EXHIBIT 99.1

Investor Relations
(314) 812-0590


St.  Louis,  Missouri,  May 18, 1998 . . . Agribrands  International,  Inc.
announced  today  that it has  elected  not to fund under and will not close the
$110 million revolving Credit Agreement arranged prior to the company's spin-off
from Ralston Purina Company on April 1, 1998.

The Company  indicated that,  having evaluated its financial  position after the
spin-off,  management concluded the Company has sufficient financial flexibility
and cash reserves without the credit facility.

As a result of this  decision,  the Company will report a $2.5 million  non-cash
charge in its third quarter to write-off  deferred  financing  costs  associated
with the facility.

The Company  expressed its pleasure with the acceptance its affiliates  received
from banks in their local markets in the weeks following the spin-off.  This, in
combination  with the funding  provided to the Company by Ralston at the time of
the spin-off, has provided a reasonable level of financial flexibility and makes
it difficult to justify the  additional  cost of the  syndicated  facility.  The
Company  expressed its  appreciation for the efforts made by the participants in
the  syndication.  The  syndication  process  enabled  the  Company  to  develop
relationships  with a strong group of international  banks and the Company looks
forward to working with the banks on other projects in the future.

Agribrands is a leading international  manufacturer of agricultural animal feeds
and nutritional products.