EXHIBIT 12.1

Cargill Fertilizer Businesses

Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

	Years Ended May 31
	2004	2003	2002	2001		2000
Fixed Charges:
Interest Charges	29.2	41.2	42.8	46.7		39.7
Interest Portion of rental expenses	8.1	6.5	5.7	5.0		5.7
Preferred stock dividend requirements	—	—	—	—		—
Total fixed charges	37.3	47.7	48.5	51.7		45.4
Earnings:
Earnings (loss) from continuing operations before minority interest	81.5	17.8	25.8	(61.5	)	64.2
Interest Charges	29.2	41.2	42.8	46.7		39.7
Interest portion of rental expenses	8.1	6.5	5.7	5.0		5.7
Preferred stock dividend requirements	—	—	—	—		—
Sub-total	118.8	65.5	74.3	(9.8	)	109.6
Less: Preferred stock dividend requirements	—	—	—	—		—
Total earnings (loss)	118.8	65.5	74.3	(9.8	)	109.6
Ratio of earnings to fixed charges(1)	3.2	1.4	1.5	(0.2	)	2.4

⁽¹⁾ The Company’s earnings were insufficient to cover fixed charges and preferred stock dividends by $61.5 million for the year ended May 31, 2001.