Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventories

Summary of inventories

	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