• Provides 2007 earnings guidance of $1.10 to $1.20 per share, after certain merger expenses of $0.26 per share

• Announces fiscal 2007 second quarter dividend of $0.17 per share

Delta and Pine Land Company (NYSE:DLP) (“D&PL” or the “Company”), a leading commercial breeder, producer and marketer of cotton planting seed, today announced results for its first quarter ended November 30, 2006. Due to the seasonal nature of the seed business, the Company typically incurs losses in its first and fourth
fiscal quarters.

After charges of $0.06 per diluted share related to expenses incurred in connection with the Company’s pending merger with Monsanto, net loss for the 2007 first quarter was $0.26 per diluted share. The Company recorded a 2006 first quarter loss of $0.27, after charges of $0.02 per diluted share related to Pharmacia/Monsanto litigation expenses.

Revenues were $14.3 million in the 2007 first quarter, compared to $9.8 million in the year-ago quarter. The revenue increase was attributable to international operations, particularly in South America and China, offset by lower revenues in Australia and South Africa. South America sales volumes benefited primarily from the introduction of transgenic cotton varieties in Brazil as well as an increase in Brazilian cotton acreage. The introduction of hybrids in China contributed to the increased sales volumes at our joint ventures. Sales volumes in Australia continue to be impacted by lower cotton acreage, due to drought-imposed water restrictions and
competition. The decrease in South Africa occurred as a result of lower cotton acreage, due to lower cotton lint prices in relation to other crops, as well as dry weather conditions. The net loss in the first quarter of 2007 also resulted from increased operating expenses and costs associated with the Monsanto merger.

Tom Jagodinski, President and Chief Executive Officer, said, “We are pleased with the launch of transgenic varieties in Brazil and the introduction of hybrids in China. We are excited about our domestic product offerings for the 2007 growing season, including our top performing varieties as well as our varieties containing Monsanto’s second generation traits. Additionally, we continue to dedicate resources to the development of the traits we have licensed from DuPont and Syngenta, which are expected to be launched later this decade and beyond. With respect to the pending merger with Monsanto, our shareholders have approved the transaction; we continue
to work with Monsanto on completing the regulatory review process in order to obtain U. S. Department of Justice clearance to complete the merger.”

2007 Earnings Outlook
 
For the 2007 fiscal year, D&PL expects to report earnings per diluted share in the range of $1.10 to $1.20, after charges of $0.26 per diluted share related to expenses incurred in connection with its pending merger with Monsanto. In accordance with the Company’s historical practice, this earnings guidance is based on the assumption that planted cotton acreage in the U.S. in 2007 will be consistent with that of 2006. The 2007 guidance takes into consideration additional revenues expected from price increases and lower claims under crop
loss and replant programs, partially offset by higher production costs per unit. Operating expenses are expected to be lower in 2007, primarily due to a reduction in legal fees incurred in connection with the various arbitration proceedings between D&PL and Monsanto, offset by an increase in compensation-related costs.

Earnings are significantly affected by planted cotton acreage in the U.S. Based on current market conditions (primarily commodity prices and the cost of inputs), the Company expects that U.S. cotton plantings could decrease compared to 2006. However, because it is too early to determine the extent and the geographic areas in which planted cotton acreage could be reduced, the Company’s earnings guidance is based on the assumption that 2007 cotton acreage will be the same as 2006, as well as on assumptions regarding maintaining our market share and achieving our product/sales mix targets. [For illustrative purposes, for every 500,000 acre decrease in planted cotton acreage in states east of Texas, the Company estimates that its earnings per share could be reduced by $0.12 to $0.14 per diluted share. Presently, industry forecasters estimate that acreage in 2007 could be down as much as ten percent, due to an expected increase in corn and soybean acres.] Once Delta and Pine Land has enough information to make an informed estimate of 2007 acreage, the Company will revise guidance as appropriate.

Quarterly Dividend

The Company also announced that its Board of Directors has declared a dividend of $0.17 per share for the second quarter of fiscal 2007. The dividend will be paid on March 14, 2007 to shareholders of record on February 28, 2007.

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.