A method of and system for producing oil and valuable byproducts from grains, such as corn, in dry mills are disclosed. The method and system include dewater milling process after fermenting. Further, the method and system are able to produce oil without evaporating. Moreover, the method and system include one or more of the germ processing units, emulsion processing units, fiber processing units, high value protein producing units, and glycerol and inorganic salt producing units, such that high value byproducts are able to be generated.
