exv12

Exhibit 12

MONSANTO COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES⁽¹⁾⁽²⁾
(Dollars in millions)


	Six Months
	Ended
	Feb. 28,			Year Ended Aug. 31,
	2011			2010			2009			2008			2007			2006
EARNINGS:
Income from Continuing Operations Before Income Taxes	$	1,472		$	1,494		$	2,967		$	2,926		$	1,328		$	1,018

Add:
Fixed charges		117			227			178			162			174			160
Dividends from affiliated companies		—			—			—			—			—			—
Equity affiliate (income) expense — net		(8	)		(16	)		(24	)		(2	)		34			31
Amortization of capitalized interest		7			14			13			16			15			15
Less:
Capitalized interest		(13	)		(25	)		(34	)		(22	)		(14	)		(9	)

Earnings available for fixed charges	$	1,575		$	1,694		$	3,100		$	3,080		$	1,537		$	1,215


FIXED CHARGES:
Interest expense⁽³⁾	$	87		$	167		$	107		$	110		$	136		$	133
Capitalized interest		13			25			34			22			14			9
Portion of rents representative of interest factor		17			35			37			30			24			18

Total Fixed Charges	$	117		$	227		$	178		$	162		$	174		$	160


Ratio of Earnings to Fixed Charges		13.46			7.46			17.42			19.01			8.83			7.59


⁽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.