EXHIBIT 12

MINN DAK FARMERS COOPERATIVE
COMPUTATION OF RATIO OF NET PROCEEDS TO FIXED CHARGES
(IN THOUSANDS)

	Year Ended August 31,
	2004		2003		2002		2001		2000
Earnings:
Net proceeds before income taxes from
continuing operations		107,909		109,663		84,224		94,620		86,604
Fixed charges, excluding capitalized
interest, see below		2,920		3,326		3,742		4,920		5,199
Amortization of capitalized interest		106		94		94		94		94
Net Proceeds		110,935		113,083		88,060		99,634		91,897
Fixed Charges:
Interest Expense		2,920		3,326		3,742		4,920		5,199
Interest factor included in rentals (1)		0		0		0		0		0
Fixed charges, excluding capitalized interest		2,920		3,326		3,742		4,920		5,199
Interest capitalized		0		207		9		0		0
Fixed Charges		2,920		3,533		3,751		4,920		5,199
Ratio of net proceeds to fixed charges		37.99		32.01		23.48		20.25		17.68

(1) The company does lease certain items, such as office equipment. Due to the proportionately small amounts involved, interest on such lease payments has not been included in the total of the company’s fixed charges of the calculation of this ratio.

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