Note 3 – Inventories

The following is a summary of inventories at April 1, 2017 and December 31, 2016:



	April 1,		December 31,
(Millions of dollars)	2017		2016
At lower of LIFO cost or market:
Live hogs and materials	$	284	$	273
Fresh pork and materials		38		34
		322		307
LIFO adjustment		(21)		(21)
Total inventories at lower of LIFO cost or market		301		286
At lower of FIFO cost or market:
Grains, oilseeds and other commodities		340		279
Sugar produced and in process		32		30
Other		70		62
Total inventories at lower of FIFO cost or market		442		371
Grain, flour and feed at lower of weighted average cost or market		99		105
Total inventories	$	842	$	762