AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON APRIL 16, 2004
                                                       Registration No. 33-54083
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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

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                                    Form S-8
                        POST-EFFECTIVE AMENDMENT NO. ONE
             REGISTRATION STATEMENT under THE SECURITIES ACT OF 1933

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                                   AGWAY, INC.
             (Exact name of registrant as specified in its charter)
          DELAWARE                                 15-0277720
(State of incorporation)                 (I.R.S. Employer Identification Number)

                   333 Butternut Drive, DeWitt, New York 13214
                    (Address of principal executive offices)

                  AGWAY, INC. EMPLOYEES' THRIFT INVESTMENT PLAN
                            (Full title of the plan)

       KAREN J. OHLIGER                                    JAMES E. CAIN, Esq.
         AGWAY, INC.                               SUTHERLAND, ASBILL & BRENNAN
         P.O. BOX 4933                            1275 Pennsylvania Avenue, N.W.
     Syracuse, New York 13221-4933                  Washington, D.C. 20004-2404
(Name and address of agent for service)                             202-383-0180
       315-449-6147
(Telephone number, including area code,
    of agent for service)

                          ---------------------------

    (APPROXIMATE DATE OF PROPOSED COMMENCEMENT OF SALES PURSUANT TO THE PLAN)
   As soon as practicable on or after the effective date of this Registration
                                   Statement.

 If any of the securities being registered on this form are to be offered on a
  delayed or continuous basis pursuant to Rule 415 under the Securities Act of
                       1933, check the following box. |X|







                         CALCULATION OF REGISTRATION FEE
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                                                                Proposed maximum   Proposed maximum
Title of Securities                         Amount to be        offering price     aggregate offering       Amount of
to be registered                            registered         per unit (1)              price          registration fee

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Participations in Agway, Inc.
                                                                                             
Employees' Thrift Investment Plan             $  12,000,000        $  1.00         $  12,000,000         $  2,400.00*

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 *Previously paid on initial filing.





                         POST-EFFECTIVE AMENDMENT NO. 1

The Registrant,  Agway, Inc., filed for  reorganization  under the United States
Bankruptcy  Code  on  October  1,  2002.  The  Registrant  and the  Agway,  Inc.
Employees'  Thrift  Investment Plan ceased offering the Plan  participations  on
June 14, 2002. A Plan of Liquidation  under the Bankruptcy Code for Agway,  Inc.
is  expected  to be  confirmed  by the  Bankruptcy  Court and is  expected to be
confirmed by creditors on or about April 21, 2004. The Registrant has filed this
Post-Effective  Amendment No. 1 to terminate this  Registration  Statement since
all registered participations have been sold.

         Participations in Agway, Inc. Employees' Thrift Investment Plan

Under this  Registration  Statement,  the Company has issued  securities  in the
following amounts:

                                                           Principal Amount or
Title of Each Class of Security                             Number of Shares
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Participations in Agway, Inc. Employees' Thrift
Investment Plan                                           $           12,000,000


The following unsold portion of the securities registered are accordingly
withdrawn from registration under the Post-Effective Amendment No. 1:

                                                           Principal Amount or
Title of Each Class of Security                               Number of Shares
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Participations in Agway, Inc. Employees' Thrift
Investment Plan                                           $                    0






                                   SIGNATURES

Pursuant to the  requirements  of the Securities  Act of 1933,  the  Registrant,
Agway,  Inc.,  a  corporation  duly  organized  and  existing  under the laws of
Delaware,   has  duly  caused  this  Post-Effective   Amendment  No.  1  to  the
Registration Statement to be signed on its behalf by the undersigned,  thereunto
duly authorized in the Town of DeWitt,  State of New York 13214, on the 16th day
of April 2004.


                                     AGWAY, INC.


                                        By        /s/ JOHN F. FEENEY
                                           -------------------------------------
                                                      John F. Feeney
                                                  Corporate Controller
                                               (Principal Accounting Officer)


Pursuant to Rule 478 of the  Regulations  under the  Securities  Act of 1933, as
amended, this Post-Effective  Amendment No. 1 to the Registration  Statement has
been  signed  below by the  Agent for  Service  named in this  amendment  to the
Registration Statement.


              Signature                   Title                       Date
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        /s/ KAREN J. OHLIGER          Agent for Service           April 16, 2004
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          Karen J. Ohliger