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<p align=center style='text-align:center'><b>UNITED STATES<br>
SECURITIES AND
EXCHANGE COMMISSION<br>
</b>Washington, D.C.
20549</p>



<p align=center style='text-align:center'> <b>FORM
8-K</b></p>



<p align=center style='text-align:center'>CURRENT REPORT<br>
PURSUANT TO SECTION
13 OR 15(d) OF<br>
THE SECURITIES
EXCHANGE ACT OF 1934</p>



<p align=center style='text-align:center'>Date of Report (date
of earliest event reported):&nbsp; May 25, 2006</p>



<p align=center style='text-align:center'><b><u>U.S. PREMIUM BEEF,
LLC<br>
</u></b>(Exact name of
Registrant as specified in its charter)</p>



<p align=center style='text-align:center'>&nbsp;</p>

  <p align="center"><u>Delaware<br>
  </u>(State
  or other jurisdiction of incorporation)</p>
  <div align="left">





<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='width:100%;border-collapse:collapse'>
 <tr>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:371;border-bottom:1.0pt solid windowtext;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align="center">333-115164</td>
  <td valign=top style='width:160;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; width:402;border-bottom:1.0pt solid windowtext;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align=center style='text-align:center'>20-1576986</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='width:371;border:medium none;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin:0in;margin-bottom:.0001pt' align="center">(Commission File Number)</p>
  </td>
  <td valign=top style='width:160;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:402;border:medium none;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p align="center">(I.R.S. Employer Identification No.)</p>
  </td>
 </tr>
 <tr>
  <td valign=top style='width:371;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  &nbsp;

  </td>
  <td valign=top style='width:160;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td valign=top style='width:402;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr>
  <td valign=top style='width:371;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  &nbsp;

  </td>
  <td valign=top style='width:160;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  &nbsp;</td>
  <td valign=top style='width:402;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  &nbsp;</td>
 </tr>
 <tr>
  <td width=371 valign=bottom style='border-bottom:1px solid #000000; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  12200 North Ambassador Drive<br>
  Kansas City, Missouri&nbsp;&nbsp;

  </td>
  <td width=160 valign=bottom style='border-bottom:medium none #000000; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td width=402 valign=bottom style='border-bottom:1px solid #000000; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  <p align=center style='text-align:center'>64163</p>

  </td>
 </tr>
 <tr>
  <td valign=top style='width:371;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  (Address of principal executive
  offices)</td>
  <td valign=top style='width:160;border-top-style:none; border-top-width:medium; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  &nbsp;</td>
  <td valign=top style='width:402;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>

  <p align="center">(Zip Code)</td>
 </tr>
 </table>



</div>

  <p align=center style='text-align:center'><u>(816) 713-8800<br>
  </u>Registrant's
  telephone, number, including area code</p>



<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (<i>see</i> General
Instruction A.2. below):</p>



<p style="text-indent: 0.5in; margin-left: 0.5in">&#9633;&nbsp; Written communications pursuant to Rule
425 under the Securities Act (17 CFR 230.425)</p>

<p style='margin-left:.5in;text-indent:.5in'>&#9633;&nbsp;
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)</p>

<p style='margin-left:.5in;text-indent:.5in'>&#9633;&nbsp; Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240-14d-2(b))</p>

<p style='margin-left:.5in;text-indent:.5in'>&#9633;&nbsp; Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</p>













<hr color="#000080"><p style="page-break-after: always"></p>

<p style='margin-left:.5in;text-indent:.5in'>&nbsp;</p>













<p><b>Item 1.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entry into a Material Definitive Agreement.</b></p>

<p style="text-indent: 30">On May 19, 2006, U.S. Premium Beef, LLC's majority
owned subsidiary, National Beef Packing Company, LLC (&quot;National Beef&quot;) entered
into a Contribution Agreement with Brawley Beef, LLC (&quot;Brawley Beef&quot;) and
National Beef California, LP (&quot;NBC&quot;) (the &quot;Agreement&quot;).&nbsp; NBC is a newly formed
limited partnership, formed for the purposes of acquiring substantially all of
the assets of Brawley Beef, with National Carriers, a wholly-owned subsidiary
of National Beef, acting as its general partner.&nbsp; Brawley Beef is an alliance
of cattle producers in Arizona and California who supply its state-of-the-art
beef processing facility in Brawley, California.&nbsp; The facility commenced
operations in December 2001.&nbsp; U.S. Premium Beef, LLC (the &quot;Company&quot;) signed the
Agreement for the purpose of providing its consent.</p>

<p style="text-indent: 30">Pursuant to the terms of the Agreement, Brawley Beef
will contribute substantially all of its assets to NBC in exchange for limited
partnership units of NBC, and NBC will assume approximately $72 million of
Brawley Beef's debt and current liabilities.&nbsp; Brawley Beef will then exchange
the NBC units with the Company for 44,160 Class A Units and 44,160 Class B
Units issued by the Company, which units will represent approximately 6.38% of
the Company's outstanding units.&nbsp; Under a separate unit exchange agreement
between National Beef and the Company, the Company will then exchange the units
of NBC acquired from Brawley Beef with National Beef for 5,899,297 Class A
units and 664,475 Class B-1 units of National Beef.&nbsp; As a result, the Company's
ownership interest in National Beef's Class B units will increase to 54.76%.</p>

<p style="text-indent: 30">Adjustments to the purchase price will be made based on
changes in the working capital and debt of Brawley Beef prior to the closing
date.&nbsp; The closing is expected to occur on May 30, 2006.</p>

<p style="text-indent: 30">Concurrently with the transfer of assets, Brawley Beef
will enter into long-term cattle supply agreements with both NBC and the
Company under which Brawley Beef commits to supply approximately 275,000 head
of cattle to NBC's Brawley facility.</p>

<p style="text-indent: 30">Under the terms of the Agreement, Brawley Beef makes
customary covenants, representations and warranties and agrees to indemnify NBC
and National Beef for breaches of these representations and warranties.&nbsp;
Brawley Beef can satisfy these indemnification obligations over a three-year
period with a combination of cash, deductions from payments under certain
cattle contracts or surrender of its units in the Company at $165 per unit.&nbsp; In
addition, Brawley Beef will pledge its units in the Company to NBC to secure
its obligations under the Agreement.&nbsp; Brawley Beef's obligations under the
Agreement and cattle supply agreements are also supported by limited guaranties
from its members.</p>













<hr color="#000080"><p style="page-break-after: always"></p>

<p style="text-indent: 30">&nbsp;</p>













<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>SIGNATURE</b></p>



<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.</p>



<div align="right">
  <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="300" id="AutoNumber1">
    <tr>
      <td><b>U.S. PREMIUM BEEF, LLC</b></td>
    </tr>
    <tr>
      <td><b>&nbsp; </b></td>
    </tr>
    <tr>
      <td>By&nbsp;
<u>/s/ Steven D. Hunt&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u>
      </td>
    </tr>
    <tr>
      <td>&nbsp;&nbsp;&nbsp;&nbsp; Steven
D. Hunt,</td>
    </tr>
    <tr>
      <td>&nbsp;&nbsp;&nbsp;&nbsp; Chief
Executive Officer</td>
    </tr>
  </table>
</div>







<p>Dated:&nbsp; May 25, 2006</p>









</body>

</html>
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{"company-data": {"conformed-name": "U. S. Premium Beef, LLC", "cik": "0001289237", "assigned-sic": "0200", "irs-number": "201057414", "state-of-incorporation": "DE", "fiscal-year-end": "0831"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-115164", "film-number": "06866933"}, "business-address": {"street1": "12200 NORTH AMBASSADOR DRIVE, SUITE 501", "city": "KANSAS CITY", "state": "MO", "zip": "64163", "phone": "816-713-8800"}, "mail-address": {"street1": "12200 NORTH AMBASSADOR DRIVE, SUITE 501", "city": "KANSAS CITY", "state": "MO", "zip": "64163"}, "former-company": {"former-conformed-name": "U. S. Premium Beef, Inc.", "date-changed": "20040504"}}
Prepared by E-Services - www.edgar2.com
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C.
20549
FORM
8-K
CURRENT REPORT
PURSUANT TO SECTION
13 OR 15(d) OF
THE SECURITIES
EXCHANGE ACT OF 1934
Date of Report (date
of earliest event reported):  May 25, 2006
U.S. PREMIUM BEEF,
LLC
(Exact name of
Registrant as specified in its charter)
Delaware
(State
  or other jurisdiction of incorporation)
333-115164
20-1576986
(Commission File Number)
(I.R.S. Employer Identification No.)
12200 North Ambassador Drive
Kansas City, Missouri
64163
(Address of principal executive
  offices)
(Zip Code)
(816) 713-8800
Registrant's
  telephone, number, including area code
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (
see
General
Instruction A.2. below):
□  Written communications pursuant to Rule
425 under the Securities Act (17 CFR 230.425)
□ 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
□  Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240-14d-2(b))
□  Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 1.01        Entry into a Material Definitive Agreement.
On May 19, 2006, U.S. Premium Beef, LLC's majority
owned subsidiary, National Beef Packing Company, LLC ("National Beef") entered
into a Contribution Agreement with Brawley Beef, LLC ("Brawley Beef") and
National Beef California, LP ("NBC") (the "Agreement").  NBC is a newly formed
limited partnership, formed for the purposes of acquiring substantially all of
the assets of Brawley Beef, with National Carriers, a wholly-owned subsidiary
of National Beef, acting as its general partner.  Brawley Beef is an alliance
of cattle producers in Arizona and California who supply its state-of-the-art
beef processing facility in Brawley, California.  The facility commenced
operations in December 2001.  U.S. Premium Beef, LLC (the "Company") signed the
Agreement for the purpose of providing its consent.
Pursuant to the terms of the Agreement, Brawley Beef
will contribute substantially all of its assets to NBC in exchange for limited
partnership units of NBC, and NBC will assume approximately $72 million of
Brawley Beef's debt and current liabilities.  Brawley Beef will then exchange
the NBC units with the Company for 44,160 Class A Units and 44,160 Class B
Units issued by the Company, which units will represent approximately 6.38% of
the Company's outstanding units.  Under a separate unit exchange agreement
between National Beef and the Company, the Company will then exchange the units
of NBC acquired from Brawley Beef with National Beef for 5,899,297 Class A
units and 664,475 Class B-1 units of National Beef.  As a result, the Company's
ownership interest in National Beef's Class B units will increase to 54.76%.
Adjustments to the purchase price will be made based on
changes in the working capital and debt of Brawley Beef prior to the closing
date.  The closing is expected to occur on May 30, 2006.
Concurrently with the transfer of assets, Brawley Beef
will enter into long-term cattle supply agreements with both NBC and the
Company under which Brawley Beef commits to supply approximately 275,000 head
of cattle to NBC's Brawley facility.
Under the terms of the Agreement, Brawley Beef makes
customary covenants, representations and warranties and agrees to indemnify NBC
and National Beef for breaches of these representations and warranties. 
Brawley Beef can satisfy these indemnification obligations over a three-year
period with a combination of cash, deductions from payments under certain
cattle contracts or surrender of its units in the Company at $165 per unit.  In
addition, Brawley Beef will pledge its units in the Company to NBC to secure
its obligations under the Agreement.  Brawley Beef's obligations under the
Agreement and cattle supply agreements are also supported by limited guaranties
from its members.
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
U.S. PREMIUM BEEF, LLC
By
/s/ Steven D. Hunt
Steven
D. Hunt,
Chief
Executive Officer
Dated:  May 25, 2006