Exhibit 12.1

CHS Inc.
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

	Years Ended August 31,
(in thousands)	2009			2008			2007			2006			2005
EARNINGS:
Income from continuing operations before income taxes	$	443,898		$	874,583		$	797,391		$	564,116		$	306,556
ADD:
Minority interests		59,780			72,160			143,214			91,079			49,825
Fixed charges, as shown below		110,748			124,000			80,529			72,056			74,540
Amortization of capitalized interest		3,640			3,145			1,800			1,344			1,000
Distributions from equity investments		80,403			110,013			66,693			58,240			64,869
Investments redeemed — equity investees, cooperatives and other		39,787			43,046			4,935			7,283			13,514
SUBTRACT:
Equity in income of investees		(105,754	)		(150,413	)		(109,685	)		(84,188	)		(95,742	)
Noncash patronage refunds		(9,717	)		(4,083	)		(3,302	)		(4,969	)		(3,060	)
Interest capitalized		(5,201	)		(9,759	)		(11,717	)		(4,652	)		(6,836	)
EARNINGS AS ADJUSTED	$	617,584		$	1,062,692		$	969,858		$	700,309		$	404,666
FIXED CHARGES:
Interest	$	85,669		$	100,123		$	63,528		$	55,214		$	58,367
Amortization of debt costs		4,667			4,439			2,231			4,014			4,569
Appropriate portion (1/3) of rent expense		20,412			19,438			14,770			12,828			11,604
TOTAL FIXED CHARGES	$	110,748		$	124,000		$	80,529		$	72,056		$	74,540
PREFERRED DIVIDEND FACTOR:	$	24,059		$	19,392		$	15,572		$	12,767		$	10,815
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS	$	134,807		$	143,392		$	96,101		$	84,823		$	85,355
RATIO		4.6	x		7.4	x		10.1	x		8.3	x		4.7	x