A solid co-crystallized monoglyceride and fatty acid lactylate emulsifier and starch-complexing agent is provided in which a saturated monoglyceride and a fatty acid lactylate salt are completed to produce a homogenous composition, and then cooled and solidified under conditions forming discrete co-crystallized stable emulsifier particles having a differential scanning calorimeter (DSC) defined melting point of no more than about 60.degree. C. Saturated monoglycerides are functional only after the temperature thereof has been increased to their Krafft temperature of about 60.degree. C. Previously, it has been necessary to pre-hydrate monoglycerides to make them functional when added to bread doughs and batter formulations at conventional commercial baking temperatures of about 70.degree. F. to about 80.degree. F. The co-crystallized monoglyceride and fatty acid lactylate combination of this invention is fully functional without pre-hydration when incorporated in starch bearing dough and batter products at normal commercial baking temperatures.