St. Louis, Missouri
July 31, 2003

Monsanto President and Chief Executive Officer Hugh Grant announced today that the Executive Committee of the company's Board of Directors has authorized the purchase of up to $500 million of the company's common stock over a three-year period.

"The share repurchase initiative demonstrates the board's confidence in the strong cash-generating capabilities of Monsanto and the company's strategy," Grant said. "With this share repurchase program, we are honoring a commitment we made to our shareowners several months ago."

In April, the company increased the quarterly dividend by 8 percent for an annualized dividend payout of 52 cents per share. As of June 30, 2003, Monsanto had approximately 262 million shares of common stock outstanding.

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