EXHIBIT 12.1

CHS Inc.

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

	Years Ended August 31
	2005			2004			2003			2002			2001
(dollars in thousands)
EARNINGS:
Income from continuing operations before income taxes	$	297,260		$	256,703		$	145,104		$	147,873		$	155,246
ADD:
Minority interests		47,736			33,830			21,950			15,390			35,098
Fixed charges, as shown below		81,048			70,370			66,305			57,813			77,267
Redemptions received from equity method investees		74,231			65,158			35,939			37,689			30,104
Redemptions received from cooperatives and other investments		4,152			9,481			8,467			6,310			1,672
SUBTRACT:
Equity in income of investees		(95,742	)		(79,022	)		(47,299	)		(58,133	)		(28,494	)
Noncash patronage refunds		(3,060	)		(4,986	)		(1,795	)		(2,327	)		(3,896	)
Interest capitalized		(6,836	)		(2,817	)		(3,905	)		(2,105	)		(1,244	)
EARNINGS AS ADJUSTED	$	398,789		$	348,717		$	224,766		$	202,510		$	265,753
FIXED CHARGES:
Interest	$	64,875		$	54,441		$	52,580		$	44,560		$	62,680
Amortization of debt costs expensed or capitalized		4,569			3,971			3,162			3,030			2,747
Appropriate portion (1/3) of rent expense		11,604			11,958			10,563			10,223			11,840
TOTAL FIXED CHARGES	$	81,048		$	70,370		$	66,305		$	57,813		$	77,267
PREFERRED DIVIDEND FACTOR:	$	10,815		$	9,339		$	5,539		$	276
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS	$	91,863		$	79,709		$	71,844		$	58,089		$	77,267
RATIO		4.3 x			4.4 x			3.1 x			3.5 x			3.4 x