###### Abstract  
Edible wild ascomycetes _Morchella rotunda, M. vulgaris_ and _M. conica_ were cultivated in liquid static and agitated flasks of sucrose and molasses substrates with a C/N ratio of 20 and 25. The impact of four substrates on the production and quality characteristics of morels was examined. Evaluation included determination of the dry mycelal mass, intra-cellular (IPS) and extra-cellular (EPS) polysaccharides, total phenolic (TPC) and antioxidant (TAC) components, proteins, as well as the degree of phenolic content reduction and decolorization of molasses. The influence of agitation conditions was also evaluated. Results showed that substrate consumption, biomass formation and secondary metabolites production were substrate, species, and C/N ratio dependent. Among species, _M. conica_ achieved the maximum biomass (18.16 g/L) and IPS (4.8 g/L) production and significant phenolic reduction (56.6%) and decolorization (26.7%). The maximum EPS (3.94 g/L) was noted by _M. rotunda_, whereas TPC (32.2 mg/g), TAC (6.0 mg/g) and cellular protein (7.6% w/w) were produced in sufficient amounts. These results strongly support the use of _Morchella_ mushrooms as a biological detoxification agent of molasses in liquid fermentations and indicate their nutritional and medicinal value.  
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metabolite production [10]. The difficulties on the cultivation of morels in lignocellulosic wastes like saprophyic mushroom species (e.g., _Pleurotus_ spp.) have led some researchers on their growth in liquid cultures aiming at the production of edible mycelium and the synthesis of secondary metabolites like polysaccharides, proteins, lipids, etc. [10; 11; 12; 13]. Particularly of wild mushrooms _Morchella_, could be considered as a rapid and alternative process to produce abundant, high-quality fungal biomass and secondary metabolites (polysaccharides, phenolic compounds, antioxidant and protein components) that could be used in the food and medicine industry [14]. In parallel, valorization of important agro-industrial renewable resources as substrates could satisfy such needs along with positive environmental impact by achieving their detoxification. Liquid agro-industrial waste streams such as molasses, olive-mill wastes bio-diesel derived glycerol could be used as a potential substrate for mycelial mass and valuable metabolites production [13; 15; 16; 17]. Especially, molasses, the liquid agro-industrial waste streams from the sugar treatment contain the dark-brown-colored, high molecular weight polymer melanoidin and its release into the environment without appropriate previous treatment, may lead to inhibition of seed germination and depletion of vegetation by reducing the soil alkalinity and manganese availability and when discharged to water may cause eutrophication phenomena [18; 19]. According to literature results in submerged cultures, the production of mycelial mass, the secondary metabolites, as well as substrate consumption are largely affected by multiple cultivation parameters, including the medium composition (carbon and nitrogen sources used, C/N ratio) [17; 20; 21; 22; 23], cultivation conditions (temperature, pH, agitation) [24; 25; 26; 27] and also the type of species [10; 21].  
The aim of the current study was to achieve detoxification (phenolic content reduction and decolorization) of the molasses contained in the nutrient substrate of the submerged cultures and due to their high content in sugars to examine their effect on the cell growth of the edible wild ascomycetes _Morchella_, along with the production of intracellular (endopolysaccharides, total phenolic and antioxidant components, protein compound) and extracellular (exopolysaccharide) compounds of high nutritional, medicinal and gastrointestinal value. The effect of agitation (or non-agitation) conditions and of different C/N ratios upon the kinetic behavior of three _Morchella_ species was also assessed.