Inventories

6 Months Ended

Jun. 30, 2012

Inventories

Inventories

Note 3 – Inventories

The following is a summary of inventories at June 30, 2012 and December 31, 2011:

	June 30,			December 31,
(Thousands of dollars)	2012			2011
At lower of LIFO cost or market:
Live hogs and materials	$	225,877		$	228,624
Fresh pork and materials	29,777			29,426
	255,654			258,050
LIFO adjustment	(68,383		)	(57,783		)
Total inventories at lower of LIFO cost or market	187,271			200,267
At lower of FIFO cost or market:
Grains and oilseeds	218,840			251,839
Sugar produced and in process	53,750			78,730
Other	77,093			63,449
Total inventories at lower of FIFO cost or market	349,683			394,018
Grain, flour and feed at lower of weighted average cost or market	69,260			50,645
Total inventories	$	606,214		$	644,930