Exhibit 12.1

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

			Years Ended August 31,
(in thousands)			2004			2003			2002			2001			2000
EARNINGS:
Income before income taxes			$	221,332		$	136,541		$	144,838		$	152,954		$	91,268
ADD:
Minority interests				33,830			21,950			15,390			35,098			24,547
Fixed charges, as shown below				70,370			66,306			57,813			77,267			75,085
Redemptions received from equity method investees				65,158			35,939			37,689			30,104			41,250
Redemptions received from cooperatives and other investments				9,481			8,467			6,310			1,672			2,638
SUBTRACT:
Equity in income of investees				(79,022	)		(47,299	)		(58,133	)		(28,494	)		(28,325	)
Noncash patronage refunds				(4,986	)		(1,795	)		(2,327	)		(3,896	)		(6,825	)
Interest capitalized				(2,817	)		(3,905	)		(2,105	)		(1,244	)		(2,709	)
		EARNINGS AS ADJUSTED	$	313,346		$	216,204		$	199,475		$	263,461		$	196,929
FIXED CHARGES:
Interest			$	54,441		$	52,580		$	44,560		$	62,680		$	60,276
Amortization of debt costs expensed or capitalized				3,971			3,162			3,030			2,747			2,116
Appropriate portion (1/3) of rent expense				11,958			10,563			10,223			11,840			12,694
	TOTAL FIXED CHARGES			70,370			66,305			57,813			77,267			75,086
PREFERRED DIVIDEND FACTOR:				9,339			5,539			276			—			—
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS			$	79,709		$	71,844		$	58,089		$	77,267		$	75,086
RATIO				3.9	x		3.0	x		3.4	x		3.4	x		2.6	x