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




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