EXHIBIT 12 FARMLAND INDUSTRIES, INC. AND SUBSIDIARIES COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Year Ended August 31 1991 1992 1993 1994 1995 (Dollars in Thousands) Pretax Income (Loss) . . . . . . . . $ 50,166 $ 70,504 $ (36,833) $ 78,766 $ 197,641 Minority Interest in Income of Consolidated Subsidiary that has Fixed Charges . . . . . . -0- -0- 865 333 9,793 Minority Interest in Loss of Consolidated Subsidiary . . . . . . . . . . -0- -0- (37) (4,855) -0- Equity Interest in Loss (Income) (Earnings less distributions) of Less-than-Fifty Percent Owned Investees . . . . . . . . . . 856 2,341 1,007 603 (623) Total Fixed Charges (excluding interest capitalized) . . . . . . . . . . 54,443 47,719 55,268 64,383 67,356 Earnings . . . . . . . . . . $ 105,465 $ 120,564 $ 20,270 $ 139,230 $ 274,167 Fixed Charges: Interest (including amounts capitalized) . . . . . . . . . $ 42,481 $ 34,426 $ 43,873 $ 51,842 $ 54,582 Estimated Interest Component of Rentals . . . . . . . . . . 12,290 13,293 13,006 12,898 13,494 Total Fixed Charges . . . . . . $ 54,771 $ 47,719 $ 56,879 $ 64,740 $ 68,076 Ratio of Earnings to Fixed Charges . . . . . . . . . . 1.9 2.5 0.4 2.2 4.03 Earnings Inadequate to Cover Fixed Charges . . . . . . . . . . $ 36,609