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                        UNITED STATES
             SECURITIES AND EXCHANGE COMMISSION
                   Washington, D.C. 20549
                              
                        SCHEDULE 13D
                              
                              
          Under the Securities Exchange Act of 1934
                     (Amendment No. 3)*
                              
                          IBP, Inc.
    ____________________________________________________
                      (Name of Issuer)
                              
                        COMMON STOCK
    ____________________________________________________
               (Title of Class of Securities)
                              
                         449223-10-6
       ______________________________________________
                       (CUSIP Number)
                              
D. J. Smith, Vice President, Secretary and General Counsel
Archer-Daniels-Midland Company, 4666 Faries Parkway, P. O.
Box 1470, Decatur, IL 62525, Telephone: (217)424-6183
____________________________________________________________
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
                              
                      October 28, 1997
     ___________________________________________________
   (Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on
Schedule 13G to report the acquisition which is the subject
of this Schedule 13D, and is filing this schedule because of
Rule 13d-1(b)(3) or (4), check the following box __.

Check the following box if a fee is being paid with the
statement ___.  (A fee is not required only if the reporting
person: (1) has a previous statement on file reporting
beneficial ownership of more than five percent of the class
of securities described in Item 1; and (2) has filed no
amendment subsequent thereto reporting beneficial ownership
of five percent or less of such class.) (See Rule 13d-7.)

Note: Six copies of this statement, including all exhibits,
should be filed with the commission.  See Rule 13d-1(a) for
other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect
to the subject class of Securities, and for any subsequent
amendment containing information which would alter
disclosures provided in a prior cover page.

This information required on the remainder of this cover
page shall not be deemed to be "filed" for the purpose of
Section 18 of the Securities Exchange Act of 1934 ("Act") or
otherwise subject to the liabilities of that Section of the
Act but shall be subject to all other provisions of the Act
(however, see the Notes).
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                        SCHEDULE 13D
                              
CUSIP NO. 449223-10-6                   Page 2 of 5 Pages
____________________________________________________________

1  NAME OF REPORTING PERSON
   S. S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

   Archer-Daniels-Midland Company
   I.R.S. Identification No. 41-0129150
____________________________________________________________

2  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP * (a)__
                                                      (b)__
____________________________________________________________

3  SEC USE ONLY

____________________________________________________________

4  SOURCE OF FUNDS *
   WC
____________________________________________________________

5  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
   PURSUANT TO ITEMS 2(d) OR 2(E)  X
   See Appendix I
____________________________________________________________

6  CITIZENSHIP OR PLACE OF ORGANIZATION
   DELAWARE
____________________________________________________________

             |7  SOLE VOTING POWER
   NUMBER OF |   8,877,600
    SHARES   |______________________________________________
 BENEFICIALLY|8  SHARED VOTING POWER
   OWNED BY  |   -0-
     EACH    |___________________________________________
   REPORTING |9  SOLE DISPOSITIVE POWER
    PERSON   |   8,877,600
   WITH      |___________________________________________
             |10  SHARED DISPOSITIVE POWER
             |   -0-
____________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
   PERSON 8,877,600 (Appendix II shows all transactions
   within the past sixty (60) days)
____________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW(11)EXCLUDES
   CERTAIN SHARES *__
____________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   9.644 based on 92,050,069 shares outstanding
____________________________________________________________
14 TYPE OF REPORTING PERSON *
   CO
____________________________________________________________
* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 449223-10-6                 Page 3 of 5 Pages




                          SIGNATURE

     After reasonable inquiry and to the best of my
knowledge and belief, I certify that the information set
forth in this Statement is true, complete and correct.

     Dated: November 5, 1997



                    ARCHER-DANIELS-MIDLAND COMPANY


                         /s/ D. J. SMITH
                    By:  D. J. Smith
                         Its Vice President, Secretary
                          and General Counsel
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CUSIP NO. 449223-10-6                Page 4 of 5 Pages

                         APPENDIX I
                              
     On October 15, 1996, the Company pled guilty to a two
count information in the Northern District of Illinois
pursuant to an agreement with the Department of Justice.
This information states that the Company engaged in
anticompetitive conduct in connection with the sale of
lysine and citric acid.  In connection with its agreement
the Company paid the United States a fine of $70 million
with respect to lysine and $30 million with respect to
citric acid.
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CUSIP NO. 449223-10-6                 Page 5 of 5 Pages

                         APPENDIX II
                              
           Marketable Securities - Purchase Detail
                              
                         From:  09/19/97
                           To:  11/04/97


          Trade          # of           Tran
          Date           Shares         Price

                   Description:  IBP, Inc.
                              
        09/05/97        100,000         22.875
        09/09/97         50,500         22.625
        09/10/97         50,000         22.750
        09/11/97         50,000         22.625
        09/19/97        150,000         23.750
        09/19/97         29,000         23.500
        09/26/97         96,600         22.750
        10/22/97        250,000         23.000
        10/28/97        148,700         22.125
        10/28/97         67,500         22.625
        10/28/97        425,000         23.000
        10/29/97          6,100         23.000
        10/30/97         12,100         23.000
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