An improved process is shown wherein a carbohydrate-containing feedstock, such as corn, is milled to form a flour having a median particle size of less than about 100 microns. The flour is then hydrolyzed along with added vitamins and/or nutrients and/or enzymes. The hydrolyzed product is then mixed with a soy hull flour, also preferably having a median particle size of less than about 100 microns, and subjected to conventional fermentation to produce an ethanol containing product. The ethanol-containing product is then distilled to produce an ethanol enriched steam and a separate whole stillage. In preferred embodiments the process includes various filtration treatments of the whole stillage with and without added vitamins, nutrients, or other compounds to obtain value-added by-products.