324







254,445Marketing, general and
    administrative


17,441



21,162



4,958



6,065







49,626Operating earnings


178,359



22,491



2,710



1,259







204,819Interest, net


1,119



3,504



2,423



285







7,331Equity (income) losses from
    investments


(838
)


2,261



(9,591
)


(1,009
)






(9,177
)Minority interests


32,127



34















32,161Income from continuing operations
    before income taxes

$
145,951


$
16,692


$
9,878


$
1,983


$



$
174,504Intersegment sales

$
(55,563
)

$
(2,327
)

$
(109
)

$
(589
)

$
58,588


$
Goodwill

$
3,041


$
250














$
3,291Capital expenditures

$
50,528


$
12,097


$
1,507


$
392






$
64,524Depreciation and amortization

$
15,737


$
7,541


$
3,481


$
1,225






$
27,984Total identifiable assets at
    November 30, 2005

$
2,105,351


$
1,736,940


$
456,272


$
370,834






$
4,669,397  13




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CHS INC.
    AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
    (Unaudited)  (Continued)
  Note 12.
    Commitments
    and Contingencies  Environmental
    Guarantees
        Guarantee/


Exposure onMaximum


November 30,




Expiration

Triggering

Recourse

Assets HeldEntities

Exposure


2006


Nature of Guarantee

Date

Event

Provisions

as Collateral(dollars in thousands)The Companys financial
    services cooperative loans sold to CoBank



*

$
498


10% of the obligations of borrowers
    (agricultural cooperatives) under credit agreements for loans
    sold

None stated, but may be terminated
    by either party upon 60 days prior notice in regard to
    future obligations

Credit agreement default

Subrogation against borrower

Some or all assets of borrower are
    held as collateral and should be sufficient to cover guarantee
    exposureProvista Renewable Fuels Marketing,
    LLC

$
20,000



10,000


Obligations by Provista under
    credit agreement

None stated

Credit agreement default

Subrogation against Provista

NoneHorizon Milling, LLC

$
5,000






Indemnification and reimbursement
    of 24% of damages related to Horizon Milling, LLCs
    performance under a flour sales agreement

None stated, but may be terminated
    by any party upon 90 days prior notice in regard to future
    obligations

Nonperformance under flour sale
    agreement

Subrogation against Horizon
    Milling, LLC

NoneTEMCO, LLC

$
25,000



19,375


Obligations by TEMCO, LLC under
    credit agreement

None stated

Credit agreement default

Subrogation against TEMCO, LLC

None 14




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##### Table of Contents



CHS INC.
    AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
    (Unaudited)  (Continued)
  Guarantee/


Exposure onMaximum


November 30,




Expiration

Triggering

Recourse

Assets HeldEntities

Exposure


2006


Nature of Guarantee

Date

Event

Provisions

as Collateral(dollars in thousands)TEMCO, LLC

$
1,000



1,000


Obligations by TEMCO, LLC under
    counterparty agreement

None stated, but may be terminated
    upon 5 days prior notice in regard to future obligations

Nonpayment

Subrogation against TEMCO, LLC

NoneThird parties



*


1,000


Surety for, or indemnificaton of
    surety for sales contracts between affiliates and sellers of
    grain under deferred payment contracts

Annual renewal on December 1
    in regard to surety for one third party, otherwise none stated
    and may be terminated by the Company at any time in regard to
    future obligations

Nonpayment

Subrogation against affiliates

Some or all assets of borrower are
    held as collateral but might not be sufficient to cover
    guarantee exposureCofina Financial, LLC

$
22,720



19,212


Loans to our customers that are
    originated by Cofina and then sold to ProPartners, which is an
    affiliate of CoBank

None stated

Credit agreement default

Subrogation against borrower

Some or all assets of borrower are
    held as collateral but might not be sufficient to cover
    guarantee exposureCofina Financial, LLC

$
10,600



3,900


Loans made by Cofina to our
    customers

None stated

Credit agreement default

Subrogation against borrower

Some or all assets of borrower are
    held as collateral but might not be sufficient to cover
    guarantee exposure$
54,985     *
    
    The maximum exposure on any given date is equal to the actual
    guarantees extended as of that date.  Note 13.
    Restatement  Form 10-K
   15




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CHS INC.
    AND SUBSIDIARIES
  NOTES TO
    CONSOLIDATED FINANCIAL STATEMENTS
    (Unaudited)  (Continued)
    As


AsReported


Restated(unaudited)(dollars in thousands)Cash flows from operating
    activities:Distributions from equity
    investments





$
3,532Net cash provided by operating
    activities

$
160,154



163,686Cash flows from investing
    activities:Equity investments redeemed


3,532Investments redeemed


1,175



1,175Distributions to minority owners


(11,677
)Net cash used in investing
    activities


(94,297
)


(86,152
)Cash flows from financing
    activities:Distributions to minority owners






(11,677
)Net cash used in financing
    activities


(62,119
)


(73,796
)Net increase in cash and cash
    equivalents


3,738



3,738Cash and cash equivalents at
    beginning of period


241,018



241,018Cash and cash equivalents at end
    of period


244,756



244,756  16




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Item 2.
    Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations  Cautionary
    Statement Regarding Forward-Looking Statements
  The information in this Quarterly Report on
    Form 10-Q
    for the quarter ended November 30, 2006, includes
    forward-looking statements within the meaning of the
    Private Securities Litigation Reform Act of 1995 with respect to
    CHS. In addition, CHS and its representatives and agents may
    from time to time make other written or oral forward-looking
    statements, including statements contained in its filings with
    the Securities and Exchange Commission and its reports to its
    members and securityholders. Words and phrases such as
    will likely result, are expected to,
    is anticipated, estimate,
    project and similar expressions identify
    forward-looking statements. We wish to caution readers not to
    place undue reliance on any forward-looking statements, which
    speak only as of the date made.
  Our forward-looking statements are subject to risks and
    uncertainties that could cause actual results to differ
    materially from those discussed in the forward-looking
    statements. This Cautionary Statement is for the purpose of
    qualifying for the safe harbor provisions of the Act
    and is intended to be a readily available written document that
    contains factors which could cause results to differ materially
    from those projected in the forward-looking statements. The
    following matters, among others, may have a material adverse
    effect on our business, financial condition, liquidity, results
    of operations or prospects, financial or otherwise. Reference to
    this Cautionary Statement in the context of a forward-looking
    statement shall be deemed to be a statement that any one or more
    of the following factors may cause actual results to differ
    materially from those which might be projected, forecasted,
    estimated or budgeted by us in the forward-looking statement or
    statements.
  The following factors are in addition to any other cautionary
    statements, written or oral, which may be made or referred to in
    connection with any particular forward-looking statement. The
    following review should not be construed as exhaustive.
  We undertake no obligation to revise any forward-looking
    statements to reflect future events or circumstances.
  Our revenues and operating results could be adversely
    affected by changes in commodity prices.
    
    levels of worldwide and domestic supplies;
    capacities of domestic and foreign refineries;
    the ability of the members of OPEC to agree to and maintain oil
    price and production controls, and the price and level of
    foreign imports;
    disruption in supply;
    political instability or armed conflict in oil-producing regions;
    the level of consumer demand; 17




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##### Table of Contents




    the price and availability of alternative fuels;
    the availability of pipeline capacity; and
    domestic and foreign governmental regulations and taxes.    Our operating results could be adversely affected if our
    members were to do business with others rather than with
    us.
  We participate in highly competitive business markets in
    which we may not be able to continue to compete
    successfully.
  Changes in federal income tax laws or in our tax status could
    increase our tax liability and reduce our net
    income.
  We incur significant costs in complying with applicable laws
    and regulations. any failure to make the capital investments
    necessary to comply with these laws and regulations could expose
    us to financial liability.
    Environmental liabilities could adversely affect our results
    and financial condition.
 18




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Actual or perceived quality, safety or health risks
    associated with our products could subject us to liability and
    damage our business and reputation.
  Our operations are subject to business interruptions and
    casualty losses; we do not insure against all potential losses
    and could be seriously harmed by unexpected
    liabilities.
  
    our oil refineries and other facilities are potential targets
    for terrorist attacks that could halt or discontinue production;
    our inability to negotiate acceptable contracts with unionized
    workers in our operations could result in strikes or work
    stoppages;
    the significant inventories that we carry or the facilities we
    own could be damaged or destroyed by catastrophic events,
    extreme weather conditions or contamination; and
    an occurrence of a pandemic flu or other disease affecting a
    substantial part of our workforce or our customers could cause
    an interruption in our business operations, the affects of which
    could be significant.    Our cooperative structure limits our ability to access equity
    capital.
  Consolidation among the producers of products we purchase and
    customers for products we sell could adversely affect our
    revenues and operating results.
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If our customers chose alternatives to our refined petroleum
    products our revenues and profits may
    decline.
  Operating results from our agronomy business could be
    volatile and are dependent upon certain factors outside of our
    control.
  Technological improvements in agriculture could decrease the
    demand for our agronomy and energy
    products.
  We operate some of our business through joint ventures in
    which our rights to control business decisions are
    limited.
  General
  Form 10-Q, Form 10-K, Form 10-Q.
    ®
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Form 10-K
  Results
    of Operations
  Comparison
    of the three months ended November 30, 2006 and
    2005
  General.
     22




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Net Income.
  Revenues.
     23




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Cost of Goods Sold.
   24




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Marketing, General and
    Administrative.
  Gain on Sale of Investment.
  Interest, net.
  Equity Income from Investments.
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Minority Interests.
  Income Taxes.
  Discontinued Operations.
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Liquidity
    and Capital Resources
      Cash
    Flows from Operations
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Cash
    Flows from Investing Activities
     28




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Cash
    Flows from Financing Activities
  364-day
           30




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Form 10-K
          10-year
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Off
    Balance Sheet Financing Arrangements
  Lease
    Commitments:
  Form 10-K
  Guarantees:
    Debt:
    Contractual
    Obligations
  Form 10-K
  Critical
    Accounting Policies
  Form 10-K
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Effect of
    Inflation and Foreign Currency Transactions
    Recent
    Accounting Pronouncements
        accrue-in-advance accrue-in-advance
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Item 3.
    Quantitative
    and Qualitative Disclosures About Market Risk  Form 10-K
  Item 4.
    Controls
    and Procedures  Rule 13a-15(e)
  Rule 13a-15(f)
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##### Table of Contents



*PART II.
    OTHER INFORMATION Item 1.
    Not
    applicable  Item 1A.
    Not
    applicable  Item 2.
    Not
    applicable  Item 3.
    Not
    applicable  Item 4.
    Not
    applicable  Item 5.
    Other
    Information    Form 10-Q.
  Item 6.
    Exhibits  Exhibit

Description3
.1

Articles of Incorporation of CHS
    Inc., as amended10
.1

Third Amendment to 2003 Amended
    and Restated Credit Agreement between National Cooperative
    Refinery Association and the Syndication Parties (incorporated
    by reference to Exhibit 10.1 to our Current Report on
    Form 8-K
    filed December 18, 2006)10
.2

City of McPherson, Kansas Taxable
    Industrial Revenue Bond Series 2006 registered to National
    Cooperative Refinery Association in the amount of
    $325 million (incorporated by reference to Exhibit 10.2 to
    our Current Report on
    Form 8-K
    filed December 18, 2006)10
.3

Bond Purchase Agreement between
    National Cooperative Refinery Association, as purchaser, and
    City of McPherson, Kansas, as issuer, dated as of
    December 18, 2006 (incorporated by reference to Exhibit
    10.3 to our Current Report on
    Form 8-K
    filed December 18, 2006)10
.4

Trust Indenture between City of
    McPherson, Kansas, as issuer, and Security Bank of Kansas City,
    Kansas City, Kansas, as trustee, dated as of December 18,
    2006 (incorporated by reference to Exhibit 10.4 to our Current
    Report on
    Form 8-K
    filed December 18, 2006)10
.5

Lease agreement between City of
    McPherson, Kansas, as issuer, and National Cooperative Refinery
    Association, as tenant, dated as of December 18, 2006
    (incorporated by reference to Exhibit 10.5 to our Current
    Report on
    Form 8-K
    filed December 18, 2006)10
.6

Commercial Paper Placement
    Agreement by and between CHS Inc. and Marshall & Ilsley
    Bank dated October 30, 200610
.7

Commercial Paper Dealer Agreement
    by and between CHS Inc. and SunTrust Capital Markets, Inc. dated
    October 6, 200631
.1

Certification Pursuant to
    Section 302 of the Sarbanes-Oxley Act of 200231
.2

Certification Pursuant to
    Section 302 of the Sarbanes-Oxley Act of 200232
.1

Certification Pursuant to
    18 U.S.C. Section 1350, as Adopted Pursuant to
    Section 906 of the Sarbanes-Oxley Act of 200232
.2

Certification Pursuant to
    18 U.S.C. Section 1350, as Adopted Pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002  35




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SIGNATURES    CHS Inc.
  /s/  John
    Schmitz   Executive Vice President and
 Chief Financial Officer
   36