For information call:
         Lydia Botham            (651) 481 - 2123
         David Karpinski         (651) 481 - 2360


        LAND O'LAKES ANNOUNCES INTENTION TO RESTATE PRIOR PERIOD RESULTS


June  25, 2004- Arden Hills, Minn-

Land O'Lakes Inc. today announced that it had recently determined that certain
accounting adjustments are required to be made in the records of its Carlisle,
Pennsylvania dairy facility. Operations at the Carlisle facility include fluid
milk procurement and fluid milk marketing and the manufacture and sale of dairy
products.

The adjustments relate primarily to recording estimates of milk receivables and
milk payables. The company currently estimates, on a preliminary, unaudited
basis, that such matters had the cumulative effect of overstating net earnings
after tax effect by approximately $19 million, which includes a tax benefit of
$6.5 million, from 1997 through March 31, 2004. While the effect of these
matters on each prior period has not been finally determined, the company
presently estimates that these matters had the effect of overstating earnings,
after tax effect, by approximately $1.4 million in the first quarter of 2004; by
approximately $2 million in 2003; and by a range of approximately $2 million to
$5 million in each of the years ended December 31, 1997 through 2002. The
estimated amount of overstated net earnings in the first quarter of 2004 and the
year ended December 31, 2003 represents approximately 3.0 and 2.4 percent,
respectively, of the net earnings as previously reported by the company.

To record the adjustments resulting from these matters, Land O'Lakes management,
after consultation with the company's audit committee and KPMG LLP, the
company's independent auditors, plans to restate its financial results for each
of the prior periods affected. The company plans to complete the analysis of the
adjustments and to file restated financial statements with the Securities and
Exchange Commission as soon as practicable. The restated financial statements
for annual periods are subject to audit by KPMG. None of the anticipated
adjustments is expected to affect the company's cash balances or compliance with
applicable indebtedness covenants.

The company, through its audit committee, is continuing to investigate the
circumstances surrounding these adjustments and the implementation of controls
and procedures designed to ensure they do not recur. The company has brought in
new personnel to be responsible for the accounting at the Carlisle facility and
has implemented accounting processes, which



are utilized elsewhere in the company's dairy foods operations, to account for
milk receivables and payables.

- ----------

Land O'Lakes, Inc. (www.landolakesinc.com) is a national, farmer-owned food and
agricultural cooperative, with sales over $6 billion. Land O'Lakes does business
in all 50 states and more than 50 countries. It is a leading marketer of a full
line of dairy-based consumer, foodservice and food ingredient products across
the U.S.; serves its international customers with a variety of food and animal
feed ingredients; and provides farmers, local cooperatives, and customers with
an extensive line of agricultural supplies (feed, seed, crop nutrient and crop
protection products) and services.

- ----------

CAUTIONARY STATEMENT. This press release contains forward-looking statements
which can be identified by the use of forward-looking terminology such as
"estimates", "plans", "believes," "expects," "may," "should," "anticipates" or
"forecasts" or the negative thereof. Such statements are subject to known and
unknown risks, uncertainties and other factors that may cause the actual
results, performance or achievements of the company to be materially different
from any future results, performance or achievements expressed or implied by
such statements. Such factors include, among others: the aggregate value of and
impact on the company of the company's inquiry into accounting adjustments at
the Carlisle facility described herein, including any possible expansion of the
current investigation and any restatement of previously announced financial
results; uncovering additional issues or issues different from those previously
disclosed or known and other risk factors referenced in the company's annual
report filed on Form 10-K for the year ended December 31, 2003, which can be
found on the Securities and Exchange Commission web site (www.sec.gov) and the
company's website (www.landolakesinc.com). The company undertakes no obligation
to update the forward-looking information contained in this press release.