St. Louis, Missouri
June 28, 2002

Monsanto Company (NYSE: MON) said today's US government report showing increased biotech acres affirms that agricultural biotechnology is helping U.S. farmers grow crops more economically.

"Since Roundup Ready soybeans were introduced in 1996, more than nine of 10 farmers who've used our herbicide-tolerant technology have consistently told us in annual surveys that they are satisfied with the performance and value of these biotech crops," says Kerry Preete, vice president, U.S. markets for Monsanto.

Monsanto's annual surveys of farmers who plant Roundup Ready corn, cotton or soybeans show that farmers grow Roundup Ready crops because they save farmers time and money, and they are more convenient to grow.

The U.S. Department of Agriculture's (USDA) report indicated that overall biotech acreage increased 13 percent compared with 2001 planted biotech acreage. The report also stated:

• 75 percent of 2002 U.S. soybeans acres are biotech versus 68 percent in 2001;
• 34 percent of 2002 U.S. corn acres are biotech versus 26 percent in 2001; and
• 71 percent of 2002 U.S. upland cotton acres are biotech versus 69 percent in 2001.

Monsanto is a leading developer of agricultural biotech traits that allow plants to either tolerate Roundup herbicide or protect themselves from certain insects. The company uses these traits in its DEKALB and Asgrow branded corn and soybeans, and also licenses these technologies to more than 200 U.S. soybean, corn and cotton seed companies.

Preete says the company's U.S. branded corn sales to date, coupled with preliminary seed returns, indicate that Monsanto's branded corn seed share is growing by 1 percent to 2 percent in the United States, with fewer returns than experienced last year. Preliminary results also show the company's soybean share should be maintained following a 2 percent market share gain last year. In cotton, Monsanto's Bollgard insect-protected and Roundup Ready technologies are expected to be on a larger percent of cotton acres, even though U.S. farmers are planting fewer cotton acres than they did in 2001.

"In general, the USDA report issued today indicates that overall biotech acreage in the United States is increasing 13 percent from 2001 planted acreage," Preete says. "The fact that we're continuing to see growth of crops improved through biotechnology is a strong testament that U.S. farmers appreciate the applications and benefits of this technology."

Monsanto Company, an 84 percent owned subsidiary of Pharmacia Corporation (NYSE: PHA), is a leading global provider of technology-based solutions and agricultural products that improve farm productivity and food quality.