December 31,

(Millions of dollars)

2023

2022

At lower of FIFO cost and NRV:

Hogs and materials

$

527

$

538

Pork products and materials

61

75

Grains, oilseeds and other commodities

366

475

Biofuels and related credits

160

221

Other

124

104

Total inventories at lower of FIFO cost and NRV

1,238

1,413

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

224

257

Total inventories

$

1,462

$

1,670