Monsanto Company increases first-quarter EPS guidance; full-year 2003 EPS guidance is reconfirmed

New York, New York
April 2, 2003

Monsanto Company (NYSE: MON) announced today that it is increasing its first-quarter earnings guidance. The company said that 15 percent to 20 percent of its full-year earnings per share (EPS) would occur in the first quarter. This percent was revised upward from the company's earlier
estimate for the first quarter of 10 percent of annual EPS.

The company also reconfirmed its full-year 2003 EPS guidance in the range of $1.20 to $1.40, and
reaffirmed that 85 percent to 90 percent of the company's full-year guidance will be made in the
first-half of the year. This guidance excludes the aftertax cumulative effect of implementing the new
accounting standard (SFAS No. 143, Accounting for Asset Retirement Obligations) of approximately 5 cents per share recorded in the first quarter of 2003.

Monsanto Vice President of U.S. Markets Kerry Preete made the announcement today during his
remarks at the 2003 Deutsche Bank Basic Industries Conference in New York. Preete noted that Monsanto increased its projected first-quarter earnings because of lower spending and better results in Brazil. The company had better-than-expected use of Roundup herbicide at the end of the major growing season in Brazil, and higher sales of corn seed for the secondary planting season in Brazil.

In his remarks, Preete also noted that the company's U.S. business is leading Monsanto's transformation from a company based on a strong chemistry portfolio to a company based on seeds and biotechnology. He added that the most significant near- and mid-term growth opportunities will come from the company's corn seed and trait portfolio.

Monsanto's corn trait business is expected to grow as new traits are introduced and existing traits are planted on more acres, Preete noted. The company estimates that its Roundup Ready corn trait has the potential to be planted on approximately 20 million acres in the United States by the end of 2005. Its most recently approved product, YieldGard Rootworm, will offer growers a new tool against the "billion dollar" corn rootworm pest and will ultimately have a target market of 15 million acres in the United States. Preete indicated that the best margin opportunities reside in Monsanto's ability to continue to rapidly incorporate stacked traits in one seed.

Monsanto Company (NYSE: MON - News) is a leading global provider of technology-based solutions and agricultural products that improve farm productivity and food quality.

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