Exhibit 12.1

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

	Three Months Ended
	November 30,						Years Ended August 31,
(in thousands)	2006			2005			2006			2005			2004			2003			2002
EARNINGS:
Income from continuing operations before income taxes	$	153,453		$	174,504		$	538,999		$	297,260		$	256,703		$	145,104		$	147,873
ADD:
Minority interests		18,912			32,161			85,974			47,736			33,830			21,950			15,390
Fixed charges, as shown below		17,027			17,386			72,056			74,540			67,463			63,888			56,211
Distributions from equity investments		15,272			3,532			58,240			64,869			58,701			35,939			37,689
Investments redeemed — equity investees, cooperatives and other		1,376			1,175			7,283			13,514			15,937			8,467			6,310
SUBTRACT:
Equity in income of investees		(4,531	)		(9,177	)		(84,188	)		(95,742	)		(79,022	)		(47,299	)		(58,133	)
Noncash patronage refunds		(321	)		(251	)		(4,969	)		(3,060	)		(4,986	)		(1,795	)		(2,327	)
Interest capitalized		(1,855	)		(1,648	)		(4,652	)		(6,836	)		(2,817	)		(3,905	)		(2,105	)
EARNINGS AS ADJUSTED	$	199,333		$	217,682		$	668,743		$	392,281		$	345,809		$	222,349		$	200,908
FIXED CHARGES:
Interest	$	13,138		$	13,322		$	55,214		$	58,367		$	51,534		$	50,163		$	42,958
Amortization of debt costs expensed or capitalized		589			941			4,014			4,569			3,971			3,162			3,030
Appropriate portion (1/3) of rent expense		3,300			3,123			12,828			11,604			11,958			10,563			10,223
TOTAL FIXED CHARGES		17,027			17,386			72,056			74,540			67,463			63,888			56,211
PREFERRED DIVIDEND FACTOR:		3,366			2,842			12,767			10,815			9,339			5,539			276
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS	$	20,393		$	20,228		$	84,823		$	85,355		$	76,802		$	69,427		$	56,487
RATIO		9.8x			10.8x			7.9x			4.6x			4.5x			3.2x			3.6x