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Inventories

3 Months Ended

Mar. 30, 2013

Note 3 – Inventories

The following is a summary of inventories at March 30, 2013 and December 31, 2012:

	March 30,		December 31,
(Thousands of dollars)	2013		2012
At lower of LIFO cost or market:
Live hogs and materials	$	249,976	$	258,638
Fresh pork and materials	38,749		31,495
	288,725		290,133
LIFO adjustment	(80,926)		(90,730)
Total inventories at lower of LIFO cost or market	207,799		199,403
At lower of FIFO cost or market:
Grains, oilseeds and other commodities	406,747		317,573
Sugar produced and in process	61,603		65,986
Other	71,152		73,606
Total inventories at lower of FIFO cost or market	539,502		457,165
Grain, flour and feed at lower of weighted average cost or market	95,163		100,296
Total inventories	$	842,464	$	756,864

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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