December 31,

(Millions of dollars)

2022

2021

At lower of FIFO cost and NRV:

Hogs and materials

$

538

$

489

Pork products and materials

75

64

Grains, oilseeds and other commodities

475

634

Biofuels and related credits

221

147

Other

104

92

Total inventories at lower of FIFO cost and NRV

1,413

1,426

Grain, flour and feed at lower of weighted average cost and NRV

257

237

Total inventories

$

1,670

$

1,663