CORN AND NATURAL GAS PRICE RISK MANAGEMENT AGREEMENT

Exhibit 10.23

CORN AND NATURAL GAS PRICE RISK MANAGEMENT AGREEMENT

THIS CORN and NATURAL GAS PRICE RISK MANAGEMENT AGREEMENT is made and entered into as of the 1st day of January, 2007, by and between Broin Management, LLC, a Minnesota limited liability company (“Manager”) and Great Plains Ethanol, LLC an South Dakota limited liability company (“Company”).

WHEREAS, Company owns an ethanol production plant near Chancellor, South Dakota (the “Plant”); and

WHEREAS, Manager is in the business of management and operation of ethanol production facilities, including the Plant; and

WHEREAS, Company and Manager have engaged the services of Manager to manage the Plant pursuant to the Management Agreement dated January 15, 2001 (the “Management Agreement”); and

WHEREAS, Company desires to engage the services of Manager to provide corn and natural gas price risk management services not addressed by the Management Agreement between Manager and Company, and Manager desires to provide such additional services on the terms and conditions hereinafter described.

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

Rights and Obligations of Manager

General Rights and Obligations. Manager shall have the responsibility and authority to take all action necessary or appropriate to engage in hedging and price risk management relating to corn and natural gas requirements including, without limitation, the power and authority to:

(a)                  Trade future, options, cash corn contracts, natural gas futures and other contracts with the intention of controlling grain and natural gas costs, reducing market exposure, and protecting and/or enhancing plant operating margins in corn, natural gas and other commodities for any and all ethanol plants managed by Manager including Company’s Plant;

(b)                 Devise and implement strategies for carry protection and basis protection;

(c)                  Recommend strategies for flat price protection to Company’s governing board and enact all flat price strategies approved by the governing board;

(d)                 Recommend strategies to the Company’s commodity manager for dialing and forward pricing, price strategies and related hedging;

(e)                  From time to time enter into trades to reduce market exposure and market risk in other co-products or commodities relative to plant usage or production;

(f)                    Hire such employees and independent contractors as Manager shall determine to be reasonably necessary to the foregoing; and

(g)                 Carry on any other activities necessary to, in connection with, or incidental to the foregoing.

Storage/Forward Contract Hedging. Manager will recommend storage and forward contract hedging strategies to Company’s commodity manager. At no time will these strategies result in the flat pricing of more than 25% of one year’s projected corn usage without the approval of Company’s governing board. Company will establish a futures trading account with Manager’s assistance for the purpose of flat price/storage/forward contract hedging.

Flat Price Hedging. Manager will recommend fiat price strategies to Company’s governing board for flat price hedging in excess of 25% of one year’s projected corn usage as it deems necessary. Company’s governing board will review these strategies and direct Manager to implement any strategies that are approved.  Manager will promptly enact any flat price hedging strategies directed by Company.

Independent Contractor Status. Manager in the performance of its duties under this Agreement shall occupy the position of an independent contractor with respect to Company. Nothing contained herein shall be construed as making the parties hereto partners or joint ventures, nor, except as expressly provided herein, construed make Manager an employee of Company.

Reports Issued by Manager

The following reports will be issued to Company by Manager:

2