New York, New York
September 18, 2003

Monsanto's evolution to a company driven by its seeds and traits business is continuing to make measurable progress as the company moves forward on its strategic priorities, according to Hugh Grant, chief executive officer.

"The first major milestone in the systematic evolution of our business is the gross profit transition where this year the gross profit generated by our seeds and traits businesses will surpass those generated by the Roundup business," Grant said today in his remarks at 16th Annual Chemical Conference sponsored by Credit Suisse First Boston in New York. "We remain focused on delivering on our commitments while establishing a clear path forward for the continuing evolution of our business."

Grant said his management team is focused on key priorities that will define Monsanto's path forward in furthering the evolution. Those priorities include: delivering on its financial commitments, continuing to execute the post-patent strategy for Monsanto's Roundup business, and focusing on growth drivers for the seeds and traits product portfolio.

Furthering Monsanto's Seeds and Traits Evolution

Grant discussed Monsanto's holistic approach to managing the Roundup business as it contributes more to cash than to earnings. Monsanto's approach to the Roundup business in the United States is built on the applied lessons of more than 12 years of post-patent experience in markets outside of the United States, Grant said.

Currently, the Roundup business is in the middle phase of a longer-term product evolution, where Monsanto is accelerating reduction in cost structures as pricing and share for Roundup continue to decline -- as expected -- to align the business infrastructure with the market conditions.

"We're taking the steps necessary to ensure that the Roundup business is focused on maximizing cash, while at the same time providing an opportunity for our R&D investments in seeds and traits to grow," said Grant.

Grant said that Monsanto's biotech trait penetration, buoyed by successful U.S. market trait growth, continues to expand and that Monsanto's corn businesses in key international markets continue to gain market share. Grant also said that the company has established the industry standard in the input-trait market that creates a sustainable platform for the seed-and-trait business and pipeline delivery as Monsanto's evolution continues to advance.

"We have a strong base in traits and growing seed share position in key global markets, reflecting a sustainable market advantage that Monsanto can further capitalize on with coming innovations," said Grant.

Grant's presentation slides and a simultaneous audio webcast were provided through the conference organizers and will be directly linked from Monsanto's web site. To hear a replay of the audio webcast, visit Monsanto's web site at www.monsanto.com and click on "Investor Information." The replay provided by Credit Suisse First Boston will be available for 30 days after the presentation.

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