Document:

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                     URETHANE SOY SYSTEMS COMPANY, INC. AND
                      SOUTH DAKOTA SOYBEAN PROCESSORS, INC.
                         VEGETABLE OIL SUPPLY AGREEMENT

      This VEGETABLE OIL SUPPLY AGREEMENT ("Agreement") is effective the 2nd day
of August, 1999 by and between Urethane Soy Systems Company, Inc. ("USS"), an
Illinois corporation and South Dakota Soybean Processors, Inc. ("SDSP"), a South
Dakota corporation.

      USS is a newly formed corporation established in 1998 for the development
and delivery of vegetable oil based products to the urethane and plastics
industry. SDSP is in the process of planning, designing, constructing, and
developing market strategies and agreements for a Soy Oyl Production Facility
(hereinafter referred to as "Facility(s)") to serve as USS's exclusive supplier
of vegetable oils. USS is developing a new and emerging market. USS and SDSP
will endeavor to manage growth in this industry while providing a delicate
balance between growth in USS's demand for their products and SDSP's growth in
production capacity and marketing.

USS AND SDSP AGREE AS FOLLOWS:

1.    APPOINTMENT OF SDSP AS EXCLUSIVE SUPPLIER OF USS'S VEGETABLE OIL

      1.1.  USS hereby appoints SDSP as USS's exclusive supplier of vegetable
            oil during the term of this Agreement. SDSP accepts such appointment
            and agrees to supply USS's vegetable oil needs in accordance with
            the terms of this Agreement.

      1.2.  SDSP, under this Agreement, will supply vegetable oil for use in the
            plastics and urethane industry for products under patent (pending)
            by USS solely to USS.

2.    CONTRACTING VOLUME, DELIVERY, PRICE

      2.1.  SDSP's oil sales to USS will be governed by the terms and conditions
            of SDSP's Sales Contract as found in Addendum "A" of this Agreement.

      2.2.  USS will submit requests to SDSP for USS's volume requirements (in
            pounds) and required shipment dates.

      2.3.  Pricing options are Basis Fixed contract, Basis Fixed contract with
            Maximum Guaranteed Price, Basis Fixed contract with Maximum/Minimum
            Guaranteed Price or Fixed Price and/or a combination thereof, for
            the term of this Agreement.

DEFINITIONS

      BASIS FIXED CONTRACT: Price based upon the Chicago Board of Trade ("CBOT")
      soybean oil futures plus an established processing fee. Under contract
      terms, volume and delivery dates are established at the beginning of the
      contract. USS selects when to fix the price on a given volume prior to the
      established pricing date.

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      BASIS FIXED CONTRACT WITH MAXIMUM GUARANTEED PRICE: Price based upon the
      CBOT soybean oil futures plus an established processing fee plus option
      premiums (based on market conditions and maximum price selected by USS).
      Contracts extending beyond actively trading CBOT soybean oil options will
      also be subject to a market risk premium agreed upon between USS and SDSP.
      Under contract terms, volume, delivery dates and maximum prices are
      established at the beginning of the contract. USS selects when to fix the
      price on a given volume prior to the established pricing date.

      BASIS FIXED CONTRACT WITH MAXIMUM/MINIMUM GUARANTEED PRICE: Price based
      upon the CBOT soybean oil futures plus an established processing fee plus
      option premiums (based on market conditions and the maximum/minimum price
      selected by USS). Contracts extending beyond actively trading CBOT soybean
      oil options will also be subject to a market risk premium agreed upon
      between USS and SDSP. Under contract terms, volume, delivery dates and
      maximum/minimum price are established at the beginning of the contract.
      USS selects when to fix pricing on a given volume prior to the established
      pricing date.

      FIXED PRICE CONTRACT: Contract terms of volume, delivery dates and price
      are established at the beginning of the contract. USS may fix the price of
      vegetable oil for up to three years. Price will be established upon the
      weighted average of active CBOT soybean oil futures and full carry from
      the last active trading month until the end of the contract plus
      established processing fee.

      2.4.  Processing fees will be established for each quality specification
            and each Facility(s). See Addendum "B".

      2.5.  Payment terms are net 30 days of shipment.

3.    QUALITY AND SPECIFICATIONS

      3.1.  Quality specifications for each contract will be mutually agreed
            upon by USS and SDSP. USS and SDSP realize the market will be
            evolving with new applications. As specifications are mutually
            agreed upon they will be added to Addendum "C" of this Agreement.
            Amendments to quality specifications may be made to the contract
            agreement if mutually agreed upon.

      3.2.  USS and SDSP will establish agreed upon standardized testing
            procedures and a referee lab(s) to be included in this Agreement as
            Addendum "D".

      3.3.  SDSP warrants that the vegetable oil sold hereunder shall conform to
            the specifications on each individual contract. SDSP GIVES NO OTHER
            WARRANTY, EXPRESSED OR IMPLIED, AS TO DESCRIPTION, QUALITY,
            MERCHANTABILITY, FITNESS FOR ANY PARTICULAR PURPOSE, PRODUCTIVENESS,
            OR ANY OTHER MATTER, OF ANY VEGETABLE OIL SUPPLIED BY SDSP. SDSP
            SHALL IN NO WAY BE

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            RESPONSIBLE FOR THE PROPER USE OF THE VEGETABLE OIL. THE SOLE AND
            EXCLUSIVE LIABILITY OF SDSP AND THE SOLE EXCLUSIVE REMEDY OF USS
            FOR BREACH OF ANY PROVISION OF THIS AGREEMENT BY SDSP ARE LIMITED
            EXCLUSIVELY TO REPLACEMENT OF THE AFFECTED VEGETABLE OIL, OR AT
            THE OPTION OF SDSP AND USS, AN AGREED UPON DISCOUNT FOR THE
            AFFECTED VEGETABLE OIL. SDSP SHALL NOT BE LIABLE UNDER ANY
            CIRCUMSTANCES FOR ANY INCIDENTAL, CONSEQUENTIAL OR ANY OTHER
            DAMAGES. USS ASSUMES ALL RISK AND LIABILITY FOR THE RESULTS
            OBTAINED BY THE USE OF THE PRODUCTS COVERED BY THIS AGREEMENT,
            WHETHER USED SINGLY OR IN COMBINATION WITH OTHER PRODUCTS.

4.    USS's MARKET VOLUME AND SDSP's PRODUCTION CAPACITY

      4.1.  USS will supply a three year market forecast updated in six month
            intervals to SDSP. When USS's market forecast would require new
            products or additional production capacity, SDSP will update its
            market supply/production capacity plan and submit the plan to USS
            within 90 days of receipt of USS's market forecast. SDSP will
            include preliminary pricing information if a new Facility(s) or new
            products are required to meet USS's market forecast.

      4.2.  SDSP agrees to meet USS's vegetable oil demand up to the design
            capabilities of SDSP's Facility(s) and marketing capabilities.

      4.3.  SDSP's nondelivery or default as to any installment shall not be
            deemed a breach of this Agreement except as to such installment.
            SDSP's certified weights are to govern settlement. Such nondelivery
            or default shall not relieve USS from its obligation to accept and
            pay for any subsequent or prior installment. Any changes in the
            selling price or other terms of this Agreement caused by a change in
            government regulations shall entitle SDSP to cancel any unshipped
            portion thereof.

5.    CLAIMS

      5.1.  Should quality disputes arise that cannot be mutually resolved, the
            official retained sample held by SDSP will be submitted to an
            approved referree lab. Quality tests will be run in accordance to
            section 3.2, Addendum "D". Referee lab results are binding upon both
            parties. The party against whom the decision results will assume all
            costs related to the handling and testing of the retained sample.

6.    TERMS OF AGREEMENT

      6.1.  This Agreement shall commence on the first date set forth above and
            shall continue for five (5) years unless terminated in accordance to
            Sections 6 of this Agreement.

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      6.2.  This Agreement may be terminated by either party on or after the
            fifth anniversary date of SDSP's Facility(s) becoming operational.
            The terminating party must give written notice of termination to the
            other party at least one (1) year prior to the proposed termination
            date.

            6.2.1. If, during the term of this Agreement, SDSP commits to
                   additional Facility(s) that USS and SDSP mutually agree to
                   build, each new Facility(s) will carry a minimum five (5)
                   year term of this Agreement starting when each new
                   Facility(s) becomes operational. Termination will be in
                   accordance with terms set forth in Section 6 of this
                   Agreement.

            6.2.2. USS and SDSP shall mutually agree upon the date that any new
                   Facility(s) becomes operational. For the purpose of this
                   Agreement, the Facility(s) shall be considered operational
                   when the Facility(s) is actually producing physical stocks of
                   the product for commercial sale.

            6.2.3. The terminating party, acting unilaterally from the other
                   party, agrees not to compete against the other party during
                   the term of this Agreement and for a period of three (3)
                   years beyond the termination date.

      6.3.  If either party suspends its business, becomes bankrupt or
            insolvent, or if a receiver or similar official is appointed for all
            or substantially all of its assets, the other party may terminate
            this Agreement by giving thirty (30) days' prior written notice to
            such party.

      6.4.  This Agreement may be terminated: (a) in accordance with the
            provisions in Sections 6.2 through 6.4 and/or the subsections found
            in Section 6 of this Agreement, (b) by mutual written agreement of
            the parties, or (c) in the event of a breach of this Agreement.

            6.4.1. The non-breaching party may terminate this Agreement if the
                   breach continues for thirty (30) days after the non-breaching
                   party provides notice to the breaching party. The notice of
                   breach described in this Section 5.3.1 shall contain
                   identification of the breach and the steps the breaching
                   party needs to take to cure the breach. Notice is to be sent
                   by certified mail.

      6.5.  Termination of this Agreement as specified herein shall not
            terminate any liability arising out of conduct prior to the actual
            date of termination.

7.    ASSIGNMENTS, SALES, MERGERS, CONSOLIDATIONS

      7.1.  Neither USS nor SDSP may transfer or assign this Agreement, or any
            rights or obligations contained in this Agreement, without the prior
            written consent of the other party.

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      7.2.  Subject to the other provisions of this Agreement, all of the terms,
            convents and conditions of this Agreement shall inure to the benefit
            of and shall bind the parties hereto and their successors and
            permitted assigns.

      7.3.  Neither party shall offer or accept any offer for a "New Equity
            Partner", or for the sale or other disposition, voluntarily or
            involuntarily, of substantially of its assets or business without
            first giving written notice to the other party of the intention to
            take on a "New Equity Partner", or sell or make any other
            disposition thereof, and giving the other party the right of first
            refusal to match any bonafide offer.

            7.3.1. Such notice shall include the name of the proposed "New
                   Equity Partner" purchaser or recipient, the price for the
                   business or portion thereof, and the terms of the proposed
                   "New Equity Partner", transaction, sale or other disposition
                   and written documentation of the bonafide offer.

            7.3.2. The other party shall have ninety (90) days from the date of
                   the receipt of such notice to, as its option, become the "New
                   Equity Partner", or purchase the assets or business offered
                   for sale or other disposition at the same price and upon the
                   same terms and conditions as the bonafide offer.

            7.3.3. In the event that either party fails to make such a
                   transaction with a "New Equity Partner" sale or other
                   disposition within a one hundred eighty (180) day period of
                   its notice to the other party, the offering party shall again
                   comply with the terms of section 7.3.2 of this Agreement as a
                   condition precedent to any subsequent transaction with a "New
                   Equity Partner", sale or other disposition of the assets or
                   business thereof.

8.    FORCE MAJEURE

      8.1.  SDSP shall not be deemed to have defaulted or failed to perform
            hereunder if SDSP's inability to perform or default is caused by an
            event or events beyond the control and without the fault of SDSP,
            including, without limitation, equipment failures, acts of God or
            public enemy, fire, flood, explosions, or weather conditions of any
            kind, strikes, labor disputes, riots, or commotion, governmental
            action of any kind, or any other inability to procure necessary raw
            materials, supplies, or equipment due to car vessel or truck
            shortages, freight embargoes, shortage of fuel or other types of
            energy, or any other causes reasonably beyond SDSP's control. In
            addition, SDSP shall not be liable in any way for any failure or
            delay in performance hereunder arising or resulting from a shortage
            of fuel or other types of energy which may be within SDSP's control.

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9.    MISCELLANEOUS

      9.1.  USS represents that it is not insolvent, as the term is defined
            under any applicable state or federal law, and that it is able to
            perform its obligations under this Agreement. In entering into this
            Agreement, USS acknowledges that SDSP has expressly relied on such
            representations.

      9.2.  The invalidity, illegality, or unenforceability of any one or more
            provisions of this Agreement shall in no way affect or impair the
            validity, legality, or enforceability of the remaining provisions
            hereof, which shall remain in full force and effect.

      9.3.  No waiver of any provision of this Agreement on any one occasion
            shall constitute a waiver of any other provision on said occasion or
            on any other occasion, nor shall it constitute a waiver of the
            waived provision on any other occasion. No waiver shall be
            enforceable unless it is in writing and signed by the party against
            whom such waiver is sought to be enforced.

      9.4.  This Agreement shall be binding upon and inure to the benefit of the
            parties hereto, their successors and assigns.

      9.5.  This instrument is intended by the parties as a final expression of
            their agreement and as a complete and exclusive statement of its
            terms. No course of prior dealings between the parties and no usage
            of trade shall be relevant or admissible to supplement, explain, or
            vary any of the terms of this Agreement. No representations,
            understandings, or agreements have been made or relied upon in the
            making of this Agreement other than those specifically set forth
            herein. This Agreement may be modified only by an instrument signed
            by both parties.

      9.6.  Any notices required or permitted to be given under this Agreement
            shall be given or made in writing and shall be delivered personally,
            by mail in the United States, postage prepaid, first class mail, or
            by facsimile to the parties at the following addresses:

                              Mr. John Wawak
                              Vice President & General Manager
                              Urethane Soy Systems Company, Inc.
                              P.O. Box 569
                              Princeton, Ill. 61356
                              Facsimile: 815/643-2998

                              Mr. Rodney Christianson
                              Chief Executive Officer
                              South Dakota Soybean Processors, Inc.
                              100 Caspian Ave.
                              P.O. Box 500
                              Volga, SD 57071
                              Facsimile: 605/627-5869

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or to such other address, telecopier number, or persons as the parties may
designate in writing. Any notice given in accordance with the provisions of this
paragraph shall be deemed to be effective, if delivered personally or
telecopied, on the date of such delivery or if mailed, upon the third day next
following the date of mailing of such notice. Each party shall give notice to
each of the other parties of a change of its address, telecopier number, or
identification of the person to whom notice is given for the purpose of giving
notice under this paragraph which thereafter, until changed by like notice,
shall be the address or identification of the person who shall receive
notification on behalf of such party for all purposes of this Agreement.

      9.7.  This Agreement shall be construed in accordance with the laws of the
            State of South Dakota.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above written:

      SOUTH DAKOTA SOYBEAN PROCESSORS, INC.

      By  /s/ Rodney Christianson
            -------------------------------------

      Its  Chief Executive Officer
          ----------------------------------------

      URETHANE SOY SYSTEMS COMPANY, INC.

      By  /s/ John Wawak
          --------------------------------------

      Its  Vice President
          --------------------------------------

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                  ADDENDUM TO VEGETABLE OIL SUPPLY AGREEMENT

      WHEREAS Urethane Soy Systems Company, Inc.  ("USS") and South Dakota
Soybean  Processors,  Inc.  ("SDSP")  have entered into a Vegetable Oil Supply
Agreement Dated August 2, 1999.

      WHEREAS the terms of said agreement did not anticipate the probable long
range viability of this Vegetable Oil Supply Agreement;

      WHEREAS Section 6. TERMS OF AGREEMENT provides in Subsection 6.2. that
"This Agreement may be terminated by either party on or after the fifth
anniversary date of SDSP's Facility (s) becoming operational." And said "fifth
anniversary" is too short of a time period considering all factors relating to
this Agreement.

      THEREFORE, the parties agree this 10th day of January, 2001 to the
following amendments to the Agreement dated August 2, 1999:

      Section 6.2. shall be revised as follows:

      6.2.    This Agreement may be terminated by either party on or after the
              fifteenth (15th) anniversary date of SDSP's Facility(s) becoming
              operational. The terminating party must give written notice of
              termination to the other party at least one (1) year prior to the
              proposed termination date.

Section 6.2.1. shall be revised as follows:

      6.2.1.  If, during the term of this Agreement, SDSP commits to additional
              Facility(s) that USS and SDSP mutually agree to build, each new
              Facility(s) will carry a minimum five (5) year term of this
              Agreement starting when each new Facility(s) becomes operational
              provided this new term extends the contract term enumerated and
              set forth in Section 6.2. Termination will be in accordance with
              terms set forth in Section 6 of this Agreement.

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above written:

      SOUTH DAKOTA SOYBEAN PROCESSORS, INC.

      By  /s/ Rodney G. Christianson
          --------------------------

      Its  CEO
          --------------------------

      URETHANE SOY SYSTEMS COMPANY, INC.

      By  /s/ John Wawak
          --------------------------

      Its  Vice President
          --------------------------<Page>

                        SERVICES AND MANAGEMENT AGREEMENT

      This Services and Management Agreement is made and entered into as of the
25th day of August, 2000, by and between Minnesota Soybean Processors, a
Minnesota cooperative ("MnSP") and South Dakota Soybean Processors, Inc., a
South Dakota cooperative ("SDSP").

                                    RECITALS:

      A.    MnSP was incorporated for the purpose of raising equity and
building and operating a soybean processing plant in southwest Minnesota (the
"Plant" or "Project").

      B.    SDSP is in the business of managing and operating a similar soybean
processing facility in South Dakota.

      C.    MnSP desires to engage the services of SDSP to:

            i.    Assist MnSP in the preparation of a business plan;
            ii.   Provide construction management services in building the
                  Plant;
            iii.  Manage the Plant; and
            iv.   Market the soybean products from the Plant.

      D.    SDSP desires to provide such services on the terms and conditions
of this Agreement.

      NOW, THEREFORE, in consideration of mutual covenants contained herein, the
parties agree as follows:

I.    INITIAL PHASE

      1.    SERVICES. SDSP shall not be responsible for preparation of the
Offering Circular, nor compliance of the offering made pursuant to the Offering
Circular with all applicable laws (other than its own conduct with respect
thereto). SDSP agrees to assist MnSP in the initial phase of the Project by
providing guidance in matters such as the business plan and review of the
business components of the offering circular. MnSP is responsible for insuring
that the equity drive complies with all applicable laws. Two (2) SDSP Board
members and two (2) SDSP management level employees intend to attend MnSP's
equity meetings as resource persons with respect to the business components of
the Project.

      2.    PROJECTED EQUITY. MnSP has set the minimum equity target as 50% of
the cost of an 80,000-bushel per day plant and the maximum equity target as 60%
of the cost of a 120,000 bushel per day plant. If the equity raised falls short
of the minimum target, the equity funds will be returned to the investors unless
an alternative agreement that is acceptable to the parties of this Agreement is
reached.

      3.    ESCROW. MnSP shall place all funds received from the sale of Class
A Preferred Shares into an escrow account to be held until the minimum equity
target is reached.

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      4.    EQUITY DRIVE. The equity drive is anticipated to begin August 20,
2000 and end April 30, 2001.

II.   CONSTRUCTION MANAGEMENT

      1.    SERVICES. SDSP agrees to provide the following construction
management services for the Project:

            a.    Assist MnSP in preparing and administering construction
      contracts;

            b.    Assist MnSP in obtaining building permits and special permits
      for permanent improvements;

            c.    Assist MnSP in selecting and arranging for the purchase of
      equipment;

            d.    Assist MnSP in evaluating and selecting contractors;

            e.    Provide on-site, daily administrative, management and related
      services to coordinate scheduled activities and responsibilities of the
      contractors;

            f     Provide site engineering services;

            g.    Expedite and coordinate the delivery of materials;

            h.    Maintain cost accounting records and monitor the construction
      budget;

            i.    Review and process applications for contractors for progress
      and final payments.

      2.    PRICES. SDSP cannot and does not warrant or represent that bids or
negotiated prices will not vary from the Project budget proposed, established or
approved by MnSP, or from any cost estimate prepared by SDSP, SDSP shall not be
liable for any cost-overruns.

      3.    HAZARDOUS MATERIALS. SDSP shall have no responsibility for the
discovery, presence, handling, removal or disposal of or exposure of persons to
hazardous materials in any form at the Project site.

      4.    COMPENSATION. In consideration for SDSP's construction management
services, MnSP agrees to pay SDSP ten percent (10%) of the total equity raised
by MnSP in its equity drive within thirty (30) days following the availability
of funds raised. Funds from the sale of common shares will be available upon
collection from the members. Funds from the sale of equity shares will not be
available until the minimum equity target is reached. MnSP will establish a
payment schedule for its members to match its need for funds through the
construction phase. In the event MnSP chooses an early equity payment schedule
(such as all capital will be collected prior to

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commencing construction) SDSP agrees that payments will be adjusted to
reflect the percentage of completion of the Project.

      5.    REINVESTMENT OF INCOME. SDSP agrees to reinvest a minimum of eighty
percent (80%) of the fees paid by MnSP into the Plant. SDSP will reinvest in
MnSP's equity units within ten (10) days of receipt of the final payment to be
made to SDSP. SDSP may invest up to one hundred twenty percent (120%) of the
fees paid by MnSP. The purchase price for the equity units sold to SDSP will be
$2.00 per unit.

      6.    EXPENSES. MnSP, at its own cost and expense, will furnish all
legal, accounting, insurance and design engineering services as may be
necessary at any time for the Project.

III.  MANAGEMENT AND MARKETING SERVICES

      1.    MANAGEMENT.

            a. DUTIES AND RESPONSIBILITIES. MnSP hereby contracts with SDSP
      exclusively and SDSP hereby accepts responsibility as manager and operator
      of the Plant. SDSP shall have the day-to-day management control of the
      business of the Plant and shall have the responsibility and authority to
      take all actions necessary or appropriate to accomplish the purposes of
      the Plant including, without limitation, the power and authority:

                  i.    To manage, supervise and conduct in good faith the
            day-to-day affairs of the Plant.

                  ii.   To hire such employees and independent contractors as
            SDSP shall determine to be reasonably necessary to the operations
            of the Plant.

                  iii.  To purchase or otherwise obtain the right to use
            equipment, supplies, hardware and software technology associated
            with the Plant, except that new purchases in amounts exceeding
            $250,000 must be approved in advance by MnSP, which approval shall
            not be unreasonably withheld. As used in the preceding sentence,
            "new purchases" does not refer to equipment, supplies, hardware and
            software technology associated with the initial construction of the
            Plant or associated with future expansions of the Plant approved by
            MnSP, nor does it refer to repairs to or replacements of the
            equipment, supplies, hardware and software technology associated
            with the initial Plant or the expanded Plant. The MnSP Board will
            provide resolutions to allow SDSP management to enter into contracts
            and approve expenditures below the $250,000 threshold according to
            SDSP's expenditure authorization limit policy.

                  iv.   To maintain adequate records and accounts of all
            operations and expenditures relating to the operations of the Plant.

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                  v.    To execute all instruments of any kind or character
            which SDSP in its discretion shall deem necessary or appropriate to
            carry out its duties and responsibilities.

                  vi.   To establish bank accounts, collect customer payments,
            disburse cash and make other payments.

                  vii.  To obtain liability and other insurance at the expense
            of MnSP, to protect the Plant properties and assets.

                  viii. To carry on any other activities necessary to, in
            connection with, or incidental to any of the foregoing or the
            day-to-day operations of the Plant.

                  ix.   To maintain, at the expense of MnSP, adequate records
            and accounts of all operations mid expenditures and furnish MnSP
            with monthly statements of account as of the close of each month,
            together with all necessary annual tax reporting information, and
            patronage distributions.

                  x.    Overseeing all business operations, Plant operations,
            purchasing operations, marketing operations, personnel operations,
            and any and all other items relating to Plant operations and
            profitability.

                  xi.   Maintaining a positive company image and relationship
            in the city, community; county, state and nation.

                  xii.  Administering the wage and benefit package of MnSP's
            employees as approved by MnSP's Board of Directors.

                  xiii. Ensuring that all city, county, state and federal rules
            and regulations are being met with respect to the operation of the
            Plant. This would include but not be limited to: air quality
            regulations, storm water discharge regulations, BATF regulations,
            OSHA regulations, state fuel regulations, state feed regulations,
            and any and all other regulations pertaining to Plant operations.

                  xiv.  Working with any state or federal legislative effort
            that is positive to the soybean industry.

                  xv.   Approving all plant purchases involving new items, and
            reviewing all invoices on a timely basis. Raw material and
            replacement purchases may be handled by individual departments.

                  xvi.  Insuring that all raw product costs are minimized and
            that all finished product revenues are maximized.

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      2.    MARKETING.

            a.    During the term of this Agreement, MnSP gives SDSP exclusive
      rights to market all products from the Plant. SDSP will sell MnSP's
      products using customary industry practices in an attempt to obtain the
      best market prices under market conditions known by SDSP at the time. SDSP
      gives no guaranty of profitability. SDSP shall perform its services in a
      manner that will maximize the long-term success and profitability of MnSP.

            b.    SDSP will be responsible for invoicing all loads, receiving
      payments from customers, and paying freight when necessary.

            c.    SDSP will be responsible for billing and receipt of payment
      for all soybean products marketed.

            d.    SDSP will make reasonable efforts to collect any past due
      accounts. Any collection agency fees resulting from the collections
      process will be borne by MnSP. All accounts receivable losses arising from
      the marketing of soybean products are the sole responsibility of MnSP.

            e.    SDSP will provide MnSP monthly financial statements and other
      information as requested by MnSP's Board of Directors.

      3.    EXPENSES. To the extent possible, all costs and expenses directly
incurred by or on behalf of MnSP will be paid or allocated directly by or to
MnSP. Any costs or expenses incurred by SDSP in performing its duties under this
Agreement on behalf of the Plant or MnSP, shall be reimbursed by MnSP to SDSP.
To the extent funds are expended by SDSP which are to be reimbursed to it, MnSP
shall reimburse SDSP within five (5) days of receipt of an expense report from
SDSP.

An allocation of the following expenses will be made directly to MnSP:

            a.    Salaries and benefits of associates employed by SDSP whose
      hours can either be completely or partially identified as work completed
      directly for MnSP.

The parties will share the following operational costs:

            a.    Salaries and benefits of the employees of SDSP who are
      commonly shared between the two plants, i.e. such as the Chief Executive
      Officer, Chief Financial Officer, and Commercial Manager.

            b.    Salaries and benefits of all employees working at SDSP's plant
      and administrative office in Volga, South Dakota whose job duties include
      working for both MnSP and SDSP.

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            c.    All administrative expenses, such as computer maintenance,
      depreciation of office equipment, office supplies, and all other expenses
      which cannot be directly allocated to a specific plant.

Operational costs, which are shared by the parties, will be allocated according
to the bushels of soybeans processed by each facility. The allocation
percentages will be adjusted annually on August 31. Payments for the operational
costs shall be made monthly, on or before the fifth business day of each month.
All operational costs shall be allocated at their actual cost with no mark-up
for the benefit of SDSP.

      4.    PERFORMANCE. A committee of MnSP's Board will meet semi-annually
with the officers of SDSP to evaluate SDSP's performance under this Agreement.

      5.    BOOKS AND RECORDS. MnSP, its employees and agents, shall at all
times have access to SDSP's records regarding the operation of MnSP's Plant and
the services provided by SDSP hereunder.

IV.   MISCELLANEOUS

      1.    EFFECTIVE DATE. This Agreement shall be effective upon execution,
but SDSP's management and operational duties and MnSP's payment obligations
shall not commence until two (2) months prior to the projected start of Plant
operations, as determined by MnSP. MnSP shall provide written notice of
commencement to SDSP sixty (60) days prior to the commencement of SDSP's
management and marketing duties.

      2.    TERM. SDSP shall provide management and operational duties pursuant
to this Agreement for five (5) years.

      3.    RENEWAL TERM. The term of SDSP's management and operational duties
shall be automatically extended for an additional five (5) year term following
the end of the initial term unless either party gives notice of termination by
giving written notice at least one (1) year prior to the last day of the current
term. This renewal provision shall apply in the same manner for all subsequent
expiring terms. Therefore, every five (5) years this Agreement shall be either
automatically extended or terminated by the giving of proper notice of
termination by either party as provided.

      4.    TERMINATION.

            a.    WITH CAUSE. Either party has the right to terminate this
      Agreement for cause by giving written notice to the other party of such
      termination, and this Agreement will be terminated immediately after such
      notice. As relates to termination for cause by MnSP, "for cause" means
      SDSP's failure or refusal to perform under this Agreement or willful
      misconduct, embezzlement, or other illegal or unethical acts by SDSP. As
      relates to termination for cause by SDSP, "for cause" means MnSP's failure
      or refusal to pay any fees when due.

<Page>

            b.    WITHOUT CAUSE. Either party may initiate the process to
      terminate this Agreement by giving one (1) year written notice to the
      other party of such termination. Such termination may be subject to costs
      as determined by the other party.

      5.    COVENANT NOT TO HIRE SDSP EMPLOYEES. In the event of the termination
of this Agreement, MnSP shall not solicit or hire any management level
employee(s) of SDSP without the written consent of SDSP for one (1) year
subsequent to the termination of SDSP's services.

      6.    MnSP REPRESENTATION IN CEO SELECTION. In the event that SDSP's Board
of Directors needs to hire a Chief Executive Officer for SDSP, MnSP will have
representation on the selection committee with SDSP's Board of Directors having
the authority to hire the Chief Executive Officer.

      7.    MnSP CONTRACTS WITH SDSP. Neither SDSP nor any of its respective
officers, directors, or shareholders shall be prohibited from contracting with
the Plant, nor shall such parties be prevented from entering into any
transactions to sell to or purchase from the Plant any goods, supplies,
equipment, or services of any kind whatsoever, or to loan money on terms not
less favorable than those available pursuant to transactions negotiated on an
arm's length basis by non-affiliated persons or entities.

      8.    INDEPENDENT CONTRACTOR STATUS. SDSP, in the performance of its
duties under this Agreement, shall occupy the position of an independent
contractor with respect to MnSP. Nothing contained herein shall be construed as
making the parties partners or joint venturers nor, except as expressly provided
herein, construed as making SDSP an employee of MnSP.

      9.    DUTIES OF MnSP. MnSP agrees to cooperate with SDSP in the
performance of SDSP's duties and responsibilities under this Agreement, to act
in good faith; and to do all reasonable things necessary to aid SDSP's
performance as an independent contractor under the terms of this Agreement.
MnSP, through its Board of Directors, shall be responsible for getting and
overseeing its membership policies, for insuring that MnSP complies with all
securities and taxation laws, for determining the MnSP's insurance needs, and
for setting forth the policy guidelines under which SDSP shall perform its
responsibilities set forth herein.

      10.   EQUIPMENT. MnSP shall cause all of the equipment initially
installed in the Plant to remain with the Plant for the duration of this
Agreement.

      11.   MnSP-OWNED PROPERTY. The ownership of all MnSP-owned nonexpendable
property and equipment shall remain with MnSP and shall not be removed from the
Plant, except in the ordinary course of business, without MnSP's prior written
approval. SDSP shall have the use of all MnSP-owned equipment during the term of
this Agreement.

      12.   ADDITIONAL AND REPLACEMENT EQUIPMENT. SDSP may, from time to time
during the term of this Agreement, install machinery, equipment, and other
property in the Plant, which may be attached or affixed to property. All such
machinery, equipment and other personal property purchased by SDSP and not paid
for from operational revenues shall remain the sole property of

<Page>

SDSP. Upon termination of this Agreement, SDSP shall remove its machinery,
equipment and other personal property and repair any damage caused by said
removal.

      13.   PROPRIETARY INFORMATION. SDSP has furnished, or will furnish, to
MnSP information including, but not limited to, specifications, photocopies,
magnetic tapes, drawings, sketches, models, samples. tools, technical
information, data, know-how, customer and market information, financial reports,
pre-contractual negotiations, engineering studies, consultants' studies, options
for site purchases, and relationships established with experts, consultants and
governmental agencies (all hereinafter designated as "Proprietary Information")
for the purpose of enabling the Plant to be constructed and operated. The
Proprietary Information is and shall remain SDSP's property to use as it sees
fit in its sole discretion.

      14.   ASSIGNMENT. This Agreement shall be assignable by either party upon
mutual written consent of the other party.

      15.   INSURANCE.

            a.    MnSP'S INSURANCE. MnSP shall carry and maintain at its
      expense the following minimum insurance policies:

                  i.    A commercial liability insurance policy to afford
            protection with limits for each occurrence of not less than
            $1,000,000.00 with respect to personal injury or death of any one
            person, $1,000,000.00 with respect to the personal injury or death
            occurring or resulting from one occurrence, and $2,000,000.00
            general aggregate. SDSP shall be added as an additional insured on a
            primary basis.

                  ii.   An all-risk property and casualty insurance policy,
            written at full insurable value and with replacement cost
            endorsement, covering MnSP's buildings, improvements, equipment,
            boiler and machinery, business interruption, and personal property.

                  iii.  An umbrella policy to afford protection with a limit of
            not less than $5,000,000.00.

                  iv.   Workers' compensation insurance required by Minnesota
            and South Dakota law.

                  v.    Automobile liability and collision insurance with a
            combined single limit of not less than $1,000,000.00 for all owned
            and non-owned automobiles.

            b.    SDSP'S INSURANCE. SDSP shall carry quid maintain at its
      expense the following insurance policies:

                  i.    A commercial liability insurance policy to afford
            protection with limits for each occurrence of not less than
            $1,000,000.00 with respect to personal injury or death or any one
            person, $1,000,000.00 with respect to the personal injury

<Page>

            or death occurring or resulting from one occurrence and
            $2,000,000.00 general aggregate.

                  ii.   In the event that property is owned by SDSP, an all-risk
            property and casualty insurance policy, written at full insurable
            value and with replacement cost endorsement, covering SDSP's
            personal property.

                  iii.  An umbrella policy to afford protection with a limit of
            not less than $5,000,000.00.

                  iv.   Workers' compensation insurance required by Minnesota
            and South Dakota law.

                  v.    In the event autos are owned by SDSP, automobile
            liability and collision insurance with the combined single limit of
            not less than $1,000,000.00.

                  vi.   Non-owned automobile liability insurance in the amount
            of $1,000,000.00.

                  vii.  Errors and omissions insurance in the amount to be
            determined by SDSP.

            c.    POLICY REQUIREMENTS. Any insurance required to be carried or
      maintained pursuant to this Agreement shall be with a company or companies
      who shall be licensed to do business in Minnesota and South Dakota. Each
      party's commercial general liability insurance shall name the other party
      as an additional insured. All policies shall contain a provision by which
      the insurer agrees that such policy shall not be canceled except after
      thirty (30) days' written notice to the other party. A certificate of
      insurance shall be provided to each party upon request.

            d.    WAIVER OF CLAIMS. Neither MnSP nor SDSP shall be liable to the
      other party for any loss or damage to any building, improvement or other
      tangible property owned by the other including, but not limited to, lost
      rents, income and profits, even though such loss or damage might have been
      occasioned by the negligence of such, party, its employees, agents or
      contractors.

      16.   INDEMNITY.

            a.    BY MnSP. MnSP shall indemnify, hold harmless and defend SDSP
      and its officers, directors, employees and agents from and against any and
      all claims, actions, damages, liabilities and expenses including, but not
      limited to, attorneys' and other professional fees in connection with loss
      of life, personal injury and/or damage to property of third parties
      arising from or out of SDSP's services provided under the terms and
      conditions of this Agreement except that MnSP shall not indemnify, hold
      harmless and defend SDSP from (i) the negligent or intentional acts of
      SDSP and its officers, directors, employees and agents, (ii) any act
      beyond the scope of SDSP's services to be rendered

<Page>

      under the terms and conditions of this Agreement, and (iii) any
      violation of laws, regulations, ordinances and/or court orders arising
      from the acts or omissions of SDSP or its officers, directors, employees
      and agents.

            b.    INDEMNITY BY SDSP. SDSP shall indemnify, hold harmless and
      defend MnSP and its officers, directors, employees and agents from and
      against any and all claims, actions, damages, liabilities and expenses,
      including, but not limited to, attorneys' and other professional fees in
      connection with loss of life, personal injury and/or damage to property of
      third parties arising from or out of (i) the negligent or intentional acts
      of SDSP and its officers, directors, employees and agents, (ii) any act
      beyond the scope of SDSP's services to be rendered under the terms and
      conditions of this Agreement, and (iii) any violation of laws,
      regulations, ordinances and/or court orders arising from the acts or
      omissions or SDSP of its officers, directors, employees and agents.

      17.   GOVERNING LAW. This Agreement has been executed in South Dakota and
shall be governed by the laws of the State of South Dakota. The parties consent
to the jurisdiction of the courts of the State of South Dakota and agree that
any action arising out or to enforce this Agreement must be brought and
maintained in South Dakota.

      18.   NOTICES. Any notice required or permitted herein to be given shall
be given in writing and shall be delivered by United States registered or
certified mail, return receipt requested, to the Chief Executive Officer of SDSP
or Chairman of MnSP, as the case may be, at the addresses set forth below or
such address as MnSP or SDSP shall provide notice of from time to time during
the term of this Agreement:

                     MnSP:       Minnesota Soybean Processors
                                 Attention: Robert Kirchner
                                 P.O. Box 100
                                 Brewster, Minnesota 56119

           With a copy to:       Lindquist & Vennum, PLLP
                                 4200 IDS Center
                                 80 South Eighth Street
                                 Minneapolis, Minnesota 55402
                                 Fax: (612) 371-3207
                                 Attention: Michael Weaver

                     SDSP:       South Dakota Soybean Processors
                                 Attention: Rodney Christianson
                                 Post Office Box 500
                                 Volga, SD 57071

<Page>

           With a copy to:       James M. Wiederrich
                                 Woods, Fuller, Shultz & Smith P.C.
                                 Post Office Box 5027
                                 Sioux Fails, SD 57117-5027
                                 Fax: 605-339-3357

      19.   SUCCESSORS. This Agreement shall be binding upon and inure to the
benefit of the respective parties and their permitted assigns and successors in
interest.

      20.   SEVERABILITY. Should any term or provision hereof be deemed invalid,
void, or unenforceable either in its entirety or in a particular application,
the remainder of this Agreement shall nonetheless remain in full force and
effect and, if the subject term or provision is determined to be invalid, void
or unenforceable only with respect to a particular application, such term or
provision shall remain in full force and effect with respect to all other
applications.

      21.   WAIVERS. No waiver of any breach of any of the terms or conditions
of this Agreement shall beheld to, be a waiver of any other subsequent breach;
nor shall any waiver be valid or binding unless the same shall be in writing and
signed by the party alleged to have granted the waiver.

      22.   COUNTERPARTS. This Agreement will be executed in multiple
counterparts, all of which shall constitute but one Agreement.

      23.   AMENDMENT. This Agreement may be amended with the written consent
of MnSP and SDSP.

      24.   ENTIRE AGREEMENT. This Agreement is the entire Agreement between
the parties. Any amendment hereto must be in writing and signed by both parties
to come into full force and effect.

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

                                   MINNESOTA SOYBEAN PROCESSORS

                                   By    /s/ Robert Kirchner
                                     ----------------------------------
                                     Its  President
                                        -------------------------------

                                   SOUTH DAKOTA SOYBEAN PROCESSORS

                                   By    /s/ Paul W. Casper
                                     ----------------------------------
                                     Its  President
                                        -------------------------------

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