Exhibit 99.1

                               PRESS RELEASE
                            REPORT OF EARNINGS

                                                          February 27, 2004
                                                    Shawnee Mission, Kansas

The  following  is  a  report  of earnings for Seaboard  Corporation  (AMEX
symbol: SEB) with offices at 9000 West 67th Street, Shawnee Mission, Kansas
66202, (the "Company"), for the three and twelve months ended December  31,
2003 and 2002, in thousands of dollars except per share amounts.


                              Three Months Ended            Years Ended
                           December 31, December 31,  December 31, December 31,
                               2003         2002           2003         2002

Net  sales                  $  548,173   $  479,480     $1,981,340   $1,829,307

Earnings before cumulative
effect  of changes in
accounting principles           30,985        2,359         28,974       13,507

Cumulative effect of changes
in accounting for asset
retirement obligations,
dry-dock accruals,and variable
interest entities net of
income tax expense of $(498)
and $52, respectively             (780)           -          2,868            -

Net earnings                $   30,205   $    2,359     $   31,842   $   13,507

Earnings per share before
cumulative effect of changes
in accounting principles    $    24.69   $     1.81     $    23.08   $     9.38

Cumulative effect of changes
in accounting for asset
retirement obligations,
dry-dock accruals, and variable
interest entities                (0.62)           -           2.29            -

Net earnings per common
share                       $    24.07   $     1.81     $    25.37   $     9.38

Average  number of shares
outstanding                  1,255,054    1,302,042      1,255,054    1,439,753

Notes to Report of Earnings:

Effective  January  1,  2003, the Company adopted  Statement  of  Financial
Accounting Standard No. 143, which required the Company to record  a  long-
lived  asset  and  related liability for asset retirement obligation  costs
associated  with the closure of the hog lagoons it is legally obligated  to
close.  Accordingly,  the  Company recorded the cumulative  effect  of  the
change  in  accounting  principle with a charge to earnings  of  $2,195,000
($1,339,000 net of tax) or $1.07 per common share.

Additionally, effective January 1, 2003, the Company changed its method  of
accounting for the scheduled dry-dock of vessels from the accrue-in-advance
method  to the direct-expense method. As a result, during the first quarter
of 2003, the Company reversed the balance of the accrued liability for dry-
dock  maintenance  as of December 31, 2002, resulting  in  an  increase  in
earnings of $6,393,000 ($4,987,000 net of tax) or $3.97 per common share.

During  the  fourth quarter of 2003, Seaboard adopted Financial  Accounting
Standards   Board   Interpretation   No.   46,   revised   December   2003,
"Consolidation  of Variable Interest Entities," and recorded  a  cumulative
effect  of a change in accounting principles with a  charge  to earnings of
$1,278,000 ($780,000 net of tax), or $0.62  per common share.

During  the fourth quarter of 2003, Seaboard sold its equity investment  in
Fjord  Seafood  ASA  (Fjord), an integrated salmon producer  and  processor
headquartered in Norway, recognizing a gain of $18,036,000.  The  gain  was
not  subject  to tax.  During 2003, Seaboard recorded its share  of  losses
related   to  its  investment  in  Fjord  totaling  $15,546,000,  including
$12,421,000  for  asset impairment charges in the third  quarter  of  2003.
Seaboard's share of losses from Fjord during 2002 totaled $10,158,000.

During  2002,  Seaboard completed a series of transactions related  to  its
Argentine   sugar  business,  resulting  in  a  one-time  tax  benefit   of
$14,303,000.

During  2002,  the  Company effectively repurchased  232,414.85  shares  of
common stock from its parent company.