MONSANTO TAKES NEXT STEP IN LIFE SCIENCES STRATEGY WITH ACQUISITION
OF TWO SEED COMPANIES

ST. LOUIS,  May 11, 1998 - Monsanto  Company has  announced  that it has reached
agreements to acquire two seed companies - DEKALB Genetics Corporation and Delta
and Pine Land Company - as another step in a life sciences  strategy designed to
enhance the sustainable production of food and feed and create new possibilities
for better nutrition and health by linking Monsanto's  expertise in agriculture,
food and pharmaceuticals.

         These  acquisitions  will broaden the availability of the first wave of
agronomic traits developed  through  biotechnology  and give more farmers around
the  world  access  to the yield and  productivity  benefits  of crops  enhanced
through this  technology.  They also pave the way for the rapid  introduction of
the  second  wave  of  biotechnology   traits,  which  improve  the  nutritional
composition of food and feed, and offer food processors new tools to enhance the
value of grains and oil seed crops.

         "As we have  implemented  our life sciences  strategy in the last three
years,  we have created a network of alliances  and  partnerships,  and, in some
instances, have acquired companies to provide the depth and breadth necessary to
rapidly develop and commercialize new technologies and to create new markets for
the products of this  research,"  said  Monsanto  Chairman  and Chief  Executive
Officer,  Robert B. Shapiro.  "The  acquisitions of DEKALB and Delta & Pine Land
provide those  technologies  and global reach by creating broader seed platforms
that  enable  us to  connect  better  our  traits to the  needs of  growers  and
processors,  and  allow us to  anticipate  better  new  markets  or  marketplace
trends."

         DEKALB,  headquartered  in  DeKalb,  Illinois,  is a global  leader  in
agricultural  genetics and a top hybrid seed corn company in the United  States.
It also has a strong  presence in Latin  America,  plus seed interests in Europe
and Southeast Asia.  DEKALB currently  offers its customers  Monsanto traits for
YieldGard insect-protected corn and Roundup Ready herbicide-tolerant corn.

         Delta & Pine Land is a leading breeder, producer and marketer of cotton
seed based in Scott,  Mississippi.  It currently sells  Monsanto's  Bollgard and
Ingard  insect-protected  cotton in the United  States,  Mexico,  Australia  and
China,  and  Roundup  Ready  cotton in the United  States.  Delta & Pine  Land's
international    experience   in   commercializing   crops   developed   through
biotechnology has allowed it to quickly bring these new seeds to global markets.
Regulatory approvals are pending to sell Bollgard in Argentina and South Africa.

         "Monsanto  has worked  closely  with DEKALB and Delta & Pine Land for a
number  of  years  to  research   new   products  and  bring  the  economic  and
environmental  benefits of  agricultural  biotechnology  to growers  worldwide,"
Shapiro  added.  "These  acquisitions  focus and accelerate  those efforts.  The
employees of both  companies will play and important  role in  implementing  our
life sciences strategy and creating value for growers, processors and ultimately
consumers."

         DEKALB  shareowners  will  receive  $100 for each share of common stock
held.  Because  Monsanto  already  holds 10  percent  of  DEKALB's  A shares and
approximately  45 percent of DEKALB's B shares,  the weighted  average price per
share of the acquisition is $67.41, or a total cost to Monsanto of $2.5 billion.

         Under a separate agreement,  Delta & Pine Land shareowners will receive
0.8625 shares of  Monsanto's  common stock in exchange for each share of Delta &
Pine Land stock they hold. Monsanto currently owns a 4.7 percent of Delta & Pine
Land's common shares and 800,000 shares of preferred  stock.  The exchange ratio
may be adjusted if Monsanto's average stock price rises or falls by more than 25
percent.

         The acquisitions will be closed as soon as practical.


Product background

         In 1998,  Monsanto's  technology  is  expected to be used on roughly 11
million corn acres,  with more than 10 million acres  planted in YieldGard  corn
and  750,000  acres  planted in Roundup  Ready corn.  This  acreage is more than
triple the 3 million acres planted in1997, the introductory year for YieldGard.

         For cotton this year, U.S. growers are purchasing  Bollgard and Roundup
Ready cotton in varieties  produced by Delta & Pine Land, and Bollgard cotton in
varieties  by  Stoneville  Pedigreed  Seed Co.,  a Monsanto  subsidiary.  Global
acreage of  Bollgard  and Roundup  Ready  Cotton is expected to increase to more
than 5 million from 3 million in 1997.

         As a life sciences company,  Monsanto is committed to finding solutions
to the  growing  global  needs for food and  health by sharing  common  forms of
science and technology among  agriculture,  nutrition and health.  The company's
21,900 employees  worldwide make and market  high-value  agricultural  products,
pharmaceuticals and food ingredients.


Note to editors: YieldGard, Roundup Ready, Bollgard and Ingard are trademarks of
Monsanto Company and its subsidiaries.