A complete factorial design was used to determine the composition of a synthetic culture medium with glucose as carbon source and monosodium glutamate as sole nitrogen source for Monascus ruber to maximize simultaneously strict exocellular pigment production and their red-to-yellow proportion. When culture conditions improved pigment production, the red/yellow ratio decreased. The compromise conditions for both objectives were obtained when the concentrations of glucose, monosodium glutamate, KH2PO4 and K2HPO4 in the culture medium were respectively 26, 5, 5 and 5 g/litre. In Erlenmeyer flask cultures, high ethanol production and CO2 as coproducts were found associated with large pellet size, while for smaller pellet size a decrease in ethanol production and an increase in pigment synthesis were detected. Fermenter analysis of kinetic data showed a growth limitation that could be overcome by aeration with CO2-air mixtures. In all cases the maximum specific rate of pigment production occurred unexpectedly before the maximum specific growth rate was reached. Mycelial morphological changes are the precursor to decreasing specific rates of pigment production. Neither a complete sexual cycle nor pigment accumulation structures into mycelium were detected.