The Federal Reserve Board will hold a two-day meeting on Tuesday and Wednesday. Though no action on interest rates will be taken, the meeting's statement will be scrutinized for any suggestions of a rate hike at the August meeting.

Technology stocks will compete for investors' attention with Micron Technology (NYSE: MU), Oracle (Nasdaq: ORCL) and Research in Motion (Nasdaq: RIMM) scheduled to report. A total of 42 companies are on the earnings calendar, including 16 members of the S&P 500.

Monsanto's (NYSE: MON) conference call could generate a higher-than-usual level of interest because of the recent flooding in the Midwest. Many are looking for evidence as to whether farmers are intending to replant corn, switch to soybeans or simply seek insurance. Similarly, General Mills (NYSE: GIS) could get asked about the impact of higher corn prices.

Key economic data will include:

-- Tuesday: June Conference Board consumer confidence survey

-- Wednesday: May durable goods orders, May new home sales, weekly crude inventories

-- Thursday: May existing home sales, final first-quarter GDP, weekly initial jobless claims

-- Friday: May personal income and spending

No speeches from Fed officials are currently scheduled.

Dips by the Dow below 12,000 have turned out to be buying opportunities this year. Whether this will hold true again will depend on whether or not the market reacts positively to the week's earnings news and the Fed's statement. Oil will remain a wildcard.

Companies That Could Issue Positive Earnings Surprises during the Week of June 23 - 27

Last Wednesday, General Mills (NYSE: GIS) preannounced fiscal fourth-quarter profits of 73 cents. (The profits exclude the mark-to-market valuation of certain commodity positions.) Two out of the three covering brokerage analysts promptly adjusted their forecasts, causing the consensus to rise three cents to 71 cents per share. The most accurate estimate is more bullish and matches the company's guidance of 73 cents per share. GIS has topped expectations for two consecutive quarters. General Mills is scheduled to report on Wednesday, June 25, before the start of trading.

Four of the 12 brokerage analysts who cover Monsanto (NYSE: MON) have raised their fiscal third-quarter forecasts within the past month. The consensus earnings estimate of $1.35 is two cents higher than the average forecast of a month ago. The most accurate estimate is slightly more bullish at $1.36 per share. MON has issued six consecutive positive earnings surprises. Monsanto is scheduled to report on Wednesday, June 25, before the start of trading.

Four out of the past five positive earnings surprises from Research in Motion (Nasdaq: RIMM) have been followed by new highs in the stock's price. Ahead of the smartphone manufacturer's fiscal first-quarter report, one analyst has raised his forecast. Though the revision did not move the consensus earnings estimate from 85 cents per share, it did contribute to a most accurate estimate of 86 cents per share. Research in Motion is scheduled to report on Wednesday, June 25, after the close of trading.

Charles Rotblut, CFA, is the senior market analyst for Zacks.com.

Want to turn earnings surprises into quick profits? Learn how by visiting http://at.zacks.com/?id=3206.

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Zacks Investment Research is under common control with affiliated entities (including a broker-dealer and an investment adviser), which may engage in transactions involving the foregoing securities for the clients of such affiliates.

Visit http://www.zacks.com/performance for information about the performance numbers displayed in this press release.

Disclaimer: Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.

SOURCE: Zacks.com

Zacks.com
Charles Rotblut, CFA
312-265-9352
pr@zacks.com
www.Zacks.com

The award recognizes employees at Monsanto's corn research station for exceeding the normal safety standards outlined by Monsanto, the U.S. Occupational Safety and Health Administration's (OSHA) and the Canadian Government's Worker's Safety Insurance Board (WSIB). Star certification is the highest safety classification awarded under the program.

"The Monsanto Star certification earned by the London corn research station would not have been possible without a significant commitment to safety from everyone at this facility," said Lisa Safarian, vice-president and general manager of Monsanto Canada. "Safety is a core value at Monsanto and our people demonstrate that commitment every day."

To earn Star certification, a site must undergo a rigorous internal corporate audit followed by an independent external WSIB audit showing that its safety programs and practices reach high levels of excellence. This entails having comprehensive safety and health management systems in place and an accident rate below the rest of the industry.

After two years of preparation, Monsanto's London facility completed its final inspection on June 28, 2007 and no issues were identified as needing additional review. Emer O'Broin, Monsanto's environmental, safety and health lead based in St. Louis, and other company officials and special guests will present the certification to employees and at a special ceremony to be held at the London facility on Thursday, June 26th beginning at 11:00 am EST.

"Everyone on staff put in a lot of time and effort into getting prepared to pass the audit and achieve our certification," said Michael Millard, research assistant at the London station and the site's safety lead. "Going through the process together and all working towards a common goal was a very positive and rewarding experience."

The London corn research station has been in operation since the 1970s. Monsanto has nine full-time employees working at the station, focusing on corn breeding.

Around the world, Monsanto is committed to establishing and maintaining work site safety for its employees, including seasonal staff. In 2007, Monsanto recorded its best injury and illness performance in its history with a total recordable rate (TRR) of 0.77. The TRR is a standard safety measurement used by the OSHA and adopted by other global Monsanto sites.

Headquartered in Winnipeg, Manitoba, Monsanto Canada Inc. is part of the larger global Monsanto family. Monsanto is an agricultural company and a recognized world leader in providing technology-based solutions and agricultural products that improve farm productivity and food quality. For more information, visit www.monsanto.ca.

SOURCE: Monsanto Canada Inc.

Media inquiries should be directed to:
Monsanto Canada
Trish Jordan
(204) 985-1005
Website: www.monsanto.ca

Monsanto is an agricultural company that applies innovation and technology to help farmers around the world produce more while conserving more. The company helps farmers grow yield sustainably so they can be successful, produce healthier foods, better animal feeds and more fiber, while also reducing agriculture's impact on our environment.

Its business is structured in two segments. The Seeds and Traits segment consists of the company's global seeds and traits business, and genetic technology platforms, which include biotechnology, breeding and genomics. The Agricultural Productivity segment consists primarily of crop protection products, residential lawn-and-garden herbicide products, and the company's dairy business. This seed company manufactures the world's best-selling herbicide, Roundup, and other herbicides used by farmers, consumers and lawn-and-garden professionals.

Recent Events

Monsanto recently announced that it signed an exclusive agreement for a new fungicide seed treatment solution for soybeans in the United States. MON added that the new product contains BASF's top-selling fungicide F 500, the same active ingredient found in Headline fungicide with its disease control and plant health benefits. The treatment, which is expected to be commercialized in conjunction with the launch of Monsanto's Roundup Ready 2 Yield soybean seed offering, will provide soybean farmers with early-season disease protection, which results in improved stand and extra vitality.

Recent Acquisition

The Zacks Rank #1 (Strong Buy) company also recently stated that it agreed to acquire Marmot, S.A., which operates Semillas Cristiani Burkard (SCB), a privately-held seed company headquartered in Guatemala City, Guatemala. MON explained that, once completed, the acquisition will build on Monsanto's corn business leadership and enable it to offer farmers in Central American countries broader access to corn seed varieties. Monsanto added that the transaction will be completed as soon as practical. Additional terms of the agreement were not disclosed.

Monsanto's executive vice-president of Global Commercial Brett Begemann said, 'This acquisition, which solidifies Monsanto's position as the leading corn seed provider in the Latin and Central American regions, will enable our companies to provide new and innovative higher-yielding corn seed offerings to farmers.'

Sprouting More Income

The company hiked its quarterly dividend from 17.5 cents per share to 24 cents per share. The new dividend is payable on July 25, 2008, to shareowners of record on July 3, 2008. MON's dividend yield of 0.5% is better than the industry average as most of the company's peers offer no dividend.

Fundamental Strength

Monsanto's earnings per share are expected to grow by 19% over the next 3 - 5 years, which is ahead of the industry average of 15%. The company's return on equity (ROE) of 21% crushes the industry average of 6%.

Wall Street estimates have been moving up ahead of MON's quarterly report. Four out of 12 covering analysts lifted third-quarter earnings forecasts from last month's $1.33 per share to $1.35. The most accurate projection is higher at $1.36.

Results to be Announced Tomorrow Monsanto Company is scheduled to release results for the fiscal third quarter on June 25, prior to market open.

Zacks #1 Ranked Stocks have generated an average annual return of 31.8% since 1988. Every day we highlight four new Zacks Rank Buy stocks on the Zacks.com home page. Discover the Four Stocks we are Recommending Now!

"Backed by continued growing demand for our products, the first nine months of our fiscal year has been remarkable and we're now increasing our full-year guidance. This strong growth sets up a solid foundation for our business and to reach our target of more than doubling gross profit in 2012. Because we're both discovering and delivering innovative tools that can help increase productivity on farm, we offer an attractive solution to the farmer and their mission of meeting our world's growing food, feed and fuel needs. While others are asking should it be food OR feed OR fuel, we believe the answer is AND, and we have the solutions in hand to be a significant part of that answer."

Operations Update

Monsanto reported record net sales of $3.6 billion for the third quarter of fiscal year 2008, which were 26 percent higher than sales in the same period in fiscal year 2007. Results in the quarter reflected increased revenues from the company's Roundup agricultural herbicides globally, increased soybean seed and traits revenues in the United States, increased corn seed and trait revenues in the United States, higher corn seed revenues in Europe-Africa, and higher cotton seed and trait revenue in the United States.

Net sales in the company's first nine months of fiscal year 2008 resulted in year-to-date sales of $9.5 billion, which were 35 percent higher compared with sales in the same period last year. Key contributors to the company's growth included increased sales of Roundup and other glyphosate-based herbicides globally, higher worldwide corn seed and traits revenues as well as increased soybean seed and traits revenues and cotton seed and traits revenues in the United States.

Monsanto's net income for the third quarter of fiscal year 2008 was $811 million or 42 percent higher than net income in the same period last year. For the first nine months of fiscal year 2008, net income was 83 percent higher than net income in the same period last year.

Earnings per share (EPS) for the third quarter of fiscal year 2008 were $1.45 both on an as-reported basis and an ongoing basis. EPS for the first nine months of fiscal year 2008 were $3.93 on an as-reported basis, and $3.70 on an ongoing basis. EPS results for the first three quarters were affected favorably by $0.23 per share after tax from the settlement of Monsanto's claims in conjunction with Solutia's emergence from bankruptcy. (For a reconciliation of ongoing EPS, see page 1.)

Cash Flow

For the first nine months of fiscal year 2008, net cash provided by operating activities was $1.3 billion, compared with $89 million in the same period in 2007. Net cash required by investing activities was $650 million for the first nine months of 2008, compared with net cash required of $410 million for the same period last year. As a result, free cash flow was a source of $675 million for the first nine months of fiscal year 2008, compared with a use of $321 million in the same period in fiscal year 2007. (For a reconciliation of free cash flow, see note 1.) Improved earnings, higher collections from accounts receivable and customer prepayments and the settlement of the Solutia-related claim contributed to the increase in free cash flow in the first nine months of 2008. Net cash provided by financing activities was $93 million for the first nine months of 2008, compared with net cash required of $204 million for the same period last year.

Outlook

Monsanto's fourth quarter is largely influenced by its global cotton business and U.S. Roundup agricultural herbicides business. The company historically records a loss in the fourth quarter.

Monsanto now expects that its full-year 2008 EPS will be approximately $3.63 on a reported basis and approximately $3.40 on an ongoing basis. (For a reconciliation of ongoing EPS, see page 1). Monsanto's full-year 2008 EPS guidance on a reported basis does not include an estimate for the in-process, research and development charge associated with the company's fourth quarter acquisitions.

The company now expects that its free cash flow for fiscal year 2008 will be $550 million. The company expects net cash provided by operating activities to be in the range of $2.6 billion, and net cash required by investing activities to be approximately $2.05 billion for fiscal year 2008. (For a reconciliation of free cash flow, see note 1.) This revised free cash flow guidance reflects the recently-completed acquisition of De Ruiter Seeds as well as the recently-announced acquisition of Marmot, S.A., which operates Semillas Cristiani Burkard (SCB), a privately-held seed company headquartered in Guatemala City, Guatemala.

Preliminary Trait Acreage Report

As part of today's announcement, Monsanto also published a preliminary report on the company's biotech trait acreage for fiscal year 2008. This report is available on Monsanto's web site at http://www.monsanto.com.

                      Seeds and Genomics Segment Detail

    ($ in millions)           Net Sales                    Gross Profit

                     Third   Third   Nine   Nine   Third   Third   Nine   Nine
    Seeds and      Quarter Quarter Months Months Quarter Quarter Months Months
     Genomics         2008    2007   2008   2007    2008    2007   2008   2007

    Corn seed and
     traits           $975    $891 $3,189 $2,443    $565    $530 $2,023 $1,543
    Soybean seed
     and traits        447     325  1,064    868     269     203    649    581
    Cotton seed
     and traits        279     212    361    260     195     179    252    222
    Vegetable and
     fruit seed        185     170    521    444      93      72    270    210
    All other
     crops seeds
     and traits        161     114    293    207      97      62    154     99
    TOTAL Seeds
     and Genomics   $2,047  $1,712 $5,428 $4,222  $1,219  $1,046 $3,348 $2,655



    ($ in millions)                   Earnings Before Interest & Taxes (EBIT)
                                        Third     Third        Nine     Nine
    Seeds and Genomics                Quarter   Quarter      Months   Months
                                         2008      2007        2008     2007
    EBIT (For a reconciliation of
     EBIT, see note 1.)                  $586      $557      $1,643   $1,302
    Unusual Items Affecting EBIT
      Income (Loss) on discontinued
       operation                         None        $8        None      $(5)

The Seeds and Genomics segment consists of the company's global seeds and related traits business, and genetic technology platforms.

Sales for Monsanto's Seeds and Genomics segment were $2 billion for the third quarter of fiscal year 2008, or 20 percent higher than sales in the same period last year.

During the third quarter of fiscal year 2008, the company realized increased soybean seed and traits revenues in the United States, increased corn seed and trait revenues in the United States, higher corn seed revenues in Europe-Africa and increased U.S. cotton seed and trait revenues. Monsanto expects that strong customer demand for its branded corn seed products contributed to a seventh consecutive year of market share gains in the U.S. corn seed market. In the United States, Monsanto's DEKALB brand could realize 2 to 3 percentage points in share growth and 1 to 2 percentage points in its American Seeds Inc. brands, pending final returns. In Argentina, Monsanto's brand increased 5 percentage points while its brands held share flat in Brazil, as the company had anticipated.

Sales for the segment were also higher for the first nine months of the 2008 fiscal year compared with sales in the same period last year. Sales for the first nine months were $5.4 billion, or 29 percent higher than sales in fiscal year 2007. Key contributors to the company's growth through the first nine months included higher worldwide corn seed and traits revenues, increased soybean seed and traits revenues in the United States as well as higher U.S. cotton seed and traits revenue.

                   Agricultural Productivity Segment Detail

    ($ in millions)            Net Sales                   Gross Profit

                     Third   Third   Nine   Nine   Third   Third   Nine   Nine
    Agricultural   Quarter Quarter Months Months Quarter Quarter Months Months
     Productivity     2008    2007   2008   2007    2008    2007   2008   2007

    Roundup and
     other
     glyphosate-
     based
     herbicides     $1,168    $757 $3,158 $1,936    $594    $286 $1,559   $635
    All other
     agricultural
     productivity
     products          373     373    880    832     156     171    346    343
    TOTAL
     Agricultural
     Productivity   $1,541  $1,130 $4,038 $2,768    $750    $457 $1,905   $978



    ($ in millions)                   Earnings Before Interest & Taxes (EBIT)
                                        Third     Third        Nine     Nine
    Agricultural Productivity         Quarter   Quarter      Months   Months
                                         2008      2007        2008     2007
    EBIT (For a reconciliation of
     EBIT, see note 1.)                  $502      $242      $1,488     $423
    Unusual Items Affecting EBIT
      Solutia Claim Settlement           None      None        $210     None

The Agricultural Productivity segment consists primarily of crop protection products, the lawn-and-garden herbicide business, and the company's animal agricultural business.

Sales for Monsanto's Agricultural Productivity segment were $1.5 billion for the third quarter of fiscal year 2008, or 36 percent higher compared with sales in the same period last year. Results in the quarter benefited from increased average net selling prices for the company's Roundup agricultural herbicides globally.

Sales for the segment were higher for the first three quarters of the 2008 fiscal year compared with sales in the same period last year. Segment sales through the first nine months were $4 billion or 46 percent higher than sales in the same period in fiscal year 2007. Results through the first three quarters benefited from higher average net selling prices of Roundup and other glyphosate-based herbicides globally.

Webcast Information

In conjunction with this announcement, Monsanto will hold a conference call at 8:30 a.m. central time (9:30 a.m. eastern time) today. The call will focus on these results and future expectations. The call may also include a discussion of Monsanto's strategic initiatives, product performance and other matters related to the company's business.

Presentation slides and a simultaneous audio webcast of the conference call may be accessed by visiting the company's web site at http://www.monsanto.com/investors/. Visitors may need to download Windows Media Player(TM) prior to listening to the webcast. Following the live broadcast, a replay of the webcast will be available on the Monsanto web site for three weeks.

About Monsanto Company

Monsanto Company is a leading global provider of technology-based solutions and agricultural products that improve farm productivity and food quality. For more information on Monsanto, see http://www.monsanto.com.

Cautionary Statements Regarding Forward-Looking Information:

Certain statements contained in this release are "forward-looking statements," such as statements concerning the company's anticipated financial results, current and future product performance, regulatory approvals, business and financial plans and other non-historical facts. These statements are based on current expectations and currently available information. However, since these statements are based on factors that involve risks and uncertainties, the company's actual performance and results may differ materially from those described or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, among others: continued competition in seeds, traits and agricultural chemicals; the company's exposure to various contingencies, including those related to intellectual property protection, regulatory compliance and the speed with which approvals are received, and public acceptance of biotechnology products; the success of the company's research and development activities; the outcomes of major lawsuits; developments related to foreign currencies and economies; successful operation of recent acquisitions; fluctuations in commodity prices; compliance with regulations affecting our manufacturing; the accuracy of the company's estimates related to distribution inventory levels; the company's ability to fund its short-term financing needs and to obtain payment for the products that it sells; the effect of weather conditions, natural disasters and accidents on the agriculture business or the company's facilities; and other risks and factors detailed in the company's most recent reports on Forms 10-Q and 10-K. Undue reliance should not be placed on these forward-looking statements, which are current only as of the date of this release. The company disclaims any current intention or obligation to update any forward-looking statements or any of the factors that may affect actual results.

Notes to editors: DEKALB and Roundup are trademarks of Monsanto Company and its wholly owned subsidiaries.

References to Roundup herbicides in this release mean Roundup branded herbicides, excluding lawn-and-garden herbicide products.

                               Monsanto Company
                        Selected Financial Information
               (Dollars in millions, except per share amounts)
                                  Unaudited

    Statements of
     Consolidated
     Operations           Three Months Three Months  Nine Months  Nine Months
                              Ended        Ended        Ended        Ended
                          May 31, 2008 May 31, 2007 May 31, 2008 May 31, 2007

    Net Sales                   $3,588       $2,842       $9,466       $6,990
    Cost of Goods Sold           1,619        1,339        4,213        3,357
    Gross Profit                 1,969        1,503        5,253        3,633
    Operating Expenses:
      Selling, General and
       Administrative Expenses     622          487        1,617        1,299
      Research and Development
       Expenses                    251          190          672          554
      Acquired In-Process
       Research and Development      2            7            3            7
    Total Operating Expenses       875          684        2,292        1,860
    Income From Operations       1,094          819        2,961        1,773
    Interest Expense                31           29           99           96
    Interest Income                (34)         (28)        (105)         (89)
    Solutia-Related Expenses
     (Income)                        -            4         (187)          23
    Other (Income) Expense - Net    (5)           8           (2)           9
    Income Before Income Taxes
     and Minority Interest       1,102          806        3,156        1,734
    Income Tax Provision           285          231          947          521
    Minority Interest Expense        6           10           13            7
    Income From Continuing
     Operations                   $811         $565       $2,196       $1,206
    Discontinued Operations:
    Income (Loss) from Operations
     of Discontinued Businesses      -            8            -           (5)
    Income Tax Expense (Benefit)     -            3            -           (2)
    Income (Loss) on Discontinued
     Operations                      -            5            -           (3)

    Net Income                    $811         $570       $2,196       $1,203

    EBIT (see note 1)           $1,088         $799       $3,131       $1,725

    Basic Earnings (Loss) per
     Share
    Income from Continuing
     Operations                  $1.48        $1.04        $4.01        $2.22
    Income (Loss) on
     Discontinued
     Operations                      -        $0.01            -       $(0.01)
    Net Income                   $1.48        $1.05        $4.01        $2.21

    Diluted Earnings (Loss) per
     Share
    Income from Continuing
     Operations                  $1.45        $1.02        $3.93        $2.18
    Income (Loss) on
     Discontinued
     Operations                      -        $0.01            -       $(0.01)
    Net Income                   $1.45        $1.03        $3.93        $2.17

    Weighted Average Shares
     Outstanding:
      Basic                      549.0        544.4        547.6        543.7
      Diluted                    560.0        555.2        558.9        554.4



                               Monsanto Company
                        Selected Financial Information
                            (Dollars in millions)
                                  Unaudited

    Condensed Statements of Consolidated Financial
     Position                                          As of        As of
                                                   May 31, 2008  Aug. 31, 2007
    Assets

    Current Assets:
      Cash and Cash Equivalents                        $1,714         $866
      Trade Receivables - Net of Allowances of
       $253 and $217, Respectively                      3,258        1,499
      Miscellaneous Receivables                           468          407
      Deferred Tax Assets                                 340          449
      Inventories                                       2,206        1,719
      Other Current Assets                                141          144
    Total Current Assets                                8,127        5,084

    Property, Plant and Equipment - Net of Accumulated
     Depreciation of $3,625 and $3,260, Respectively    2,962        2,656
    Goodwill                                            2,769        2,625
    Other Intangible Assets - Net                       1,375        1,415
    Noncurrent Deferred Tax Assets                        816          730
    Long-Term Receivables - Net of Allowances of
     $172 and $131, Respectively                          653           79
    Other Assets                                          590          394
    Total Assets                                      $17,292      $12,983

    Liabilities and Shareowners' Equity

    Current Liabilities:
      Short-Term Debt, Including Current Portion
       of Long-Term Debt                                  $10         $270
      Accounts Payable                                    788          649
      Income Taxes Payable                                134          150
      Accrued Compensation and Benefits                   368          349
      Accrued Marketing Programs                          720          517
      Deferred Revenues                                   369          260
      Grower Production Accruals                          120           86
      Dividends Payable                                     -           96
      Miscellaneous Short-Term Accruals                   779          698
    Total Current Liabilities                           3,288        3,075

    Long-Term Debt                                      1,703        1,150
    Postretirement Liabilities                            505          542
    Long-Term Portion of Environmental and Related
     Litigation Reserve                                   150          135
    Long-Term Deferred Revenue                            588            -
    Other Liabilities                                     847          578
    Shareowners' Equity                                10,211        7,503
    Total Liabilities and Shareowners' Equity         $17,292      $12,983

    Debt to Capital Ratio:                                14%          16%



                               Monsanto Company
                        Selected Financial Information
                            (Dollars in millions)
                                  Unaudited

    Statements of Consolidated Cash Flows            Nine Months  Nine Months
                                                        Ended        Ended
                                                    May 31, 2008  May 31, 2007
    Operating Activities:
      Net Income                                          $2,196       $1,203
      Adjustments to Reconcile Cash Provided by
       Operations:
      Items That Did Not Require (Provide) Cash:
        Depreciation and Amortization Expense                423          386
        Bad-Debt Expense                                      52           29
        Receipt of Securities from Solutia Settlement        (38)           -
        Stock-Based Compensation Expense                      64           54
        Excess Tax Benefits from Stock-Based Compensation   (161)         (49)
        Deferred Income Taxes                                126          (10)
        Equity Affiliate Expense - Net                         2           30
        Acquired In-Process Research and Development           3            7
        Other Items                                          (10)          (1)
      Changes in Assets and Liabilities That Provided
       (Required) Cash, Net of Acquisitions:
        Trade Receivables                                 (1,490)      (1,969)
        Inventories                                         (387)          91
        Deferred Revenues                                     (1)         (45)
        Accounts Payable and Other Accrued Liabilities       746          466
        Net Investment Hedge Settlement                      (97)          (4)
        Other Items                                         (103)         (99)
    Net Cash Provided by Operating Activities              1,325           89

    Cash Flows Provided (Required) by Investing Activities:
      Maturities of Short-Term Investments                    59           22
      Capital Expenditures                                  (530)        (297)
      Acquisitions of Businesses, Net of Cash Acquired      (113)        (125)
      Purchases of Long-Term Equity Securities               (78)           -
      Technology and Other Investments                       (39)         (35)
      Other Investments and Property Disposal Proceeds        51           25
    Net Cash Required by Investing Activities               (650)        (410)

    Cash Flows Provided (Required) by Financing Activities:
      Net Change in Financing With Less Than 90-Day
       Maturities                                            (28)         265
      Short-Term Debt Reductions                              (9)          (8)
      Long-Term Debt Proceeds                                548            4
      Long-Term Debt Reductions                             (238)        (277)
      Payments on Other Financing                             (3)          (4)
      Debt Issuance Costs                                     (5)           -
      Treasury Stock Purchases                              (145)        (101)
      Stock Option Exercises                                 100           59
      Excess Tax Benefits From Stock-Based Compensation      161           49
      Dividend Payments                                     (288)        (191)
    Net Cash Provided (Required) by Financing Activities      93         (204)
    Effect of Exchange Rate Changes on Cash and Cash
     Equivalents                                              80           59
    Net Increase (Decrease) in Cash and Cash Equivalents     848         (466)
    Cash and Cash Equivalents at Beginning of Period         866        1,460
    Cash and Cash Equivalents at End of Period            $1,714         $994



                               Monsanto Company
                        Selected Financial Information
                            (Dollars in millions)
                                  Unaudited

    1. EBIT, Ongoing EPS and Free Cash Flow:  The presentations of EBIT,
       ongoing EPS and free cash flow are not intended to replace net income
       (loss), cash flows, financial position or comprehensive income (loss),
       and they are not measures of financial performance as determined in
       accordance with generally accepted accounting principles (GAAP) in the
       United States. The following tables reconcile EBIT, ongoing EPS and
       free cash flow to the respective most directly comparable financial
       measure calculated in accordance with GAAP.

       Reconciliation of EBIT to Net Income (Loss):  EBIT is defined as
       earnings (loss) before interest and taxes. Earnings (loss) is intended
       to mean net income (loss) as presented in the Statements of
       Consolidated Operations under GAAP. The following table reconciles EBIT
       to the most directly comparable financial measure, which is net income
       (loss).



                                         Three Months Ended  Nine Months Ended
                                                May 31,            May 31,
                                            2008      2007     2008      2007
    EBIT - Seeds and Genomics Segment       $586      $557   $1,643    $1,302
    EBIT - Agricultural Productivity
     Segment                                 502       242    1,488       423
    EBIT- Total                            1,088       799    3,131     1,725
    Interest (Income) Expense - Net           (3)        1       (6)        7
    Income Tax Provision(A)                  280       228      941       515
    Net Income                              $811      $570   $2,196    $1,203

         (A) Includes the income tax provision on minority interest income.

       Reconciliation of EPS to Ongoing EPS:  Ongoing EPS is calculated
       excluding certain after-tax items which Monsanto does not consider part
       of ongoing operations. The reconciliation of EPS to Ongoing EPS for the
       third quarter and nine months ended May 31, 2008 and May 31, 2007, is
       included on page 1 of this release.

       Reconciliation of Free Cash Flow: Free cash flow represents the total
       of cash flows from operating activities and investing activities, as
       reflected in the Statements of Consolidated Cash Flows presented in
       this release. With respect to the fiscal year 2008 free cash flow
       guidance, Monsanto does not include any estimates or projections of Net
       Cash Provided (Required) by Financing Activities because in order to
       prepare any such estimate or projection, Monsanto would need to rely on
       market factors and conditions that are outside of its control.



                                                Fiscal Year  Nine Months Ended
                                                   2008             May 31,
                                                 Guidance        2008    2007
    Net Cash Provided by Operating Activities     $2,600       $1,325     $89
    Net Cash Required by Investing Activities     (2,050)        (650)   (410)
    Free Cash Flow                                  $550          675    (321)
    Net Cash Provided (Required) by Financing
     Activities                                      N/A           93    (204)
    Effect of Exchange Rate Changes on Cash
     and Cash Equivalents                            N/A           80      59
    Net Increase in Cash and Cash Equivalents        N/A          848    (466)
    Cash and Cash Equivalents at Beginning of Period N/A          866   1,460
    Cash and Cash Equivalents at End of Period       N/A       $1,714    $994

SOURCE Monsanto Company

http://www.monsanto.com