Scott, Mississippi
March 26, 2003

Delta and Pine Land Company (NYSE: DLP) ("D&PL"), a leading commercial breeder, producer and
marketer of cotton planting seed, today announced financial results for the second fiscal quarter and six months ended February 28, 2003.

Second Quarter and Six-Month Results

Net income for the second quarter was $0.48 per diluted share, excluding legal expenses of $0.07 related to the Monsanto (NYSE: MON) / Pharmacia (NYSE: PHA) litigation, compared to last year's second quarter net income of $0.46 per diluted share, excluding Monsanto/Pharmacia legal expenses
of $0.02 per diluted share. For the second quarter, net income after legal expenses related to the Monsanto/Pharmacia litigation was $0.41 per diluted share compared to last year's second quarter net income of $0.44 per diluted share after legal expenses.

Net sales and licensing fees for the 2003 second quarter decreased to $107.5 million from $111.9 million in the year-ago quarter. This decrease was primarily due to an expected shift of sales into the third quarter as a result of a new inventory management strategy whereby inventory shipments to
distributors are more closely timed to farmer orders. Although second quarter sales were lower than in the prior year, net income, excluding Monsanto/Pharmacia legal fees, increased due to higher margins on cottonseed sales resulting primarily from the introduction of higher priced products.

Net income for the 2003 six-month period was $0.33 per diluted share, excluding legal expenses related to the Monsanto/Pharmacia litigation and special charges, compared to net income of $0.35 per diluted share, excluding Monsanto/Pharmacia litigation expenses, for the same period last year. Net income after Monsanto/Pharmacia legal expenses and special charges for the 2003 six-month period was $0.22 per diluted share, a decrease from $0.33 per diluted share after legal expenses for the comparable prior year period. For the six months ended February 28, 2003, legal expenses related to the Monsanto/Pharmacia litigation were $0.10 per diluted share and special charges were $0.01 per diluted share related to costs associated with closing a Company facility in Centre, Alabama and a reduction in workforce at a joint venture in China. For the six months ended February 28, 2002, there were no special charges recorded and legal expenses related to the Monsanto/Pharmacia litigation was $0.02 per diluted share. Net sales for the six month period decreased to $113.1 million from $120.1 million in the comparable prior year period. The Company expected shifting of some U. S. cottonseed sales from the second quarter to the third quarter as part of a new inventory management
strategy.

Tom Jagodinski, President and Chief Executive Officer, said, "We are pleased our results for the second quarter were in line with our stated expectations. For the third quarter, we have an adequate supply of seed and have begun to see an acceleration of seed shipments. In addition, early indications are that planted cotton acreage may increase slightly above 2002 acreage."

Stock Repurchase Plan

For the quarter ended February 28, 2003, the Company purchased 171,600 shares of its common stock at an aggregate purchase price of $3.4 million. The Company has repurchased 1,265,900 shares at an aggregate price of $22.9 million under its current $50 million stock buyback plan. The Company will continue to purchase its shares from time to time depending on market conditions and other factors.

Quarterly Dividend

The Company also announced its Board of Directors had declared a dividend of $0.06 per share for the third quarter. The dividend, payable to shareholders of record on May 30, 2003, will be paid on June 13, 2003.

Delta and Pine Land Company is a leading commercial breeder, producer and marketer of cotton planting seed. Headquartered in Scott, Mississippi, with multiple offices in eight states and facilities in several foreign countries, D&PL also breeds, produces and markets soybean planting seed in the U.S.