Note 4 – Inventories

The following is a summary of inventories at June 30, 2018 and December 31, 2017:



	June 30,		December 31,
(Millions of dollars)	2018		2017
At lower of LIFO cost or market:
Live hogs and materials	$	340	$	313
Fresh pork and materials		36		28
		376		341
LIFO adjustment		(37)		(31)
Total inventories at lower of LIFO cost or market		339		310
At lower of FIFO cost and net realizable value:
Grains, oilseeds and other commodities		306		253
Sugar produced and in process		36		38
Other		58		90
Total inventories at lower of FIFO cost and net realizable value		400		381
Grain, flour and feed at lower of weighted average cost and net realizable value		135		89
Total inventories	$	874	$	780