Monsanto Company (NYSE: MON) today announced that it is increasing estimates for the company's second-quarter earnings per share (EPS) and raising fiscal-year 2005 guidance as the company's seeds and traits business continues to generate better-than-expected results.

Solid year-to-date performance globally, higher revenues from corn and soybean traits in the United States, increased corn seed sales in the Europe-Africa region, and higher revenues for Roundup and non-branded glyphosate-based herbicides in all world areas outside of the United States are driving the company's business performance.

As a result, Monsanto now expects EPS to be in the range of $0.85 to $0.97 on a reported basis, and $2.00 to $2.05 on an ongoing basis for the 2005 fiscal year. (See reconciliation table with this news release.) Previously, Monsanto provided updated EPS guidance for fiscal year 2005, with EPS on an ongoing business basis expected to be toward the upper end of the $1.85 to $2.00 range, or in the range of $0.71 to $0.93 on an as-reported basis.

For the second quarter, Monsanto now expects EPS on a reported basis to be approximately $1.37 per share, and approximately $1.38 per share on an ongoing basis.

For the first half of the fiscal year, Monsanto expects EPS to be $1.23 per share on a reported basis and $1.53 per share on an ongoing business basis. Guidance for the first half of the fiscal year has been calculated
using diluted shares outstanding. Basic shares outstanding were used previously to calculate first-quarter EPS, as required under generally accepted accounting principles in the United States when a loss from continuing operations is reported.

Management reiterated its expectation for free cash flow guidance for fiscal-year 2005. Monsanto expects cash from operations to be $1.2 billion. Including free cash used and to be used for the Seminis and Emergent
purchases, the company expects net cash required by investing activities to be $2.1 billion. As a result, the company expects free cash flow to be negative $900 million for the 2005 fiscal year.

Monsanto will report its complete second-quarter earnings Wednesday, April 6.

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

Roundup is a registered trademark owned by Monsanto Company and its wholly owned subsidiaries.