An improved process for producing de-fatted soy utilizing a de-fatted soy flour and for producing value added by-products from de-fatted soy flour wherein soybeans are de-hulled and the de-hulled stream ground to a flour consistency. The ground soy flour is mixed with water and other additives to produce a vitamin and mineral enriched stream that is then filtered to various value added by-products. In a preferred embodiment the vitamin and mineral enriched stream is filtered through a 0.1-1.0 micron membrane to produce a de-fatted soy product stream and a fatted soy product stream. The fatted soy product stream can be dried to produce dry, less than 12% water by weight, product B for use in cosmetics and pharmaceutical products. The de-fatted soy product can be filtered through reverse osmosis (RO) filtration unit to obtain a vitamin and mineral enriched product stream that can be dried to powder form and used as a food supplement additive I. If desired the full fatted soy flour or the de-fatted soy product stream can be combined with whole stillage from an ethanol process and used in producing various other value added products.
