In re  Farmland Industries, Inc		Case No. 02-50557
MONTHLY OPERATING REPORT SUMMARY
FOR THE MONTH OF JANUARY, 2004
REVENUE
Gross Income		$      128,102,140.83
Less Cost of Goods Sold		$      111,178,331.76
Materials	$     111,165,365.85
Direct Labor
Overhead  (Freight and Other)	$              12,965.91
Gross Profit		$    16,923,809.07
OPERATING EXPENSES
Owner/Officer-Draws/Salaries	$                           -
Other Employee Salaries	$         3,215,855.09
Advertising and Marketing	$                           -
Insurance	$            172,809.94
Payroll Taxes	$            357,724.47
Lease and Rent	$         1,010,716.27
Telephone and Utlities	$         4,311,486.83
Attorney and other Professional Fees	$            722,611.61
UST Quarterly Fees	$                           -
Other Expenses (includes other income)	$       10,768,896.48
Total Operating Expenses		$    20,560,100.69
Net Income (Loss)		$     (3,636,291.62)
CURRENT ASSETS
Accounts Receivable at end of month  (Does not include Intercompany)		$        36,996,724.14
Increase (Decrease) in AR for month		$      (14,644,603.16)
Inventory at end of month		$        74,649,453.68
Increase (Decrease) in Inventory for month		$          2,965,086.61
Cash at end of the month		$      383,095,738.83
Increase (Decrease) in Cash for month		$        34,673,716.22
LIABILITIES
Increase (Decrease) in pre-petition debt		$           (231,614.49)
Increase (Decrease) in post-petition debt		$          9,800,015.50
Taxes Payable:
Federal Payroll Taxes	$               (9,669.30)
State Payroll Taxes	$               (5,206.11)
Local Payroll Taxes	$                      63.31
State Sales Taxes	$           (264,502.72)
Real Estate and Personal	$           (327,227.40)
Property Taxes  (Real Property)	$           (350,124.71)
Other (see footnote 1)	$        (1,734,539.96)
Total Taxes Payable		$       (2,691,206.89)
Footnote 1
PRE-Fed MTR FUEL TAX-IC & SUBS (248001)	$                (5,663.77)
PRE-ST MTR FUEL TAX PAY (248101)	$                            -
PRE-FED ENVIRON TAX PAY (249001)	$                            -
USE TAX PAYABLE-AUTOMATIC FROM TAX PACK	$                (1,652.18)
USE TAX PAYABLE-AUTOMATIC FROM TAX PACK	$                            -
USE TAX PAYABLE-MANUAL ENTRIES	$            (135,413.29)
FED HWY USE TAX PAY	$                            -
FED MTR FUEL TAX-EST LIAB	$         (1,591,810.72)
ST MTR FUEL TAX PAY	$                            -
PRE-USE TAX PAY-MANUAL (245002&12)	$                            -
	$         (1,734,539.96)