CHS (CHSCP) S-1 IPO registration

Exhibit 12.1

CHS Inc.
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

	Years Ended August 31,
(in thousands)	2007			2006			2005			2004			2003
EARNINGS:
Income from continuing operations before income taxes		786,933			538,999			297,260			256,703			145,104
ADD:
Minority interests		143,214			85,974			47,736			33,830			21,950
Fixed charges, as shown below		80,529			72,056			74,540			67,463			63,888
Distributions from equity investments		66,693			58,240			64,869			58,701			35,939
Investments redeemed — equity investees, cooperatives and other		4,935			7,283			13,514			15,937			8,467
SUBTRACT:
Equity in income of investees		(109,685	)		(84,188	)		(95,742	)		(79,022	)		(47,299	)
Noncash patronage refunds		(3,302	)		(4,969	)		(3,060	)		(4,986	)		(1,795	)
Interest capitalized		(11,717	)		(4,652	)		(6,836	)		(2,817	)		(3,905	)
EARNINGS AS ADJUSTED		957,600			668,743			392,281			345,809			222,349
FIXED CHARGES:
Interest		63,528			55,214			58,367			51,534			50,163
Amortization of debt costs expensed or capitalized		2,231			4,014			4,569			3,971			3,162
Appropriate portion (1/3) of rent expense		14,770			12,828			11,604			11,958			10,563
TOTAL FIXED CHARGES		80,529			72,056			74,540			67,463			63,888
PREFERRED DIVIDEND FACTOR:		15,572			12,767			10,815			9,339			5,539
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS		96,101			84,823			85,355			76,802			69,427
RATIO		10.0x			7.9x			4.6x			4.5x			3.2x