Exhibit 12.1

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

	Years Ended August 31,
(in thousands)	2008			2007			2006			2005			2004
EARNINGS:
Income from continuing operations before income taxes	$	874,583		$	797,391		$	564,116		$	306,556		$	258,318
ADD:
Minority interests		72,160			143,214			91,079			49,825			34,184
Fixed charges, as shown below		124,000			80,529			72,056			74,540			67,463
Amortization of capitalized interest		3,145			1,800			1,344			1,000			1,000
Distributions from equity investments		110,013			66,693			58,240			64,869			58,701
Investments redeemed — equity investees, cooperatives and other		43,046			4,935			7,283			13,514			15,937
SUBTRACT:
Equity in income of investees		(150,413	)		(109,685	)		(84,188	)		(95,742	)		(79,022	)
Noncash patronage dividends received		(4,083	)		(3,302	)		(4,969	)		(3,060	)		(4,986	)
Interest capitalized		(9,759	)		(11,717	)		(4,652	)		(6,836	)		(2,817	)
EARNINGS AS ADJUSTED	$	1,062,692		$	969,858		$	700,309		$	404,666		$	348,778
FIXED CHARGES:
Interest	$	100,123		$	63,528		$	55,214		$	58,367		$	51,534
Amortization of debt costs expensed or capitalized		4,439			2,231			4,014			4,569			3,971
Appropriate portion (1/3) of rent expense		19,438			14,770			12,828			11,604			11,958
TOTAL FIXED CHARGES	$	124,000		$	80,529		$	72,056		$	74,540		$	67,463
PREFERRED DIVIDEND FACTOR:	$	19,392		$	15,572		$	12,767		$	10,815		$	9,339
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS	$	143,392		$	96,101		$	84,823		$	85,355		$	76,802
RATIO		7.4	x		10.1	x		8.3	x		4.7	x		4.5	x