Document:

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                                                                    EXHIBIT 10.3

Approved by the Wisconsin Department of Regulation and Licensing Wisconsin Real
Estate, Inc.
6-1-00 (Optional Use Date)       WB-24 Option to Purchase
5-1-00 (Mandatory Use Date)                                     Page 1 of 4

BROKER DRAFTING THIS OPTION ON 21/11/2001 [DATE] IS AGENT OF [BUYER] STRIKE TWO

The Seller, Nelson Grain Farms, hereby grants to Buyer, an option to purchase
(Option) the Property known as [Street Address] Cty. I Sec 24 in the Town of
Arlington County of Columbia, Wisconsin, (if this Option is to be recorded,
insert legal description at lines 218-224 or attach as an addendum per line 225)
on the following terms:

DEADLINE FOR GRANT OF OPTION. This Option is void unless a copy of the Option
which has been signed by or on behalf of all Owners is delivered to Buyer on or
before November 15, 2001 (Time is of the Essence).

OPTION TERMS. An option fee of $2,500.00 will be paid by Buyer within 3 days of
the granting of this Option, and shall not be refundable if the Option is not
exercised. If the Option is exercised, $2,500.00 of the option fee shall be a
credit against the purchase price at closing. This option may only be exercised
by delivering written notice to Seller no later than midnight May 2, 2002. Buyer
may sign and deliver the notice at lines 247-248, or may deliver any other
written notice which specifically indicates an intent to exercise this Option.
This Option shall be extended until August 2, 2002, upon payment of $2,500.00 in
cash or equivalent to Seller on or before August 2, 2002, as an option extension
fee which shall not be refundable if this Option is not exercised. If this
Option is exercised, $2,500.00 of the option extension fee shall be a credit
against the purchase price at closing. The option fee and option extension fee
shall be (paid directly to Seller) (Aug. 2, 2002) [STRIKE ONE].

This Option, or a separate instrument evidencing this Option, (may) (may not)
[STRIKE ONE] be recorded. CAUTION: FAILURE TO RECORD MAY GIVE PERSONS WITH
SUBSEQUENT INTERESTS IN THE PROPERTY PRIORITY OVER THIS OPTION.

TERMS OF PURCHASE. If this Option is exercised per the terms of this Option, the
following shall be the terms of purchase:

PURCHASE PRICE: Ten Thousand (per acre) WAN Dollars ($10,000.00) will be paid in
cash or equivalent at closing unless otherwise provided below.

ADDITIONAL ITEMS INCLUDED IN PURCHASE PRICE: Seller shall include in the
purchase price and transfer free and clear of encumbrances, all fixtures, as
defined at lines 172-175 and as may be on the Property on the date of this
Option, unless excluded at lines 28-29, and the following additional items: none

ITEMS NOT INCLUDED IN THE PURCHASE PRICE: any personal property of seller

CONVEYANCE OF TITLE: Upon payment of the purchase price, Seller shall convey the
Property by warranty deed (or other conveyance as provided herein) free and
clear of all liens and encumbrances, except municipal and zoning ordinances and
agreements entered under them, recorded easements for the distribution of
utility and municipal services, recorded building and use restrictions and
covenants, general taxes levied in the year of closing and ---No other exception
(provided none of the foregoing prohibit present use of the Property), which
constitutes merchantable title for purposes of this transaction. Seller further
agrees to complete and execute the documents necessary to record the conveyance.

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PLACE OF CLOSING: This transaction is to be closed at the place designated by
Buyer's mortgagee or Wis Real Estate within 30 days after the exercise of the
Option, unless another date or place is agreed to in writing.

OCCUPANCY. Occupancy of the entire Property shall be given to Buyer at time of
closing unless otherwise provided in this Option (lines 218-224 or in an
addendum per line 225). Occupancy shall be given subject to tenant's rights, if
any. Caution: Consider an agreement which addresses responsibility for clearing
the Property of personal property and debris, if applicable.

LEASED PROPERTY. If Property is currently leased and lease(s) extend beyond
closing, Seller shall assign Seller's rights under the lease(s) and transfer all
security deposits and prepaid rents thereunder to Buyer at closing. The terms of
the (written)(oral) STRIKE ONE lease(s), if any, are - N/A

CLOSING PRORATIONS. The following items shall be prorated at closing: real
estate taxes, rents, private and municipal charges, property owner's association
assessments, fuel and --No other. Any income, taxes or expenses shall accrue to
Seller, and be prorated, through the day prior to closing. Net general real
estate taxes shall be prorated based on (the net general real estates taxes for
the current year, if known, otherwise on the net general real estate taxes for
the preceding year) (-- ), STRIKE AND COMPLETE AS APPLICABLE. CAUTION: If
proration on the basis of net general real estate taxes is not acceptable (for
example, completed/pending reassessment, changing mill rate, lottery credits),
insert estimated annual tax or other formula for proration.

ZONING Seller represents that the property is zoned Ag.

REPRESENTATIONS REGARDING PROPERTY AND TRANSACTION. Seller represents to Buyer
that as of the date Seller grants this Option Seller has no notice or knowledge
of conditions affecting the Property or transaction prior to Buyer signing this
Option COMPLETE DATE OR STRIKE AS APPLICABLE and.

Seller agrees to notify Buyer of any condition affecting the Property or
transaction which is materially inconsistent with the above representations,
which arises after this Option is granted, but prior to exercise of this Option.
Buyer shall have reasonable access to the Property, upon reasonable notice, from
the time this Option is granted until the time for closing, for the purpose of
inspecting and testing the Property to the extent reasonably necessary to
fulfill the inspection and testing provisions of this Option. (See lines
110-124).

A "condition affecting the Property or transaction" is defined as follows:

(a)  planned or commenced public improvements which may result in special
     assessments or otherwise materially affect the Property or the present use
     of the Property;
(b)  completed or pending reassessment of the Property for property tax
     purposes;
(c)  government agency or court order requiring repair, alteration or correction
     of any existing condition;
(d)  any land division involving the subject Property, for which required state
     or local approvals had not been obtained;
(e)  any portion of the Property being in a 100 year floodplain, a wetland or a
     shoreland zoning area under local, state or federal laws;
(f)  conditions constituting a significant health or safety hazard for occupants
     of Property; Note: Possible LBP Disclosure Requirement.
(g)  underground or aboveground storage tanks on the Property for storage of
     flammable or combustible liquids including but not limited to gasoline and
     heating oil which are currently or which were previously located on the
     Property; NOTE: Wis. Adm. Code, Chapter Comm. 10 contains registration and
     operation rules for such underground and aboveground storage tanks.

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(h)  material violations of environmental laws or other laws or agreements
     regulating the use of the Property;
(i)  high voltage electric (100 KV or greater) or steel natural gas transmission
     lines located on but not directly serving the Property;
(j)  any portion of the Property being subject to, or in violation of a Farmland
     Preservation Agreement under a County Farmland Preservation Plan or
     enrolled in, or in violation of, a Forest Crop, Woodland Tax, Managed
     Forest, Conservation Reserve or comparable program;
(k)  boundary disputes or material violation of fence laws (Wis. Stats. Chapter
     90) which require the erection and maintenance of legal fences between
     adjoining properties where one or both of the properties is used and
     occupied for farming or grazing purposes;
(l)  wells on the Property required to be abandoned under state regulations
     (Wis. Adm. Code NR 112.26) but which are not abandoned;
(m)  cisterns or septic tanks on the Property which are currently not servicing
     the Property;
(n)  subsoil conditions which would significantly increase the cost of building
     on the property including, but not limited to subsurface foundations,
     organic or non-organic fill, dumpsites or containers on Property which
     contained or currently contain toxic or hazardous materials, high
     groundwater, soil conditions (e.g. low load bearing capacity) or excessive
     rocks or rock formations on the Property;
(o)  a lack of legal vehicular access to the Property from public roads;
(p)  prior reimbursement for corrective action costs under the Agricultural
     Chemical Cleanup Program (Wis. Stats. Section 94.73);
(q)  other conditions or occurrences which would reduce the value of the
     Property to a reasonable person with knowledge of the nature and scope of
     the condition or occurrence.

PROPERTY DIMENSIONS AND SURVEYS: Buyer acknowledges that any land dimensions,
total square footage/acreage figures or allocation of acreage information
provided to Buyer by Seller or by a broker, may be approximate because of
rounding or other reasons, unless verified by survey or other means. CAUTION:
Buyer should verify land dimensions, total square footage/acreage figures or
allocation of acreage information if material to Buyer's decision to purchase.

PROPERTY DAMAGE BETWEEN EXERCISE OF OPTION AND CLOSING: Seller shall maintain
the Property until the earlier of closing or occupancy of Buyer in materially
the same condition as of the date Buyer exercises this Option, except for
ordinary wear and tear. If, prior to closing, the Property is damaged in an
amount of not more than five per cent (5%) of the purchase price, Seller shall
be obligated to repair the Property and restore it to the same condition that it
was on the day this Option is exercised. If the damage is greater than 5% of the
purchase price, Seller shall promptly notify Buyer in writing of the damage and
this Option may be rescinded by Buyer and all Option fees paid by Buyer shall be
immediately returned to Buyer. Should Buyer elect to exercise this Option
despite such damage, Seller shall either repair the Property and restore it to
the same condition that it was on the day of exercise of this Option, except for
ordinary wear and tear or Buyer shall be entitled to the insurance proceeds
relating to the damage to the Property, plus a credit towards the purchase price
equal to the amount of Seller's deductible on such policy.

BUYER DUE DILIGENCE: Prior to exercising this Option Buyer may need to perform
certain inspections, investigations and testing. Buyer is only authorized to do
those inspections, investigations and tests which are authorized at lines
196-200 or lines 218-225. In addition to these inspections, investigations and
tests, Buyer may need to obtain financing, approvals or other information,
including but not limited to building permits, zoning variances, Architectural
Control Committee approvals, review of condominium documents, review of business
records, estimates for utility hook-up expenses, special

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assessments, charges for installation of roads or utilities, etc. WARNING: If
Buyer contemplates developing property or a use other than the current use,
there are a variety of issues which should be addressed in order to determine
the feasibility of development of, or a particular use for, a property. Buyer is
solely responsible for all expenses relating to financing, inspections,
investigations, testing, approvals, permits, estimates, etc.

INSPECTIONS: An "inspection" is defined as an observation of the Property which
does not include testing of the Property, other than testing for leaking LP gas
or natural gas used as a fuel source, which are hereby authorized. Seller agrees
to allow Buyer's inspectors reasonable access to the Property upon reasonable
notice for those inspections authorized at lines 197-198. Buyer agrees to
promptly restore the Property to its original condition after Buyer's
Inspections are completed, unless otherwise agreed in this Option.

TESTING: Except as otherwise provided, Seller's authorization for inspections
does not authorize Buyer to conduct testing of the Property. A "test" is defined
as the taking of samples of materials such as soils, water, air or building
materials from the Property and the laboratory or other analysis of these
materials. Seller agrees to allow Buyer's testers reasonable access to the
Property upon reasonable notice for those tests authorized at lines 199-200.
Note: The authorization for testing should specify the areas of the Property to
be tested, the purpose of the test, (e.g., to determine if environmental
contamination is present), any limitations on Buyer's testing and any other
material terms of the authorization. Unless otherwise agreed, Buyer shall return
the Property to its original condition following testing. Seller acknowledges
that certain inspections or tests may detect environmental pollution which may
be required to be reported to the Wisconsin Department of Natural Resources.

PRE-CLOSING INSPECTION: At a reasonable time, pre-approved by Seller or Seller's
agent, within 3 days before closing, Buyer shall have the right to inspect the
Property to determine that there has been no significant change in the condition
of the Property, except for changes approved by Buyer.

CONDOMINIUM DISCLOSURES: If the property is a Condominium, Seller agrees to
provide Buyer, at Seller's cost (see Wisconsin Statutes Section 703.20(2)),
complete, current copies of disclosure materials (organization and operational
documents, plans, financial statements, and in the case of a conversion
condominium property information) as required by Wisconsin Statutes Section
703.33 no later than 15 days prior to closing and any amendment to these
materials promptly after its adoption (except as limited for small residential
condominiums per Wisconsin Statutes Section 703.365). These materials are
available at cost from the condominium association. As provided in Wisconsin
Statutes Section 703.33(4), Buyer may, within five business days after receipt
of these documents, including any material modification thereto, rescind this
Option by written notice mailed or delivered to Seller, the date of mailing or
actual delivery being the effective date of notice.

TITLE EVIDENCE

     FORM OF TITLE EVIDENCE: Seller shall give evidence of title in the form of
an owner's policy of title insurance in the amount of the purchase price on a
current ALTA form issued by an insurer licensed to write title insurance in
Wisconsin. CAUTION: IF TITLE EVIDENCE WILL BE GIVEN BY ABSTRACT, STRIKE TITLE
INSURANCE PROVISIONS AND INSERT ABSTRACT PROVISIONS.

     PROVISION OF MERCHANTABLE TITLE: Seller shall pay all costs of providing
title evidence. For purposes of closing, title evidence shall be acceptable if
the commitment for the required title insurance is delivered to Buyer's attorney
or Buyer not less than 3 business days before closing, showing title to the
Property as of a date no more than 15 days before delivery of such title
evidence to be merchantable, subject only to liens which will be paid out of the
proceeds of closing and standard title insurance requirements and exceptions, as
appropriate. CAUTION: BUYER SHOULD

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CONSIDER UPDATING THE EFFECTIVE DATE OF THE TITLE COMMITMENT PRIOR TO CLOSING OR
A "GAP ENDORSEMENT" WHICH WOULD INSURE OVER LIENS FILED BETWEEN THE EFFECTIVE
DATE OF THE COMMITMENT AND THE DATE THE DEED IS RECORDED.

     TITLE ACCEPTABLE FOR CLOSING: If title is not acceptable for closing, Buyer
shall notify Seller in writing of objections to title by the time set for
closing. In such event, Seller shall have a reasonable time, but not exceeding
15 days, to remove the objections, and the time for closing shall be extended as
necessary for this purpose. In the event that Seller is unable to remove said
objections, Buyer shall have 5 days from receipt of notice thereof, to deliver
written notice waiving the objections, and the time for closing shall be
extended accordingly. If Buyer does not waive the objections, this Option shall
be null and void. Providing title evidence acceptable for closing does not
extinguish Seller's obligations to give merchantable title to Buyer.

     SPECIAL ASSESSMENTS: Special assessments, if any, for work actually
commenced or levied prior to date this Option is exercised shall be paid by
Seller no later than closing. All other special assessments shall be paid by
Buyer. CAUTION: Consider a special agreement if area assessment, property
owner,s association assessments or other expenses are contemplated. "Other
expenses" are one-time charges or ongoing use fees for public improvements
(other than those resulting in special assessments) relating to curb, gutter,
street, sidewalk, sanitary and stormwater and storm sewer (including all sewer
mains and hook-up and interceptor charges), parks, street lighting and street
trees, and impact fees for other public facilities, as defined in Wis. Stat.
Section 66.55(1)(c) & (f).

DELIVERY/RECEIPT
Unless otherwise stated in this Option, any signed document transmitted by
facsimile machine (fax) shall be treated in all manner and respects as an
original document and the signature of any Party upon a document transmitted by
fax shall be considered an original signature. Personal delivery to, or actual
receipt by, any named Buyer or Seller constitutes personal delivery to, or
actual receipt by Buyer or Seller. Once received, a notice cannot be withdrawn
by the Party delivering the notice without the consent of the Party receiving
the notice. A Party may not unilaterally reinstate a contingency after a notice
of a contingency waiver has been received by the other Party. The delivery
provisions in this Option may be modified when appropriate (e.g., when mail
delivery is not desirable (see lines 203-209). Buyer and Seller authorize the
agents of Buyer and Seller to distribute copies of the Option to Buyer's lender,
appraisers, title insurance companies and any other settlement service providers
for the transaction as defined by the Real Estate Settlement Procedures Act
(RESPA).

DATES AND DEADLINES
Deadlines expressed as a number of "days" from an event, such as exercise of
this Option, are calculated by excluding the day the event occurred and by
counting subsequent calendar days. The deadline expires at midnight on the last
day. Deadlines expressed as a specific number of "business days" exclude
Saturdays, Sundays, any legal public holiday under Wisconsin or Federal law, and
other day designated by the President such that the postal service does not
receive registered mail or make regular deliveries on that day. Deadlines
expressed as a specific number of "hours" from the occurrence of an event, such
as receipt of a notice, are calculated from the exact time of the event, and by
counting 24 hours per calendar day. Deadlines expressed as a specific day of the
calendar year or as the day of a specific event, such as closing, expire at
midnight of that day.

FIXTURES A "fixture" is defined as an item of property which is physically
attached to or so closely associated with land or improvements so as to be
treated as part of the real estate, including, without limitation, physically
attached items not easily removable without damage to the Property, items
specifically adapted to the Property, and items customarily treated as fixtures.

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ENTIRE CONTRACT This Option, including any amendments to it, contains the entire
agreement of the Buyer and Seller regarding the transaction. All prior
negotiations and discussions have been merged into this Option. This agreement
binds and inures to the benefit of the Parties to this Option and their
successors in interest.

DEFAULT Seller and Buyer each have the legal duty to use good faith and due
diligence in completing the terms and conditions of the terms of purchase after
exercise of this Option. A material failure to perform any obligation under the
terms of purchase after exercise of this Option is a default which may subject
the defaulting party to liability for damages or other legal remedies.

          If BUYER DEFAULTS under the terms of purchase after exercise of this
          Option, Seller may:

          (1) sue for specific performance and request the earnest money as
partial payment of the purchase price; or

          (2) terminate the purchase agreement and have the option to sue for
actual damages.

          If SELLER DEFAULTS under the terms of purchase after exercise of this
Option, Buyer may:

          (1) sue for specific performance; or

          (2) terminate the purchase agreement and sue for actual damages.

          In addition, the Parties may seek any other remedies available in law
or equity.

          The parties understand that the availability of any judicial remedy
will depend upon the circumstances of the situation and the discretion of the
courts. If either Party defaults, the Parties may renegotiate the terms of
purchase or seek nonjudicial dispute resolution instead of the remedies outlined
above. By agreeing to binding arbitration, the Parties may lose the right to
litigate in a court of law those disputes covered by the arbitration agreement.

RENTAL WEATHERIZATION. Unless otherwise agreed Buyer shall be responsible for
compliance with Rental Weatherization Standards (Wis. Adm. Code Comm. 67), if
applicable.

PROPERTY ADDRESS: 40 acres or more located in Sec. 24, Town of Arlington,
Columbia County, WI (page 4 of 4, WB-24)

AUTHORIZATION FOR INSPECTIONS AND TESTS Buyer is authorized to conduct the
following inspections and tests (see lines 110-121).

INSPECTIONS: any tests necessary for Buyer to determine if property is suitable
for intended use. Buyer agrees to return the real estate to the condition it was
in prior to any inspections or tests. TESTS:

DELIVERY OF DOCUMENTS AND WRITTEN NOTICES Unless otherwise stated in this
Option, delivery of documents and written notices to a Party shall be effective
only when accomplished by one of the methods specified at lines 203-212.

(1) By depositing the document or written notice postage or fees prepaid in the
U.S. Mail or fees prepaid or charged to an account with a commercial delivery
service, addressed either to the Party, or to the Party's recipient for delivery
designated at lines 206 or 208 (if any), for delivery to the Party's delivery
address at lines 207 or 208.
Seller's recipient for deliver (optional):
Seller's delivery address:  W5756 Harvey Road, Poynette, WI  53955
Buyer's recipient for delivery (optional):
Buyer's delivery address:  N3432 Cty. BB, Columbus, Wis. 53925
(2) By giving the document or written notice personally to the Party or the
Party's recipient for delivery if an individual is designated at lines 206 or
208.
(3) By fax transmission of the document or written notice to the following
telephone number:
Buyer: (    )                     Seller: (608)   635-4727

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TIME IS OF THE ESSENCE "Time is of the Essence" as to payment of option fees and
extension fee and all other dates and deadlines in this Option except: as
mutually agreed upon by the parties. If "Time is of the Essence"
applies to a date or deadline, failure to perform by the exact date or deadline
is a breach of contract. If "Time is of the Essence" does not apply to a date or
deadline, then performance within a reasonable time of the date or deadline is
allowed before a breach occurs.

          This Option (is) (is not) STRIKE ONE assignable. This Property (is)
(is not) STRIKE ONE homestead property.

ADDITIONAL PROVISIONS.
ADDENDA The attached Addendums A and B is/are made part of this Option.
IF GRANTED, THIS OPTION CAN CREATE A LEGALLY ENFORCEABLE CONTRACT. BOTH PARTIES
SHOULD READ THIS OPTION AND ALL ATTACHMENTS CAREFULLY. BROKERS MAY PROVIDE A
GENERAL EXPLANATION OF THE PROVISIONS OF THE OPTION BUT ARE PROHIBITED BY LAW
FROM GIVING ADVICE OR OPINIONS CONCERNING YOUR LEGAL RIGHTS UNDER THIS OPTION OR
HOW TITLE SHOULD BE TAKEN AT CLOSING IF THE OPTION IS EXERCISED. AN ATTORNEY
SHOULD BE CONSULTED IF LEGAL ADVICE IS NEEDED.

This Option was drafted on 11-19-01 (date) by [License and Firm] Atty. Fredric
J. Lueders

       United Wis Grain Producers, LLC
<Table>
<S>                                                                   <C>                                               <C>
(x)  By:
      Buyer's Signature  Print Name Here:                             Social Security No. or FEIN (Optional)            Date
(x)
Buyer's Signature  Print Name Here: United Wis. Grain Producers       Social Security No. or FEIN (Optional)            Date
</Table>

SELLER GRANTS THIS OPTION. THE WARRANTIES, REPRESENTATIONS AND COVENANTS MADE IN
THIS OPTION SURVIVE CLOSING AND THE CONVEYANCE OF THE PROPERTY. THE UNDERSIGNED
HEREBY AGREES TO CONVEY THE ABOVE-MENTIONED PROPERTY ON THE TERMS AND CONDITIONS
AS SET FORTH HEREIN AND ACKNOWLEDGES RECEIPT OF A COPY OF THIS OPTION.

         Nelson Grain Farms LLC

<Table>
<S>                                                                   <C>                                               <C>
(x)
Seller's Signature  Print Name Here: Wayne Nelson, Member             Social Security No. or FEIN (Optional)            Date

(x)
Seller's Signature  Print Name Here:                                  Social Security No. or FEIN (Optional)            Date
</Table>

This Offer was presented to Seller by Buyer on November, 2001, at      a.m./p.m.

THIS OPTION IS REJECTED   THIS OPTION IS COUNTERED (See attached counter)
      Seller Initials           Date            Seller Initials          Date

NOTICE OF EXERCISE OF OPTION By signing below and delivering this notice (see
lines 201-212)

Buyer exercises the Option to Purchase.

(x)                                     (x)
   Buyer's Signature         Date          Buyer's Signature                Date

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               ADDENDUM A TO OPTION TO PURCHASE OFUNITED WI GRAIN
            PRODUCERS, LLC, BUYER AND NELSON GRAIN FARMS, LLC, SELLER

1.   Exact purchase price of real estate to be determined by number of acres
     included in a survey of the property provided at Seller's expense and
     agreed to by Buyer. Subject premises shall be minimum of 40 acres. Buyer
     agrees to provide Seller with a 35 foot wide access easement for ingress
     and egress to any portion of Seller's property that is not purchased by
     Buyer that does not have access to County Highway I.

2.   Purchase price shall be paid in the following manner:

               a.   $3,500 per acre in cash at closing.

               b.   Seller shall have the choice of receiving the balance owing
                    of $6,500 per acre in the form of a land contract with
                    monthly payments with interest at the rate of 7% per annum,
                    amortized over 20 years, with a term of ten (10) years and
                    Buyer able to prepay an additional 20% of the original
                    principal balance each year.

3.   Buyer shall be responsible for the expense of obtaining all town, county,
     state or federal permits and approvals, including any zoning changes
     necessary, for Buyers proposed use of the subject premises as an ethanol
     plant. Seller agrees to cooperate with Buyer as necessary to obtain the
     said approvals, permits or rezoning. All expenses incurred in obtaining the
     approvals, permits, or rezoning shall be at Buyer's expense.

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                         AMENDMENT TO OPTION TO PURCHASE

     Buyer and Seller agree to amend the Option dated November 21, 2001 and
accepted on November 21, 2001 for the purchase and sale of 77.52 acres, more or
less, located in Section 24, Town of Arlington, Columbia County, Wisconsin, as
follows:

     1.   Purchase price shall be Ten Thousand ($10,000.00) dollars per acre for
40 acres as determined by a survey of the property provided at Seller's expense
and agreed to by Buyer predominately located in the Northwest Quarter of the
Southwest Quarter, Section 24, Town of Arlington, Columbia County, Wisconsin.
The balance of the real estate in the amount of 37.52 acres, more or less,
predominately located in the Northeast Quarter of the Southwest Quarter, Section
24, Town of Arlington, Columbia County, Wisconsin shall be sold for Five
Thousand ($5,000.00) dollars per acre. Seller will not sell less than all of the
balance of land remaining, 37.52 acres, more or less, after sale of the first 40
acres. Exact legal description of subject parcels is attached hereto as Exhibit
A and incorporated by reference as though fully set forth at length herein.

     2.   Purchase price shall be paid in cash at closing.

     3.   The option shall be extended until October 31, 2002 upon payment of
Two Thousand Five Hundred ($2,500.00) dollars in cash or equivalent to Seller on
or before May 2, 2002, as an option extension fee which shall not be refundable
if this option is not exercised. If this option is exercised, the option
extension fee in the amount of $2,500.00 shall be credit against the purchase
price at closing.

     4.   Any exercise of the option by Buyer shall be subject to Seller's right
to plant, maintain and harvest a crop on the option property.

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                                   ADDENDUM A

A parcel of land located in the Southwest Quarter of the Northwest Quarter,
Section 24, Town 10 North, Range 9 East, Town of Arlington, Columbia County,
Wisconsin, more particularly described as follows:

Beginning at the West Quarter corner of said Section 24; thence North 0 deg.
02'35" West, 177.00 feet; thence South 68 deg. 38'45" East, 205.92 feet; thence
North 89 deg. 17'35" East, 630.08 feet; thence North 89 deg. 59'05':[sic] East,
346.24 feet; thence South 45 deg. 44'55" East, 154.62 feet; thence South 89 deg.
54'39" West, 1278.66 feet to the point of beginning. This parcel is subject to a
road right of way of 33.00 feet over the most Westerly part and contains 3.13
acres.

A parcel of land located in the North Half of the Southwest Quarter of Section
24, Town 10 North, Range 9 East, Town of Arlington, Columbia County, Wisconsin,
more particularly described as follows:

Beginning at the West Quarter corner of said Section 24; thence North 89 deg.
54'39" East, 2649.36 feet; thence South 0 deg. 01'05" East, 1320.58 feet; thence
South 89 deg. 51'49" West, 2648.77 feet; thence North 0 deg. 02'35" West,
1054.98 feet; thence North 89 deg. 54'39" East, 215.54 feet; thence North 0 deg
02'35" West, 140.00 feet; thence South 89 deg. 54'39" West, 215.54 feet; thence
North 0 deg. 02'35" West, 128.05 feet to the point of beginning. EXCEPT that
parcel of land owned by C.M. St. P&P Railroad. This parcel is subject to a road
right of way 33.00 feet over the most Westerly part and contains 77.59 acres.
Also an easement for ingress and egress for this parcel over the following
described parcel of land.

A parcel of land located in the Northwest Quarter of the Southwest Quarter of
Section 24; Town 10 North, Range 9 East, Town of Arlington, Columbia County,
Wisconsin, more particularly described as follows: Commencing at the west
Quarter corner of said Section 24; thence South 0 deg. 02'35" East, 248.05 feet
to the point of beginning of said easement. Thence continue South 0 deg. 02'35"
East, 20.00 feet; thence North 89 deg. 54'39" East, 113.00 feet; thence North 0
deg. 02'35" West, 20.00 feet; thence South 89 deg. 54'39" West, 113.00 feet to
the point of beginning. This description is intended to describe an easement
over the existing driveway.

EXCEPT Lot 1 of the Columbia County Certified Survey Map No. 3386 recorded as
Document No. 620478 and EXCEPT Lot 1 of Columbia County Certified Survey Map No.
3474 recorded as Document No. 626320.

Tax Parcels 11-002-429.A, 11-002-431 and 11-002-432

<Page>

     All other terms of the Option to Purchase remain the same. This amendment
is binding upon Seller and Buyer only if a copy of the accepted Amendment is
delivered to Seller on or before April 22, 2002.

     Dated                                 UNITED WIS GRAIN PRODUCERS LLC, Buyer
          -------------

                                           By:

                                               ---------------------------------
                                               Kevin Roche, President

     Dated                                 NELSON GRAIN FARMS LLC, Seller
          -------------

                                           By:

                                                --------------------------------
                                                Wayne Nelson, Member<Page>

                                                                    EXHIBIT 10.4

Approved by the Wisconsin Department of Regulation and Licensing Wisconsin Real
Estate, Inc.
6-1-00 (Optional Use Date)                 WB-24 Option to Purchase
5-1-00 (Mandatory Use Date)                                          Page 1 of 4

BROKER DRAFTING THIS OPTION ON 05/11/2001 [DATE] IS AGENT OF [BUYER] STRIKE TWO

The Seller, Charles Holder, hereby grants to Buyer, an option to purchase
(Option) the Property known as [Street Address] N4937 Schliesmann Rd., Rio, WI
53960 in the Town of Wyocena & Lowville County of Columbia, Wisconsin, (if this
option is to be recorded, Insert legal description at lines 218-224 or attach as
an addendum per line 225) on the following terms:

DEADLINE FOR GRANT OF OPTION. This Option is void unless a copy of the Option
which has been signed by or on behalf of all Owners is delivered to Buyer on or
before November 5, 2001 (Time is of the Essence).

OPTION TERMS. An option fee of $100.00 will be paid by Buyer within 3 days of
the granting of this Option, and shall not be refundable if the Option is not
exercised. If the Option is exercised, $100.00 of the option fee shall be a
credit against the purchase price at closing. This Option may only be exercised
by delivering written notice to Seller no later than midnight May 2, 2002. Buyer
may sign and deliver the notice at lines 247-248, or may deliver any other
written notice which specifically indicates an intent to exercise this Option.
This Option shall be extended until August 2, 2002, upon payment of $100.00 in
cash or equivalent to Seller on or before May 2, 2002, as an option extension
fee which shall not be refundable if this Option is not exercised. If this
Option is exercised, $100.00 the option extension fee shall be a credit against
the purchase price at closing. The option fee and option extension fee shall be
(paid directly to Seller) (held in listing broker's trust account until Aug. 2,
2002) [STRIKE ONE].

This Option, or a separate instrument evidencing this Option, (may) [STRIKE ONE]
be recorded. CAUTION: FAILURE TO RECORD MAY GIVE PERSONS WITH SUBSEQUENT
INTERESTS IN THE PROPERTY PRIORITY OVER THIS OPTION.

TERMS OF PURCHASE. If this Option is exercised per the terms of this Option, the
following shall be the terms of purchase:

PURCHASE PRICE: See Line 218 _____ Dollars ($___________) will be paid in cash
or equivalent at closing unless otherwise provided below.

ADDITIONAL ITEMS INCLUDED IN PURCHASE PRICE: Seller shall include in the
purchase price and transfer, free and clear of encumbrances, all fixtures, as
defined at lines 172-175 and as may be on the Property on the date of this
Option, unless excluded at lines 28-29, and the following additional items: ---

ITEMS NOT INCLUDED IN THE PURCHASE PRICE: ---

CONVEYANCE OF TITLE: Upon payment of the purchase price, Seller shall convey the
Property by warranty deed (or other conveyance as provided herein) free and
clear of all liens and encumbrances, except municipal and zoning ordinances and
agreements entered under them, recorded easements for the distribution of
utility and municipal services, recorded building and use restrictions and
covenants, general taxes levied in the year of closing and _______________
(provided none of the foregoing prohibit present use of the Property), which
constitutes merchantable title for purposes of this transaction. Seller further
agrees to complete and execute the documents necessary to record the
conveyance.

<Page>

PLACE OF CLOSING: This transaction is to be closed at the place designated by
Buyer's mortgagee or Wis. Real Estate within 30 days after the exercise of the
Option, unless another date or place is agreed in writing.

OCCUPANCY. Occupancy of the entire Property shall be given to Buyer at time of
closing unless otherwise provided in this Option (lines 218-224 or in an
addendum per line 225). Occupancy shall be given subject to tenant's rights, if
any. Caution: Consider an agreement which addresses responsibility for clearing
the Property of personal property and debris, if applicable.

LEASED PROPERTY. If Property is currently leased and lease(s) extend beyond
closing, Seller shall assign Seller's rights under the lease(s) and transfer as
security deposits and prepaid rents thereunder to Buyer at closing. The terms of
the (written)(oral) STRIKE ONE lease(s), if any, are n/a.

CLOSING PRORATIONS. The following items shall be prorated at closing: real
estate taxes, rents, private and municipal charges, property owner's association
assessments, fuel and ---. Any income, taxes or expenses shall accrue to Seller,
and be prorated, through the day prior to closing. Net general real estate taxes
shall be prorated based on (the net general real estates taxes for the current
year, if known, otherwise on the net general real estate taxes for the preceding
year) ( ), STRIKE AND COMPLETE AS APPLICABLE. CAUTION: If proration on the basis
of net general real estate taxes is not acceptable (for example,
completed/pending reassessment, changing mill rate, lottery credits), insert
estimated annual tax or other formula for proration.

ZONING Seller represents that the property is zoned Ag.

REPRESENTATIONS REGARDING PROPERTY AND TRANSACTION. Seller represents to Buyer
that as of the date Seller grants this Option Seller has no notice or knowledge
of conditions affecting the Property or transaction (as defined at liens 63-88)
other than those identified in Seller's property condition report dated
______________, which was received by Buyer prior to Buyer signing this Option
COMPLETE DATE OR STRIKE AS APPLICABLE AND.

Seller agrees to notify Buyer of any condition affecting the Property or
transaction which is materially inconsistent with the above representations,
which arises after this Option is granted, but prior to exercise of this Option.
Buyer shall have reasonable access to the Property, upon reasonable notice, from
the time this Option is granted until the time for closing, for the purpose of
inspecting and testing the Property to the extent reasonably necessary to
fulfill the inspection and testing provisions of this Option. (See lines
110-124).

A "condition affecting the Property or transaction" is defined as follows:

(a)  planned or commenced public improvements which may result in special
     assessments or otherwise materially affect the Property or the present use
     of the Property;
(b)  completed or pending reassessment of the Property for property tax
     purposes;
(c)  government agency or court order requiring repair, alteration or correction
     of any existing condition;
(d)  any land division involving the subject Property, for which required state
     or local approvals have not been obtained;
(e)  any portion of the Property being in a 100 year floodplain, a wetland or a
     shoreland zoning area under local, state or federal laws;
(f)  conditions constituting a significant health or safety hazard for occupants
     of Property; Note: Possible LBP Disclosure Requirement.
(g)  underground or aboveground storage tanks on the Property for storage of
     flammable or combustible liquids including but not limited to gasoline and
     heating oil which are currently or which were previously located on the
     Property; NOTE: Wis. Adm. Code, Chapter Comm 10 contains registration and
     operation rules for such underground and aboveground storage tanks.

<Page>

(h)  material violations of environmental laws or other laws or agreements
     regulating the use of the Property; (i) high voltage electric (100 KV or
     greater) or steel natural gas transmission lines located on but not
     directly serving the Property;
(j)  any portion of the Property being subject to, or in violation of a Farmland
     Preservation Agreement under a County Farmland Preservation Plan or
     enrolled in, or in violation of, a Forest Crop, Woodland Tax, Managed
     Forest, Conservation Reserve or comparable program;
(k)  boundary disputes or material violation of fence laws (Wis. Stats. Chapter
     90) which require the erection and maintenance of legal fences between
     adjoining properties where one or both of the properties is used and
     occupied for farming or grazing purposes;
(l)  wells on the Property required to be abandoned under state regulations
     (Wis. Adm. Code NR 112.26) but which are not abandoned;
(m)  cisterns or septic tanks on the Property which are currently not servicing
     the Property;
(n)  subsoil conditions which would significantly increase the cost of building
     on the property including, but not limited subsurface foundations, organic
     or non-organic fill, dumpsites or containers on Property which contained or
     currently contain toxic or hazardous materials, groundwater, soil
     conditions (e.g. low load bearing capacity) or excessive rocks or rock
     formations on the Property;
(o)  a lack of legal vehicular access to the Property from public roads;
(p)  prior reimbursement for corrective action costs under the Agricultural
     Chemical Cleanup Program (Wis. Stats. Section 94.73);
(q)  other conditions or occurrences which would reduce the value of the
     Property to a reasonable person with knowledge of the nature and scope of
     the condition or occurrence.

PROPERTY DIMENSIONS AND SURVEYS: Buyer acknowledges that any land dimensions,
total square footage/acreage figures or allocation of acreage information,
provided to Buyer by Seller or by a broker, may be approximate because of
rounding or other reasons, unless verified by survey or other means. CAUTION:
Buyer should verify land dimensions, total square footage/average figures or
allocation of acreage information if material to Buyer's decision to purchase.

PROPERTY DAMAGE BETWEEN EXERCISE OF OPTION AND CLOSING: Seller shall maintain
the Property until the earlier of closing or occupancy of Buyer in materially
the same condition as of the date Buyer exercises this Option, except for
ordinary wear and tear. If, prior to closing, the Property is damaged in an
amount of not more than five per cent (5%) of the purchase price, Seller shall
be obligated to repair the Property and restore it to the same condition that it
was on the day this Option is exercised. If the damage is greater than 5% of the
purchase price, Seller shall promptly notify Buyer in writing of the damage and
this Option may be rescinded by Buyer and all Option fees paid by Buyer shall be
immediately returned to Buyer. Should Buyer elect to exercise this Option
despite such damage, Seller shall either repair the Property and restore it to
the same condition that it was on the day of exercise of this Option, except for
ordinary wear and tear or Buyer shall be entitled to the insurance proceeds
relating to the damage to the Property, plus a credit towards the purchase price
equal to the amount of Seller's deductible on such policy.

BUYER DUE DILIGENCE: Prior to exercising this Option Buyer may need to perform
certain inspections, investigations and testing. Buyer is only authorized to do
those inspections, investigations and tests which are authorized at lines
196-200 or lines 218-225. In addition to these inspections, investigations and
tests, Buyer may need to obtain financing, approvals or other information,
including but not limited to building permits, zoning variances, Architectural
Control Committee approvals, review of condominium documents, review of business
records, estimates for utility hook-up expenses, special

<Page>

assessments, charges for installation of roads or utilities, etc. WARNING: If
Buyer contemplates developing property or a use other than the current use,
there are a variety of issues which should be addressed in order to determine
the feasibility of development of, or a particular use for, a property. Buyer is
solely responsible for all expenses relating to financing, inspections,
investigations, testing, approvals, permits, estimates, etc.

INSPECTIONS: An "inspection" is defined as an observation of the Property which
does not include testing of the Property, other than testing for leaking LP gas
or natural gas used as a fuel source, which are hereby authorized. Seller agrees
to allow Buyer's inspectors reasonable access to the Property upon reasonable
notice for those inspections authorized at lines 197-198. Buyer agrees to
promptly restore the Property to its original condition after Buyer's
Inspections are completed, unless otherwise agreed in this Option.

TESTING: Except as otherwise provided, Seller's authorization for inspections
does not authorize Buyer to conduct testing of the Property. A "test" is defined
as the taking of samples of materials such as soils, water, air or building
materials from the Property and the laboratory or other analysis of these
materials. Seller agrees to allow Buyer's testers reasonable access to the
Property upon reasonable notice for those tests authorized at lines 199-200.
Note: The authorization for testing should specify the areas of the Property to
be tested, the purpose of the test, (e.g., to determine if environmental
contamination is present), any limitations on Buyer's testing and any other
material terms of the authorization. Unless otherwise agreed, Buyer shall return
the Property to its original condition following testing. Seller acknowledges
that certain inspections or tests may detect environmental pollution which may
be required to be reported to the Wisconsin Department of Natural Resources.

PRE-CLOSING INSPECTION: At a reasonable time, pre-approved by Seller or Seller's
agent, within 3 days before closing, Buyer shall have the right to inspect the
Property to determine that there has been no significant change in the condition
of the Property, except for changes approved by Buyer.

CONDOMINIUM DISCLOSURES: If the property is a Condominium, Seller agrees to
provide Buyer, at Seller's cost (see Wisconsin Statutes Section 703.20(2)),
complete, current copies of disclosure materials (organization and operational
documents, plans, financial statements, and in the case of a conversion
condominium property information) as required by Wisconsin Statutes Section
703.33 no later than 15 days prior to closing and any amendment to these
materials promptly after its adoption (except as limited for small residential
condominiums per Wisconsin Statutes Section 703.365). These materials are
available at cost from the condominium association. As provided in Wisconsin
Statutes Section 703.33(4), Buyer may, within five business days after receipt
of these documents, including any material modification thereto, rescind this
Option by written notice mailed or delivered to Seller, the date of mailing or
actual delivery being the effective date of notice.

TITLE EVIDENCE
          FORM OF TITLE EVIDENCE: Seller shall give evidence of title in the
form of an owner's policy of title insurance in the amount of the purchase price
on a current ALTA form issued by an insurer licensed to write title insurance in
Wisconsin. CAUTION: IF TITLE EVIDENCE WILL BE GIVEN BY ABSTRACT, STRIKE TITLE
INSURANCE PROVISIONS AND INSERT ABSTRACT PROVISIONS.

          PROVISION OF MERCHANTABLE TITLE: Seller shall pay all costs of
providing title evidence. For purposes of closing, title evidence shall be
acceptable if the commitment for the required title insurance is delivered to
Buyer's attorney or Buyer not less than 3 business days before closing, showing
title to the Property as of a date no more than 15 days before delivery of such
title evidence to be merchantable, subject only to liens which will be paid out
of the proceeds of closing and standard title insurance requirements and
exceptions, as appropriate. CAUTION: BUYER SHOULD

<Page>

CONSIDER UPDATING THE EFFECTIVE DATE OF THE TITLE COMMITMENT PRIOR TO CLOSING OR
A "GAP ENDORSEMENT" WHICH WOULD INSURE OVER LIENS FILED BETWEEN THE EFFECTIVE
DATE OF THE COMMITMENT AND THE DATE THE DEED IS RECORDED.

     TITLE ACCEPTABLE FOR CLOSING: If title is not acceptable for closing, Buyer
shall notify Seller in writing of objections to title by the time set for
closing. In such event, Seller shall have a reasonable time, but not exceeding
15 days, to remove the objections, and the time for closing shall be extended as
necessary for this purpose. In the event that Seller is unable to remove said
objections, Buyer shall have 5 days from receipt of notice thereof, to deliver
written notice waiving the objections, and the time for closing shall be
extended accordingly. If Buyer does not waive the objections, this Option shall
be null and void. Providing title evidence acceptable for closing does not
extinguish Seller's obligations to give merchantable title to Buyer.

     SPECIAL ASSESSMENTS: Special assessments, if any, for work actually
commenced or levied prior to date this Option is exercised shall be paid by
Seller no later than closing. All other special assessments shall be paid by
Buyer. CAUTION: Consider a special agreement if area assessments, property
owners association assessments or other expenses are contemplated. "Other
expenses" are one-time charges or ongoing use fees for public improvements
(other than those resulting in special assessments) relating to curb, gutter,
street, sidewalk, sanitary and stormwater and storm sewer (including all sewer
mains and hook-up and interceptor charges), parks, street lighting and street
trees, impact fees for other public facilities, as defined in Wis. Stat. Section
66.55(1)(c) & (f).

DELIVERY RECEIPT
Unless otherwise stated in this Option, any signed document transmitted by
facsimile machine (fax) shall be treated in all manner and respects as an
original document and the signature of any Party upon a document transmitted by
fax shall be considered an original signature. Personal delivery to, or actual
receipt by, any named Buyer or Seller constitutes personal delivery to, or
actual receipt by Buyer or Seller. Once received, a notice cannot be withdrawn
by the Party delivering the notice without the consent of the Party receiving
the notice. A Party may not unilaterally reinstate a contingency after a notice
of a contingency waiver has been received by the other Party. The delivery
provisions in this Option may be modified when appropriate (e.g., when mail
delivery is not desirable (see lines 203-209). Buyer and Seller authorize the
agents of Buyer and Seller to distribute copies of the Option to Buyer's lender,
appraisers, title insurance companies and any other settlement service providers
for the transaction as defined by the Real Estate Settlement Procedures Act
(RESPA).

DATES AND DEADLINES
Deadlines expressed as a number of "days" from an event, such as exercise of
this Option, are calculated by excluding the day the event occurred and by
counting subsequent calendar days. The deadline expires at midnight on the last
day. Deadlines expressed as a specific number of "business days" exclude
Saturdays, Sundays, any legal public holiday under Wisconsin or Federal law, and
other day designated by the President such that the postal service does not
receive registered mail or make regular deliveries on that day. Deadlines
expressed as a specific number of "hours" from the occurrence of an event, such
as receipt of a notice, are calculated from the exact time of the event, and by
counting 24 hours per calendar day. Deadlines expressed as a specific day of the
calendar year or as the day of a specific event, such as closing, expire at
midnight of that day.

FIXTURES A "fixture" is defined as an item of property which is physically
attached to or so closely associated with land or improvements so as to be
treated as part of the real estate, including, without limitation, physically
attached items not easily removable without damage to the Property, items
specifically adapted to the Property, and items customarily treated as fixtures.

<Page>

ENTIRE CONTRACT This Option, including any amendments to it, contains the entire
agreement of the Buyer and Seller regarding the transaction. All prior
negotiations and discussions have been merged into this Option. This agreement
binds and inures to the benefit of the Parties to this Option and their
successors in interest.

DEFAULT Seller and Buyer each have the legal duty to use good faith and due
diligence in completing the terms and conditions of the terms of purchase after
exercise of this Option. A material failure to perform any obligation under the
terms of purchase after exercise of this Option is a default which may subject
the defaulting party to liability for damages or other legal remedies.

          If BUYER DEFAULTS under the terms of purchase after exercise of this
Option, Seller may

          (1) sue for specific performance and request the earnest money as
partial payment of the purchase price; or
          (2) terminate the purchase agreement and have the option to sue for
actual damages.

          If SELLER DEFAULTS under the terms of purchase after exercise of this
Option, Buyer may:
          (1) sue for specific performance; or

          (2) terminate the purchase agreement and sue for actual damages.

          In addition, the Parties may seek any other remedies available in law
or equity.

          The parties understand that the availability of any judicial remedy
will depend upon the circumstances of the situation and the discretion of the
courts. If either Party defaults, the Parties may renegotiate the terms of
purchase or seek nonjudicial dispute resolution instead of the remedies outlined
above. By agreeing to binding arbitration, the Parties may lose the right to
litigate in a court of law those disputes covered by the arbitration agreement.

RENTAL WEATHERIZATION. Unless otherwise agreed Buyer shall be responsible for
compliance with Rental Weatherization Standards (Wis. Adm. Code Comm. 67), if
applicable. PROPERTY ADDRESS: N4937 Schliesmann Rd., Rio, Wis. 53960 (page 4 of
4, WB-24)

AUTHORIZATION FOR INSPECTIONS AND TESTS Buyer is authorized to conduct the
following inspections and tests (see lines 110-121).

INSPECTIONS: any tests which may be needed.

TESTS:

DELIVERY OF DOCUMENTS AND WRITTEN NOTICES Unless otherwise stated in this
Option, delivery of documents and written notices to a Party shall be effective
only when accomplished by one of the methods specified at lines 203-212.

(1) By depositing the document or written notice postage or fees prepaid in the
U.S. Mail or fees prepaid or charged to an account with a commercial delivery
service, addressed either to the Party, or to the Party's recipient for delivery
designated at lines 206 or 208 (if any), for delivery to the Party's delivery
address at lines 207 or 208.
Seller's recipient for deliver (optional): R.W. Wis. Real Estate
Seller's delivery address:  N4937 Schliesmann Rd., Rio, WI 53960
Buyer's recipient for delivery (optional):  R.W. Wis. Real Estate
Buyer's delivery address:  N3432 Cty. BB, Columbus, Wis. 53925

(2) By giving the document or written notice personally to the Party or the
Party's recipient for delivery if an individual is designated at lines 206 or
208.

(3) By fax transmission of the document or written notice to the following
telephone number:
Buyer: (920) 623-4996               Seller: (  )

TIME IS OF THE ESSENCE "Time is of the Essence" as to payment of option fees and
extension fee and all other dates and deadlines in this Option except: ---. If
"Time is of the Essence"

<Page>

applies to a date or deadline, failure to perform by the exact date or deadline
is a breach of contract. If "Time is of the Essence" does not apply to a date or
deadline, then performance with a reasonable time of the date or deadline is
allowed before a breach occurs.

     This Option (is) (is not) STRIKE ONE assignable.   This Property (is) (is
not) STRIKE ONE homestead property.

ADDITIONAL PROVISIONS. Price to be $5500 per acre as determined by a survey.
Survey to be provided by seller and agreed to by buyer.

ADDENDA The attached Addedum A - Map of property to be purched is/are made part
of this Option. IF GRANTED, THIS OPTION CAN CREATE A LEGALLY ENFORCEABLE
CONTRACT. BOTH PARTIES SHOULD READ THIS OPTION AND ALL ATTACHMENTS CAREFULLY.
BROKERS MAY PROVIDE A GENERAL EXPLANATION OF THE PROVISIONS OF THE OPTION BUT
ARE PROHIBITED BY LAW FROM GIVING ADVICE OR OPINIONS CONCERNING YOUR LEGAL
RIGHTS UNDER THIS OPTION OR HOW TITLE SHOULD BE TAKEN AT CLOSING IF THE OPTION
IS EXERCISED. AN ATTORNEY SHOULD BE CONSULTED IF LEGAL ADVICE IS NEEDED.

This Option was drafted on 05/11/01 (date) by [License and Firm] John F. Roche
R.W. Wis. Real Estate.

<Table>
<S>                                                                      <C>                                               <C>
(x) By:
    Buyer's Signature  Print Name Here:                                  Social Security No. or FEIN (Optional)            Date
(x)
Buyer's Signature  Print Name Here: United Wis. Grain Producers          Social Security No. or FEIN (Optional)            Date
</Table>

SELLER GRANTS THIS OPTION. THE WARRANTIES, REPRESENTATIONS AND COVENANTS MADE IN
THIS OPTION SURVIVE CLOSING AND THE CONVEYANCE OF THE PROPERTY. THE UNDERSIGNED
HEREBY AGREES TO CONVEY THE ABOVE-MENTIONED PROPERTY ON THE TERMS AND CONDITIONS
AS SET FORTH HEREIN AND ACKNOWLEDGES RECEIPT OF A COPY OF THIS OPTION.

<Table>
<S>                                                                      <C>                                               <C>
(x)
Seller's Signature  Print Name Here:                                     Social Security No. or FEIN (Optional)            Date
(x)
Seller's Signature  Print Name Here:                                     Social Security No. or FEIN (Optional)            Date
</Table>

This Offer was presented to Seller by John F. Roche on November 5, 2001, at 1:20
a.m./p.m. THIS OPTION IS REJECTED   THIS OPTION IS COUNTERED (See attached
counter)

     Seller Initials                 Date          Seller Initials          Date

NOTICE OF EXERCISE OF OPTION By signing below and delivering this notice (see
lines 201-212)

Buyer exercises the Option to Purchase.

(x)                                          (x)
    Buyer's Signature                  Date      Buyer's Signature          Date

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