Inventories

9 Months Ended

Sep. 30, 2023

Inventories

Inventories

Note 3 – Inventories

The following is a summary of inventories:

	September 30,		December 31,
(Millions of dollars)	2023		2022
At lower of FIFO cost and net realizable value (“NRV”):
Hogs and materials	$	508	$	538
Pork products and materials		65		75
Grains, oilseeds and other commodities		395		475
Biofuels and related credits		226		221
Other		113		104
Total inventories at lower of FIFO cost and NRV		1,307		1,413
Grain, flour and feed at lower of weighted average cost and NRV		209		257
Total inventories	$	1,516	$	1,670