Note 3 – Inventories

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



	July 1,		December 31,
(Millions of dollars)	2017		2016
At lower of LIFO cost or market:
Live hogs and materials	$	278	$	273
Fresh pork and materials		27		34
		305		307
LIFO adjustment		(25)		(21)
Total inventories at lower of LIFO cost or market		280		286
At lower of FIFO cost or market:
Grains, oilseeds and other commodities		255		279
Sugar produced and in process		39		30
Other		65		62
Total inventories at lower of FIFO cost or market		359		371
Grain, flour and feed at lower of weighted average cost or market		83		105
Total inventories	$	722	$	762