St. Louis, Missouri
October 16,  2001

Monsanto Company (NYSE: MON) has received renewed registration for its insect-protected corn from the U.S. Environmental Protection Agency (EPA). The registration extends the commercial license to sell Monsanto's YieldGard Corn Borer insect-protected corn an additional seven years.

"Renewing this registration is great news for the more than 150 seed companies and tens of
thousands of U.S. farmers who plant biotech-enhanced corn hybrids," said Steve Rosenbloom,
marketing director for Monsanto's corn genetics. "This technology is reducing farmers' input costs,
improving their returns and allowing them to reduce the amount of insecticide they use while
controlling a damaging insect pest."

The EPA's decision completes an extensive reassessment process for YieldGard Corn Borer that
included evaluation of the numerous safety studies conducted on the product, examination of
commercial-level environmental impacts and an assessment of required stewardship practices.

In its reassessment process, the EPA specifically considered a number of key food and
environmental safety evaluation areas, including the impact of YieldGard Corn Borer on non-targets
insects such as the Monarch butterfly, the impact on endangered species, food safety including the potential for allergenicity, the effectiveness of insect-resistance management (IRM) programs, and the compliance assurance for IRM programs.

In renewing the registration for YieldGard Corn Borer, EPA determined it posed no adverse human
health or environmental safety concerns.

"Through its assessment of corn developed through biotechnology, the EPA has affirmed the safety of YieldGard Corn Borer for the environment and for use in food and feed, and recognized the profound benefits this technology has for growers, the environment and consumers," said Rosenbloom.

"Crops developed through biotechnology such as corn and cotton are dramatically reducing the
pesticides sprayed on crops. If America's corn and cotton farmers are not spraying millions of pounds of synthetic chemicals, there are less of those chemicals in the environment. That means there are fewer pesticides being used to produce the food we buy - which is a very real and significant benefit for consumers."

Bt crops like YieldGard Corn Borer contain a gene from Bacillus thuringiensis (Bt), a common soil
microbe, allowing it to naturally protect itself against insect pests, thereby requiring fewer
applications of chemical insecticides. Farmers across the country have experienced the benefits of
Bt crops since their introduction in 1996. These benefits often result in higher yields, decreased use of chemical applications, as well as increased grain and fiber quality.

YieldGard Corn Borer corn is protected from insect pests throughout the plant, throughout the
growing season. Insect infestation levels vary each year, and so does the yield advantage. Growers who use YieldGard Corn Borer report a 10.5 bushel-per-acre advantage versus those planting non-YieldGard Corn Borer hybrids. Historic data shows that YieldGard Corn Borer corn can provide an average advantage of $16.46 per acre in regions routinely hit by corn borers. For a farmer with 300 acres of corn, that's $5,000 per year. This is real money for a farmer, especially at this point in the commodity cycle when corn prices are at historically low levels.

"We are pleased that we were able to work with farmer organizations, particularly the National Corn Growers Association, to ensure growers continue to have access to this valuable technology," said Rosenbloom. "The NCGA has helped industry and government refine and improve the stewardship of this technology with insect resistance management policies. This is a technology that has been and will continue to be a tool that helps U.S. producers be more productive."

New Published Scientific Studies Confirm No Impact from Bt Corn on Butterflies

The EPA extended the public comment period and the decision on the reassessment of
insect-protected corn to allow the public to review recently published scientific studies that
demonstrate no harm to Monarch butterflies.

"Beyond ensuring that growers will continue to benefit from this technology, one of the most
important results of the completion of the reassessment process is a conclusive ending to the debate surrounding Bt corn and Monarch butterflies," said Dr. Eric Sachs, director of scientific affairs for Monsanto.

"The Monarch research clearly supports the conclusion that Bt corn presents no threat to the
Monarch butterfly," said Sachs.

Results of collaborative research from universities and research institutions in the United States and Canada examining the risks of Bt corn to Monarch butterflies were published online by the
Proceedings of the National Academy of Sciences (PNAS) Sept. 14 and subsequently included in the Oct. 9 edition of PNAS.

EPA Affirms Ongoing Stewardship Programs

An important part of insect-protected corn product stewardship is practicing insect resistance
management (IRM) to delay the potential development of resistance by target pests. IRM plans are
designed to keep these insect pests from developing resistance to the technology, so that it will
remain an effective pest control tool.

The existing IRM plan continues to require planting a non-Bt corn refuge within one half mile of each YieldGard Corn Borer corn field to serve as habitat for susceptible insects. If a resistant insect survives on the YieldGard Corn Borer crop, it can mate with susceptible insects from the refuge, producing offspring that will be susceptible and die when they feed on the YieldGard Corn Borer corn, thus preventing resistance from being carried over into future generations.

IRM plans for biotech crops - including corn, cotton and potatoes - were developed jointly by the
biotechnology industry, scientific community, grower organizations, the U.S. Department of
Agriculture and the EPA. Bt crops are the only insect control technologies to require these
stewardship plans in the United States.

The comprehensive IRM program will remain in place throughout the duration of the registration of the insect-protected corn products.

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 and
biotechnology, see: www.monsanto.com. 

Company news release
N3891