Cargill and the board of directors of Delta Growers Association (DGA) today announced a proposal to form a 50-50 joint venture that would combine the two organization's assets in southeast Missouri.

The proposal follows months of study and negotiation between DGA and Cargill. The boards
of both organizations and the DGA membership must approve the agreement before a limited
liability joint venture can be formed and a name can be chosen.

"This alliance provides the opportunity to create a unique agribusiness serving the total needs of
DGA's farmer-owners and customers, with the added advantage of giving them more direct
access to global grain markets, biotechnology and precision agriculture developments," said
Dwight Bird, general manager of DGA. "The strengths of our two organizations complement
one another, as do the facilities that they bring to the venture."

"DGA is a financially strong, well-managed and progressive cooperative that shares our desire
to provide a full range of products and services that enhance the profitability of customers," said
Gary Dahl, export geography manager for Cargill North American Grain. "We believe that by
working together both parties can provide improved products and services to customers
beyond what either could do alone in southeast Missouri."

Bird said that DGA will schedule a series of informational meetings during the next 45 days to
answer questions about the proposal before members are asked to vote.

Assets to be contributed to the joint venture include: Cargill's grain facilities in Bell City, Buffalo
Island, Sikeston and Dexter, and grain and wholesale fertilizer facilities in New Madrid. DGA's
retail fertilizer and fuel facilities in Charleston, East Prairie, Kewanee, Matthews and New Madrid, plus its farm supply and convenience store in Sikeston, a convenience store in New Madrid and the lease of its fertilizer storage facility in Cairo will be transferred to the joint venture.

The proposed joint venture also is subject to appropriate governmental approvals.

Delta Growers Association is a locally owned cooperative consisting of approximately 280
growers in Mississippi, Scott and New Madrid counties.

Cargill is an international marketer, processor and distributor of agricultural, food, financial and
industrial products with more than 80,000 employees in 1,000 locations in 65 countries and
with business activities in 130 more.

N1702