BALCHEM CORP — Director's Dealing 2005

May 18, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BALCHEM CORP (BCP)
CIK: 0000009326
Period of Report: 2005-05-16

Reporting Person: LUDWIG DAVID F (VP/Gen Manager/ARC Spec Prod)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-05-16	Common Stock	M	1100	$14.10	Disposed	1100	Direct
2005-05-16	Common Stock	S	1100	$28.39	Disposed	0	Direct
2005-05-17	Common Stock	M	1700	$14.10	Disposed	1700	Direct
2005-05-17	Common Stock	S	1700	$27.82	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-05-16	1999 ISO Plan	$14.10	M	1100	Acquired	2011-10-25	Common Stock (1100)	Direct
2005-05-17	1999 ISO Plan	$14.10	M	1700	Acquired	2011-10-25	Common Stock (1700)	Direct