EXHIBIT 12.1

RATIO OF EARNINGS TO FIXED CHARGES AND DIVIDENDS

		Three Months Ended
		November 30,						Years Ended August 31,
		2003			2002			2003			2002			2001			2000			1999
		(in thousands)
EARNINGS:
Income before income taxes		$	58,360		$	45,862		$	136,541		$	144,838		$	152,954		$	91,268		$	92,980
ADD:
Minority interests			3,922			5,431			21,950			15,390			35,098			24,547			10,017
Fixed charges, as shown below			16,135			16,825			66,306			57,813			77,267			75,085			56,221
Redemptions received from equity method investees			27,493			15,313			35,939			37,689			30,104			41,250			8,829
Redemptions received from cooperatives and other investments			3,458			1,713			8,467			6,310			1,672			2,638			2,412
SUBTRACT:
Equity in income of investees			(13,707	)		(8,165	)		(47,299	)		(58,133	)		(28,494	)		(28,325	)		(22,363	)
Noncash patronage refunds			(311	)		(184	)		(1,795	)		(2,327	)		(3,896	)		(6,825	)		(4,848	)
Interest capitalized			(503	)		(530	)		(3,905	)		(2,105	)		(1,244	)		(2,709	)		(1,732	)
	EARNINGS AS ADJUSTED	$	94,847		$	76,265		$	216,204		$	199,475		$	263,461		$	196,929		$	141,516
FIXED CHARGES:
Interest		$	12,043		$	13,343		$	52,580		$	44,560		$	62,680		$	60,276		$	44,171
Amortization of debt costs expensed or capitalized			871			736			3,162			3,030			2,747			2,116			2,131
Appropriate portion (1/3) of rent expense			3,221			2,746			10,563			10,223			11,840			12,694			9,919
	TOTAL FIXED CHARGES		16,135			16,825			66,305			57,813			77,267			75,086			56,221
PREFERRED DIVIDEND FACTOR:			2,152			211			5,539			276			—			—			—
COMBINED FIXED CHARGES AND PREFERRED
STOCK DIVIDENDS		$	18,287		$	17,036		$	71,844		$	58,089		$	77,267		$	75,086		$	56,221
RATIO			5.2	x		4.5	x		3.0	x		3.4	x		3.4	x		2.6	x		2.5	x