Monsanto 10-Q 2009 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,
	2009			2008			2007			2006			2005			2004
EARNINGS:
Income (Loss) from Continuing Operations Before Income Taxes, MI and Cumulative Effect of Accounting Change	$	2,256		$	2,926		$	1,328		$	1,018		$	283		$	330
Add:
Fixed charges		59			162			174			160			137			113
Dividends from affiliated companies		—			—			—			—			—			—
Equity affiliate (income) expense — net		(10	)		(2	)		34			31			31			36
Amortization of capitalized interest		7			16			15			15			15			14
Less:
Capitalized interest		(19	)		(22	)		(14	)		(9	)		(6	)		(7	)
Earnings available for fixed charges	$	2,293		$	3,080		$	1,537		$	1,215		$	460		$	486
FIXED CHARGES:
Interest expense(3)	$	25		$	110		$	136		$	133		$	116		$	92
Capitalized interest		19			22			14			9			6			7
Portion of rents representative of interest factor		15			30			24			18			15			14
Total Fixed Charges	$	59		$	162		$	174		$	160		$	137		$	113
Ratio of Earnings to Fixed Charges		38.86			19.01			8.83			7.59			3.36			4.30

(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.