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<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;text-align:center'>
<b>UNITED STATES</b></p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;text-align:center'>
<b>SECURITIES AND
EXCHANGE COMMISSION</b></p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;text-align:center'>Washington, D.C.
20549</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;text-align:center'>
<b>FORM
8-K</b></p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;text-align:center'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;text-align:center'>CURRENT REPORT</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;text-align:center'>PURSUANT TO SECTION
13 OR 15(d) OF</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;text-align:center'>THE SECURITIES
EXCHANGE ACT OF 1934</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;text-align:center'>Date of Report (date
of earliest event reported):&nbsp; &nbsp;July 13, 2020</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;text-align:center'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;text-align:center'>
<b><u>U.S. PREMIUM
BEEF, LLC</u></b></p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;text-align:center'>(Exact name of
Registrant as specified in its charter)</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;text-align:center'>&nbsp;</p>
<p align="center"><u>Delaware<br>
</u>(State
  or other jurisdiction of incorporation)</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;'>&nbsp;</p>
<table class=MsoNormalTable border=0 cellpadding=0 width=600
 style='width:100%;margin-left:.9pt;border-collapse:collapse'>
	<tr>
		<td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
		333-115164</td>
		<td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
		<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;text-align:center; margin-top:0in'>&nbsp;</p>
		</td>
		<td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
		<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;text-align:center; margin-top:0in'>20-1576986</p>
		</td>
	</tr>
	<tr>
		<td valign=top style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
		<p style='font-size:12.0pt;font-family:"Times New Roman",serif;margin-bottom:.0001pt; margin-top:0in'>(Commission File Number)</p>
		</td>
		<td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
		<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif; margin-top:0in'>&nbsp;</p>
		</td>
		<td valign=top style='border:medium none;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
		<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif; margin-top:0in'>(I.R.S. Employer Identification No.)</p>
		</td>
	</tr>
	<tr>
		<td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
		&nbsp;</td>
		<td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
		&nbsp;</td>
		<td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
		&nbsp;</td>
	</tr>
	<tr>
		<td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
		<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif; margin-top:0in'>&nbsp;</p>
		</td>
		<td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
		<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif; margin-top:0in'>&nbsp;</p>
		</td>
		<td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
		<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif; margin-top:0in'>&nbsp;</p>
		</td>
	</tr>
	<tr>
		<td valign=top style='border-bottom:1px solid #000000; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
		<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif; margin-top:0in'><font size="3">12200 North Ambassador
  Drive</font></p>
		<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif; margin-top:0in'>
		<font size="3">Kansas City, Missouri </font></p>
		</td>
		<td valign=top style='border-bottom:medium none #000000; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
		<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif; margin-top:0in'>&nbsp;</p>
		</td>
		<td valign=top style='border-bottom:1px solid #000000; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
		<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif; margin-top:0in'>&nbsp;</p>
		<p style='margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif; margin-top:0in'>64163</p>
		</td>
	</tr>
	<tr>
		<td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">(Address of principal executive
  offices)</td>
		<td valign=top style='border-top-style:none; border-top-width:medium; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">&nbsp;</td>
		<td valign=top style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' align="center">
		<p style='mso-style-name:"NEW_CENTER\,ctr";margin-top:0in;margin-bottom:12.0pt;text-align:center;font-size:12.0pt;font-family:"Times New Roman",serif;margin-bottom:0in;margin-bottom:.0001pt'>(Zip Code)</p>
		</td>
	</tr>
</table>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;text-align:center'>
<u>(816) 713-8800</u></p>
<p style='mso-style-name:"NEW_CENTER\,ctr";margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;text-align:center;font-size:12.0pt;font-family:"Times New Roman",serif;margin-bottom:0in;margin-bottom:.0001pt'>Registrant's
  telephone, number, including area code</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;'>&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='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman",serif;text-indent:.25in'>
<font style="font-size: 12.0pt">&#9633;&nbsp;&nbsp;&nbsp; Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;text-indent:.25in'>&#9633;&nbsp;&nbsp;&nbsp; Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;margin-left:.5in;text-indent:-.25in'>&#9633;&nbsp;&nbsp;&nbsp; Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240-14d-2(b))</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;margin-left:.5in;text-align:justify;text-indent:-.25in'>&#9633;&nbsp;&nbsp;&nbsp; Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</p>&nbsp;<hr><p style="page-break-after:always"></p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman",serif;text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman",serif;text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>Items
under Sections 3 through 8 are not applicable and therefore are omitted.</p>
<p style='mso-style-name:Style1;margin-bottom:.0001pt;text-align:justify;font-family:"Arial",sans-serif;1; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman",serif;text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>
<b>Item
1.01 Entry into a Material Definitive Agreement and</b></p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;text-align:justify'>
<b><font size="3">Item
2.03 Creation of a Direct Financial Obligation</font></b><font size="3">.</font></p>
<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman",serif;margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman",serif;color:black;text-indent:.5in; margin-left:0in; margin-right:0in; margin-top:0in'>On July 13, 2020, U.S. Premium
Beef, LLC (&quot;USPB&quot;), and CoBank, ACB (&quot;CoBank&quot;), entered into a Credit Agreement, Amended and Restated Revolving Term
Promissory Note (&quot;Promissory Note&quot;), and an Affirmation of Pledge Agreement.&nbsp;
The Credit Agreement, Amended and Restated Revolving Term Promissory Note, and
Affirmation of Pledge Agreement replace, amend and restate the arrangements
between CoBank and USPB contained in that certain Master Loan Agreement,
Revolving Term Loan Supplement to the Master Loan Agreement, Pledge Agreement,
and Security Agreement dated July 26, 2011, as amended (the &quot;Prior Agreements.&quot;).&nbsp;
(The Prior Agreements carried a &quot;Term Expiration Date&quot; of June 30, 2020, but on
June 24, 2020, CoBank unilaterally extended the Term Expiration Date under
USPB's Amended and Restated Revolving Term Supplement from June 30, 2020 up to
and including August 31, 2020.)&nbsp; </p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman",serif;color:black;'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman",serif;color:black; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Credit Agreement and the Amended and
Restated Revolving Term Promissory Note provide for a $1 million Revolving Term
Commitment.&nbsp; That commitment carries a term of five years, maturing on June 30,
2025.&nbsp; The Promissory Note defines Interest as equal to the One-Month LIBOR
Index Rate or if LIBOR quotes are no longer available, CoBank will replace the
LIBOR Index Rate with a replacement benchmark rate.&nbsp; The other terms and
conditions of the Master Loan Agreement and the Revolving Term Loan Supplement
continue the terms and conditions of the Prior Agreements without material
modifications.</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman",serif;color:black;'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman",serif;color:black; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Affirmation of Pledge Agreement provides
CoBank with a first-priority security interest in USPB's Membership Interests
in, and Distributions from, National Beef Packing Company, LLC.&nbsp; </p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman",serif;color:black;'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;'>
<b>Item 9.01
Financial Statements and Exhibits</b></p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;'>
<b>&nbsp;</b></p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;'>(d) Exhibits</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;'>The following are
filed as Exhibits to this Report:</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman",serif;'>&nbsp;</p>
<div align="left">
<table class=MsoNormalTable border=0 cellpadding=0
 style='margin-left:-.4pt;border-collapse:collapse' width="100%">
	<tr>
		<td valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; ' nowrap>
		<p style='margin-bottom:.0001pt;font-family:"Times New Roman",serif; margin-left:0in; margin-right:0in; margin-top:0in'>Exhibit No.&nbsp;&nbsp;&nbsp;&nbsp;</p>
		</td>
		<td valign=top style='padding:0in; '>
		<p style='margin-bottom:.0001pt;font-family:"Times New Roman",serif; margin-left:0in; margin-right:0in; margin-top:0in'>
		&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
		</td>
		<td valign=top style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding:0in; '>
		<p style='margin-bottom:.0001pt;font-family:"Times New Roman",serif; margin-left:0in; margin-right:0in; margin-top:0in'>Description</p>
		</td>
	</tr>
	<tr style='page-break-inside:avoid;height:6.35pt'>
		<td valign=top style='padding:0in;
  height:6.35pt' nowrap>
		<p style='margin-bottom:.0001pt;font-family:"Times New Roman",serif; margin-left:0in; margin-right:0in; margin-top:0in'>10.1</p>
		</td>
		<td valign=top style='padding:0in;
  height:6.35pt'>
		<p style='margin-bottom:.0001pt;font-family:"Times New Roman",serif; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
		</td>
		<td valign=top style='padding:0in;
  height:6.35pt'>
		<p style='margin-bottom:.0001pt;font-family:"Times New Roman",serif; margin-left:0in; margin-right:0in; margin-top:0in'>Credit Agreement between
  U.S. Premium Beef, LLC and CoBank, ACB, executed July 13, 2020</p></td>
	</tr>
	<tr style='page-break-inside:avoid;height:6.35pt'>
		<td valign=top style='padding:0in;
  height:6.35pt' nowrap>
		<p style='margin-bottom:.0001pt;font-family:"Times New Roman",serif; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
		</td>
		<td valign=top style='padding:0in;
  height:6.35pt'>
		<p style='margin-bottom:.0001pt;font-family:"Times New Roman",serif; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
		</td>
		<td valign=top style='padding:0in;
  height:6.35pt'>
		<p style='margin-top:0in;margin-right:0in;margin-bottom:43.0pt;margin-left:0in;font-size:11.0pt;font-family:"Times New Roman",serif;margin-bottom:0in;margin-bottom:.0001pt'>&nbsp;</p>
		</td>
	</tr>
	<tr style='page-break-inside:avoid;height:6.35pt'>
		<td valign=top style='padding:0in;
  height:6.35pt' nowrap>
		<p style='margin-bottom:.0001pt;font-family:"Times New Roman",serif; margin-left:0in; margin-right:0in; margin-top:0in'>10.2</p>
		</td>
		<td valign=top style='padding:0in;
  height:6.35pt'>
		<p style='margin-bottom:.0001pt;font-family:"Times New Roman",serif; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
		</td>
		<td valign=top style='padding:0in;
  height:6.35pt'>
		<p style='margin-top:0in;margin-right:0in;margin-bottom:43.0pt;margin-left:0in;font-family:"Times New Roman",serif;margin-bottom:0in;margin-bottom:.0001pt'>Amended
  and Restated Revolving Term Promissory Note between U.S. Premium Beef, LLC
  and CoBank, ACB executed July 13, 2020.</p></td>
	</tr>
	<tr style='page-break-inside:avoid;height:6.35pt'>
		<td valign=top style='padding:0in;
  height:6.35pt' nowrap>
		&nbsp;</td>
		<td valign=top style='padding:0in;
  height:6.35pt'>
		&nbsp;</td>
		<td valign=top style='padding:0in;
  height:6.35pt'>
		&nbsp;</td>
	</tr>
	<tr style='page-break-inside:avoid;height:6.35pt'>
		<td valign=top style='padding:0in;
  height:6.35pt' nowrap>
		10.3</td>
		<td valign=top style='padding:0in;
  height:6.35pt'>
		&nbsp;</td>
		<td valign=top style='padding:0in;
  height:6.35pt'>
		Affirmation
  of Pledge Agreement between U.S. Premium Beef, LLC and CoBank, ACB executed July
  13, 2020.</td>
	</tr>
</table>
</div>
<p style='mso-style-name:"Style 0";margin:0in;margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-size:12.0pt;font-family:"Courier 10cpi";0'>
<b>&nbsp;</b></p>
<p style='mso-style-name:"Style 0";margin:0in;margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-size:12.0pt;font-family:"Courier 10cpi";0'>
<b>&nbsp;</b></p>
<p style='mso-style-name:"Style 0";margin:0in;margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-size:12.0pt;font-family:"Courier 10cpi";0'>
<b>&nbsp;</b></p>
<p style='mso-style-name:"Style 0";margin:0in;margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-size:12.0pt;font-family:"Courier 10cpi";0'>
<b>&nbsp;</b></p>
<p style='mso-style-name:"Style 0";margin:0in;margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-size:12.0pt;font-family:"Courier 10cpi";0'>
<b>&nbsp;</b></p>
<p style='mso-style-name:"Style 0";margin:0in;margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-size:12.0pt;font-family:"Courier 10cpi";0'>
<b>&nbsp;</b>2</p>
&nbsp;<hr><p style="page-break-after:always"></p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman",serif;text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='mso-style-name:"Style 0";margin:0in;margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-size:12.0pt;font-family:"Courier 10cpi";0'>
&nbsp;</p>
<p style='mso-style-name:"Style 0";margin:0in;margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-size:12.0pt;font-family:"Courier 10cpi";0'>
<b>SIGNATURE</b></p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman",serif; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;font-family:"Times New Roman",serif; margin-left:0in; margin-right:0in; margin-top:0in'>&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 hereunto duly
authorized.</p>
<p style='margin-top:0in;margin-right:0in;margin-bottom:43.0pt;margin-left:0in;font-size:11.0pt;font-family:"Times New Roman",serif;margin-bottom:0in;margin-bottom:.0001pt'>&nbsp;</p>
<div align="right">
	<table border="0" width="50%">
		<tr>
			<td align="left">
<p style='margin-bottom:.0001pt;font-family:"Times New Roman",serif;margin-right:0in; margin-top:0in'>U.S.
PREMIUM BEEF, LLC </p>
			</td>
		</tr>
		<tr>
			<td align="left">
<p style='margin-bottom:.0001pt;font-family:"Times New Roman",serif;margin-right:0in; margin-top:0in'>&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td align="left">
<p style='margin-bottom:.0001pt;font-family:"Times New Roman",serif;margin-right:0in; margin-top:0in'>By:<u>&nbsp; /s/ Stanley D. Linville&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</u></p>
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<p style='margin-bottom:.0001pt;font-family:"Times New Roman",serif;margin-right:0in; margin-top:0in'>Stanley D. Linville</p>
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<p style='margin-bottom:.0001pt;font-family:"Times New Roman",serif; margin-left:0in; margin-right:0in; margin-top:0in'>Date:&nbsp;&nbsp; July 16, 2020</p>

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{"company-data": {"conformed-name": "U. S. Premium Beef, LLC", "cik": "0001289237", "assigned-sic": "0200", "irs-number": "201576986", "fiscal-year-end": "1226"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-115164", "film-number": "201031010"}, "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 EDGARX.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):   July 13, 2020
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))
Items
under Sections 3 through 8 are not applicable and therefore are omitted.
Item
1.01 Entry into a Material Definitive Agreement and
Item
2.03 Creation of a Direct Financial Obligation
.
On July 13, 2020, U.S. Premium
Beef, LLC ("USPB"), and CoBank, ACB ("CoBank"), entered into a Credit Agreement, Amended and Restated Revolving Term
Promissory Note ("Promissory Note"), and an Affirmation of Pledge Agreement. 
The Credit Agreement, Amended and Restated Revolving Term Promissory Note, and
Affirmation of Pledge Agreement replace, amend and restate the arrangements
between CoBank and USPB contained in that certain Master Loan Agreement,
Revolving Term Loan Supplement to the Master Loan Agreement, Pledge Agreement,
and Security Agreement dated July 26, 2011, as amended (the "Prior Agreements."). 
(The Prior Agreements carried a "Term Expiration Date" of June 30, 2020, but on
June 24, 2020, CoBank unilaterally extended the Term Expiration Date under
USPB's Amended and Restated Revolving Term Supplement from June 30, 2020 up to
and including August 31, 2020.)
The Credit Agreement and the Amended and
Restated Revolving Term Promissory Note provide for a $1 million Revolving Term
Commitment.  That commitment carries a term of five years, maturing on June 30,
2025.  The Promissory Note defines Interest as equal to the One-Month LIBOR
Index Rate or if LIBOR quotes are no longer available, CoBank will replace the
LIBOR Index Rate with a replacement benchmark rate.  The other terms and
conditions of the Master Loan Agreement and the Revolving Term Loan Supplement
continue the terms and conditions of the Prior Agreements without material
modifications.
The Affirmation of Pledge Agreement provides
CoBank with a first-priority security interest in USPB's Membership Interests
in, and Distributions from, National Beef Packing Company, LLC.
Item 9.01
Financial Statements and Exhibits
(d) Exhibits
The following are
filed as Exhibits to this Report:
Exhibit No.
Description
10.1
Credit Agreement between
  U.S. Premium Beef, LLC and CoBank, ACB, executed July 13, 2020
10.2
Amended
  and Restated Revolving Term Promissory Note between U.S. Premium Beef, LLC
  and CoBank, ACB executed July 13, 2020.
10.3
Affirmation
  of Pledge Agreement between U.S. Premium Beef, LLC and CoBank, ACB executed July
  13, 2020.
2
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 hereunto duly
authorized.
U.S.
PREMIUM BEEF, LLC
By:
/s/ Stanley D. Linville
Stanley D. Linville
Chief Executive Officer
Date:   July 16, 2020
3