Item 1.01 Entry into a Material Definitive Agreement.

Provista Second Amended and Restated Guaranty

     We entered into a Second Amended and Restated Guaranty effective as of November 2, 2007. The terms of the guaranty provide that we will guaranty up to the lesser of 50% or $10 million of Provista Renewable Fuels Marketing, LLC’s debt outstanding pursuant to the Amended and Restated Loan and Security Agreement dated as of August 31, 2006, between Provista Renewable Fuels Marketing, LLC and LaSalle Bank National Association, as subsequently amended. Prior to execution of the guaranty by us, CHS, Inc. had guaranteed up to $20 million of Provista’s indebtedness under the loan agreement. Following the execution of the guaranty, CHS, Inc.’s guaranty was reduced to $10 million by the execution of a Guaranty substantially similar to that executed by us.

     See Exhibit 99.1 for information regarding certain relationships between US BioEnergy, CHS, Inc. and Provista.

     The descriptions of the provisions of the guaranty and loan agreement set forth above in Item 1.01 of this Current Report on Form 8-K are qualified in their entirety by reference to the full and complete terms of such agreements, copies of which are attached to this report as exhibits hereto.

First Amendment to the Amended and Restated Services Agreement with Capitaline Advisors

     On November 1, 2007, we amended our Amended and Restated Services Agreement dated May 1, 2007, with Capitaline Advisors, LLC. Pursuant to the terms of the agreement, we will now pay Capitaline $3,250 per month for administrative services and $4,250 a month for office services, and Capitaline will pay us $2,750 per month for certain defined information technology-related services.

     Capitaline Advisors, LLC is 100% owned and controlled by Gordon W. Ommen, US BioEnergy’s chief executive office, president and chairman of the board. Mr. Ommen beneficially owns approximately 8.06% of US BioEnergy’s outstanding common stock either individually or through his ownership and control of BirdDog Capital, LLC, Mr. Ommen’s private investment company, and Capitaline Advisors, LLC, which is the manager of Capitaline General Partner, LLC, the general partner of a number of Capitaline investment funds. Steve Myers, one of US BioEnergy’s former directors, is the president of Capitaline Advisors. See Exhibit 99.2 for additional information regarding certain relationships between US BioEnergy Corporation and Capitaline Advisors, LLC and its affiliates.

Item 1.02 Termination of a Material Definitive Agreement

Aircraft Leases

     On October 31, 2007, US BioEnergy and Capitaline Advisors, LLC entered into a Termination Agreement with respect to that that certain Aircraft Lease Agreement, dated January 1, 2007, relating to the Beechcraft King Air B200. Pursuant to the Termination Agreement, which was effective as of October 31, 2007, all further obligations of US BioEnergy terminated as of the dated of the Termination Agreement, with the exception of certain obligations related to payment of any unpaid rent and certain other obligations.

     On October 31, 2007, US BioEnergy and Capitaline Flight Services, LLC, an affiliate of Capitaline Advisors, LLC entered into a Termination Agreement with respect to that that certain Aircraft Lease Agreement, dated September 20, 2007, relating to the Cessna 206. Pursuant to the Termination Agreement, which was effective as of October 31, 2007, all further obligations of US BioEnergy terminated as of the dated of the Termination Agreement, with the exception of certain obligations related to payment of any unpaid rent and certain other obligations.