Monsanto 10-Q 2010 Q2 Quarterly report

Exhibit 12

MONSANTO COMPANY
COMPUTATION OF EARNINGS TO FIXED CHARGES⁽¹⁾⁽²⁾
(Dollars in millions)

	Six Months
	Ended
	Feb. 28,						Year Ended Aug. 31,
	2010			2009			2008			2007			2006			2005
EARNINGS:
Income from Continuing Operations Before Income Taxes	$	1,195		$	2,967		$	2,926		$	1,328		$	1,018		$	283
Add:
Fixed charges		111			178			162			174			160			137
Dividends from affiliated companies		—			—			—			—			—			—
Equity affiliate (income) expense — net		(18	)		(24	)		(2	)		34			31			31
Amortization of capitalized interest		6			13			16			15			15			15
Less:
Capitalized interest		(13	)		(34	)		(22	)		(14	)		(9	)		(6	)
Earnings available for fixed charges	$	1,281		$	3,100		$	3,080		$	1,537		$	1,215		$	460
FIXED CHARGES:
Interest expense(3)	$	80		$	107		$	110		$	136		$	133		$	116
Capitalized interest		13			34			22			14			9			6
Portion of rents representative of interest factor		18			37			30			24			18			15
Total Fixed Charges	$	111		$	178		$	162		$	174		$	160		$	137
Ratio of Earnings to Fixed Charges		11.54			17.42			19.01			8.83			7.59			3.36

(1)	Monsanto has not paid any preference security dividends and, therefore, has not included the ratio of combined fixed charges and preference security dividends to earnings for the relevant periods.
(2)	The operating results of the Dairy business has been conformed to discontinued operations presentation for all relevant fiscal years presented.
(3)	Includes amortization of deferred debt issuance costs and the interest component of the income tax provision.