Delta and Pine Land Company Announces Fourth Quarter Dividend

SCOTT, Miss.-- Delta and Pine Land Company (NYSE:DLP) ("D&PL"), a leading commercial breeder, producer and marketer of cotton planting seed, today announced that its Board of Directors declared a dividend of $0.12 per share. The fourth quarter dividend payable to the shareholders of record on August 31, 2004, will be paid on September 14, 2004.

D&PL also announced that it has filed its response to the American Arbitration Association filing made by Monsanto Company (NYSE:MON) on May 20, 2004. D&PL denies it violated the provisions of its agreements with Monsanto and believes that the arbitration panel will rule in the Company's favor. D&PL also submitted to the American Arbitration Association three counterclaims against Monsanto which had previously been pending in the dispute resolution process between the companies. D&PL's response seeks remedies as appropriate under the contracts.

Delta and Pine Land Company is a 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.

Certain matters discussed in this release are "forward-looking statements," including statements about the Company's future plans, goals and other events which have not yet occurred. These statements are intended to qualify for the safe harbors from liability provided by the Private Securities Litigation Reform Act of 1995. They can generally be identified because the context of such statements will include words such as "believes," "anticipates," "expects" or words of similar import. It is the nature of agricultural seed businesses that supply, demand and their timing are affected by many variables, including commodity prices, weather and government policy. Due to the seasonal nature of the seed business, the Company typically incurs losses in its first and fourth quarters. Additional risks and uncertainties with respect to the Company's business and forward looking statements are set forth in the Company's latest filings with the Securities and Exchange Commission.