Winnipeg, Canada
November 22,  2001

Agricore United announced today that it has filed a preliminary short form prospectus with the securities regulatory authorities in the provinces of British Columbia, Alberta, Saskatchewan,
Manitoba, Ontario, Quebec and Nova Scotia in respect of a proposed treasury offering of up to 9 million limited voting common shares and a secondary offering of limited voting common shares. The secondary offering relates to the assisted sales program established by the Company to assist the former shareholders and equity members of Agricore Cooperative Ltd. ("Agricore") to sell in an orderly manner limited voting common shares they received in connection with the recent merger transaction involving United Grain Growers Limited and Agricore.

Archer Daniels Midland has advised the Company that it intends to purchase a sufficient number of shares under the treasury offering to maintain its ownership of the Company at approximately 19%.

The offering is being underwritten by a syndicate of underwriters led by Scotia Capital Inc. and National Bank Financial Inc., and including CIBC World Markets Inc., RBC Dominion Securities Inc., HSBC Securities (Canada) Inc., Pollitt & Co. Inc. and Wellington West Capital Inc.

Agricore United intends to use the net proceeds from the treasury offering to reduce outstanding indebtedness. The net proceeds from the secondary offering will be paid to the former shareholders and equity members of Agricore participating in the assisted sales program.

Agricore United is Western Canada's leading farmer-directed agri-business. The prairie-based company is diversified into sales of crop inputs and services, grain merchandising, livestock production services, and farm business communications. Agricore United's shares are publicly traded on the Toronto Stock Exchange under the symbol "UGG".

Company news release
N3976