Exhibit 12.1

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

	Years Ended August 31,
(in thousands)	2006			2005			2004			2003			2002
EARNINGS:
Income from continuing operations before income taxes	$	538,999		$	297,260		$	256,703		$	145,104		$	147,873
ADD:
Minority interests		85,974			47,736			33,830			21,950			15,390
Fixed charges, as shown below		72,056			74,540			67,463			63,888			56,211
Distributions from equity investments		58,240			64,869			58,702			35,939			37,689
Investments redeemed — equity investees, cooperatives and other		7,283			13,514			15,937			8,467			6,310
SUBTRACT:
Equity in income of investees		(84,188	)		(95,742	)		(79,022	)		(47,299	)		(58,133	)
Noncash patronage refunds		(4,969	)		(3,060	)		(4,986	)		(1,795	)		(2,327	)
Interest capitalized		(4,652	)		(6,836	)		(2,817	)		(3,905	)		(2,105	)
EARNINGS AS ADJUSTED	$	668,743		$	392,281		$	345,810		$	222,349		$	200,908
FIXED CHARGES:
Interest	$	55,214		$	58,367		$	51,534		$	50,163		$	42,958
Amortization of debt costs expensed or capitalized		4,014			4,569			3,971			3,162			3,030
Appropriate portion (1/3) of rent expense		12,828			11,604			11,958			10,563			10,223
TOTAL FIXED CHARGES		72,056			74,540			67,463			63,888			56,211
PREFERRED DIVIDEND FACTOR:		12,767			10,815			9,339			5,539			276
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS	$	84,823		$	85,355		$	76,802		$	69,427		$	56,487
RATIO		7.9	x		4.6	x		4.5	x		3.2	x		3.6	x