Monsanto 10-Q 2007 Q3 Quarterly report

Exhibit 12

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

	Nine Months												Eight Months
	Ended												Ended
	May 31,			Year Ended Aug. 31,									Aug. 31,			Year Ended Dec. 31,
	2007			2006			2005			2004			2003			2002			2001
EARNINGS:
Income (Loss) from Continuing Operations Before Income Taxes, MI and Cumulative Effect of Accounting Change	$	1,734		$	1,051		$	316		$	403		$	(19	)	$	235		$	488
Add:
Fixed charges		118			161			136			112			71			105			147
Dividends from affiliated companies		—			—			—			—			—			1			1
Equity affiliate expense — net		30			31			31			36			26			43			41
Amortization of capitalized interest		11			15			15			10			8			10			11
Less:
Capitalized interest		(9	)		(9	)		(6	)		(7	)		(4	)		(8	)		(30	)
Earnings available for fixed charges	$	1,885		$	1,249		$	492		$	554		$	82		$	386		$	658
FIXED CHARGES:
Interest expense(3)	$	96		$	134		$	115		$	91		$	57		$	81		$	99
Capitalized interest		9			9			6			7			4			8			30
Portion of rents representative of interest factor		13			18			15			14			10			16			18
Total Fixed Charges	$	118		$	161		$	136		$	112		$	71		$	105		$	147
Ratio of Earnings to Fixed Charges		15.94			7.76			3.62			4.95			1.15			3.68			4.48

(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 Stoneville and NexGen have been conformed to discontinued operations presentation for all relevant fiscal years presented.
(3)	Includes amortization of deferred debt issuance costs.