Exhibit 23 Consent of Independent Auditors We consent to the incorporation by reference in the Registration Statement (Form S-8, No. 33-88946) pertaining to the Penford Corporation Savings and Stock Ownership Plan of our report dated February 23, 2004 with respect to the financial statements and schedules of Penford Corporation Savings and Stock Ownership Plan in this Annual Report (Form 11-K) for the year ended August 31, 2003. Denver, Colorado /s/ Ernst & Young LLP February 23, 2004 ----------------------------------- ERNST & YOUNG LLP 16