-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 C2wzT5UP3f8F0IE3z9HoF82GlZTzlSPsJg+4RfB1BfuatIaqFYZHpn7Ocvj8pbvu
 RAHQBeZTqNwNIwIeue6w2Q==

<SEC-DOCUMENT>0001209191-04-043525.txt : 20040903
<SEC-HEADER>0001209191-04-043525.hdr.sgml : 20040903
<ACCEPTANCE-DATETIME>20040903194006
ACCESSION NUMBER:		0001209191-04-043525
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040901
FILED AS OF DATE:		20040903
DATE AS OF CHANGE:		20040903

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HUNTER JOHN C III
		CENTRAL INDEX KEY:			0001181630

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11488
		FILM NUMBER:		041017688

	BUSINESS ADDRESS:	
		STREET 1:		575 MARYVILLE CENTRE DR
		STREET 2:		P O BOX 66760
		CITY:			ST LOUIS
		STATE:			MO
		ZIP:			63166-6760
		BUSINESS PHONE:		3146741000

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PENFORD CORP
		CENTRAL INDEX KEY:			0000739608
		STANDARD INDUSTRIAL CLASSIFICATION:	GRAIN MILL PRODUCTS [2040]
		IRS NUMBER:				911221360
		STATE OF INCORPORATION:			WA
		FISCAL YEAR END:			0831

	BUSINESS ADDRESS:	
		STREET 1:		7094 SOUTH REVERE PARKWAY
		CITY:			ENGLEWOOD
		STATE:			C0
		ZIP:			80112-3932
		BUSINESS PHONE:		303-649-1900

	MAIL ADDRESS:	
		STREET 1:		7094 SOUTH REVERE PARKWAY
		STREET 2:		-
		CITY:			ENGLEWOOD
		STATE:			C0
		ZIP:			80112-3932

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PENWEST LTD
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>bos01681_bos7jch.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-09-01</periodOfReport>

    <issuer>
        <issuerCik>0000739608</issuerCik>
        <issuerName>PENFORD CORP</issuerName>
        <issuerTradingSymbol>PENX</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001181630</rptOwnerCik>
            <rptOwnerName>HUNTER JOHN C III</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1508 HIGHLAND VALLEY CIRCLE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>CHESTERFIELD</rptOwnerCity>
            <rptOwnerState>MO</rptOwnerState>
            <rptOwnerZipCode>63005</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>NQ Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>12.75</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-09-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2353</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>12.75</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2005-03-01</value>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2014-09-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2353</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2353</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Granted under Non-Employee Director Stock Option Plan.  Options vest in full, six months from date of grant.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Richard B. Dodd, Attorney-in-Fact for John C. Hunter III</signatureName>
        <signatureDate>2004-09-03</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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