EXHIBIT 10.11

SECURITY AGREEMENT

This Security Agreement, dated as of June 30, 2006 (the “Security Agreement”), is made by Golden Oval Eggs, LLC, a Delaware limited liability company, GOECA, LP, a Delaware Limited Partnership, and Midwest Investors of Iowa, Cooperative, an Iowa Corporation (each a “Grantor,” together the “Grantors”), for the benefit of Land O’Lakes, Inc., a Minnesota cooperative corporation (the “Secured Party”).

RECITALS

In connection with the closing of the transactions contemplated in that certain Asset Purchase and Sale Agreement dated as of May 23, 2006, between Golden Oval Eggs, LLC (“Golden Oval”) and certain affiliates of Secured Party (the “Asset Purchase Agreement”), Golden Oval has issued to Secured Party a Subordinated Promissory Note (the “Subordinated Note”) of even date herewith, which note was issued subject to the terms, conditions and restrictions more particularly described in that certain Subordination and Intercreditor Agreement (the “Subordination Agreement”) of even date herewith between Golden Oval, Golden Oval’s senior lender and Secured Party;

It is a condition to Secured Party’s acceptance of the Subordinated Note that the Grantors deliver to Secured Party this Security Agreement to secure, subject to the Subordination Agreement, the obligations under the Subordinated Note.

ACCORDINGLY, in consideration of the foregoing and the agreements set forth below, the Grantors hereby agree as follows:

1.             Definitions. All capitalized terms that are not otherwise defined herein shall have the meanings given them in the Asset Purchase Agreement. All terms defined in the UCC and not otherwise defined herein have the meanings assigned to them in the UCC.  In addition, the following terms have the meanings set forth below or in the referenced Section of this Agreement:

“Accounts” means all of each Grantor’s accounts, as such term is defined in the UCC, including each and every right of such the Grantor to the payment of money, whether such right to payment now exists or hereafter arises, whether such right to payment arises out of a sale, lease or other disposition of goods or other property, out of a rendering of services, out of a loan, out of the overpayment of taxes or other liabilities, or otherwise arises under any contract or agreement, whether such right to payment is created, generated or earned by such Grantor or by some other person who subsequently transfers such person’s interest to the Grantor, whether such right to payment is or is not already earned by performance, and howsoever such right to payment may be evidenced, together with all other rights and interests (including all Liens) which such Grantor may at any time have by law or agreement against any account Grantor or other obligor obligated to make any such payment or against any property of such account Grantor or other obligor; all including but not limited to all present and future accounts, contract rights, loans and obligations receivable, chattel papers, bonds, notes and other debt instruments, tax refunds and rights to payment in the nature of general intangibles.

“Collateral” means all of each Grantor’s personal property, including, without limitation, all of each Grantor’s Accounts, chattel paper, deposit accounts, documents, Equipment, General Intangibles, goods, instruments, Inventory, Investment Property, letter-of-credit rights, letters of credit, all sums on deposit in any collateral account, and any items in any lockbox; together with (i) all substitutions and replacements for and products of any of the foregoing; (ii) in the case of

all goods, all accessions; (iii) all accessories, attachments, parts, equipment and repairs now or hereafter attached or affixed to or used in connection with any goods; (iv) all warehouse receipts, bills of lading and other documents of title now or hereafter covering such goods; (v) any money, or other assets of each Grantor that now or hereafter come into the possession, custody, or control of the Secured Party; and (vi) proceeds of any and all of the foregoing.

“Default” means an event that, with giving of notice or passage of time or both, would constitute an Event of Default.

“Equipment” means all of each Grantor’s equipment, as such term is defined in the UCC, whether now owned or hereafter acquired, including but not limited to all present and future machinery, vehicles, furniture, fixtures, manufacturing equipment, shop equipment, office and recordkeeping equipment, parts, tools, supplies, and including specifically the goods described in any equipment schedule or list herewith or hereafter furnished to the Secured Party by a Grantor.

“Event of Default” means (a) any party signing the Subordinated Note shall fail to pay any or all of the Obligations when due, or (b) any Grantor shall fail to observe or perform any covenant or agreement herein binding on it.

“General Intangibles” means all of each Grantor’s general intangibles, as such term is defined in the UCC, whether now owned or hereafter acquired, including all present and future Intellectual Property Rights, customer or supplier lists and contracts, manuals, operating instructions, permits, franchises, the right to use any Grantor’s name, and the goodwill of any Grantor’s business.

“Intellectual Property Rights” means all actual or prospective rights arising in connection with any intellectual property or other proprietary rights, including all rights arising in connection with copyrights, patents, service marks, trade dress, trade secrets, trademarks, trade names or mask works.

“Inventory” means all of each Grantor’s inventory, as such term is defined in the UCC, whether now owned or hereafter acquired, whether consisting of whole goods, spare parts or components, supplies or materials, whether acquired, held or furnished for sale, for lease or under service contracts or for manufacture or processing, and wherever located.

“Investment Property” means all of each Grantor’s investment property, as such term is defined in the UCC, whether now owned or hereafter acquired, including but not limited to all securities, security entitlements, securities accounts, commodity contracts, commodity accounts, stocks, bonds, mutual fund shares, money market shares and U.S. Government securities.

“Lien” means any security interest, mortgage, deed of trust, pledge, lien, charge, or encumbrance of any kind whatsoever, including, but not limited to the interest of the lessor or titleholder under any capitalized lease, title retention contract or similar agreement and the interest of any bondsman under any payment or performance bond, in, of or on any assets or properties of a person, whether now owned or hereafter acquired and whether arising by agreement or operation of law.

“Obligations” means each and every debt, liability and obligation of every type and description arising under or in connection with the Subordinated Note.

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“Permitted Liens” means the Security Interest and any Lien of Golden Oval’s senior lender as identified in the Subordination Agreement.

“Security Interest” has the meaning given in Section 2 hereof.

“UCC” means Uniform Commercial Code as in effect from time to time in the State of Minnesota.

2.             Security Interest. Subject to the terms of the Subordination Agreement, the Grantors hereby grant the Secured Party a security interest (the “Security Interest”) in the Collateral to secure payment of the Obligations.

3.             Grantors Acknowledgment/Financing Statements.  The Grantors hereby acknowledge that the grant of the Security Interest in Section 2 hereof constitutes a grant of a security interest in all of the collateral and authorizes the Secured Party to file financing statements designating the collateral described therein as “all personal property” of each Grantor.

4.             Representations, Warranties and Agreements. Each Grantor hereby represents, warrants and agrees as follows:

(a)           Title. Such Grantor (i) has absolute title to each item of Collateral in existence on the date hereof, free and clear of all Liens, except Permitted Liens, (ii) will have, at the time the Grantor acquires any rights in Collateral hereafter arising, absolute title to each such item of Collateral free and clear of all Liens, except Permitted Liens, (iii) will keep all Collateral free and clear of all Liens, except Permitted Liens, and (iv) will defend the Collateral against all claims or demands of all persons other than the Secured Party, except with respect to Permitted Liens. Except as permitted under the Credit Agreement, the Grantor will not sell or otherwise dispose of any Collateral or any interest therein, without the prior written consent of the Secured Party.