<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>q12001b.txt
<DESCRIPTION>1ST QUARTER 2001 10-Q
<TEXT>




                               UNITED STATES
                    SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C.  20549

                                 FORM 10-Q


  (Mark One)

  {X}  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
       EXCHANGE ACT OF 1934

                  For the quarterly period ended March 31, 2001

                                        OR

  { }  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
       EXCHANGE ACT OF 1934

  For the transition period from to

  Commission File Number 1-3390

                                Seaboard Corporation
               (Exact name of registrant as specified in its charter)

    Delaware                                                   04-2260388
  (State or other jurisdiction of          (I.R.S. Employer Identification No.)
   incorporation or organization)

  9000 W. 67th Street, Shawnee Mission, Kansas                  66202
  (Address of principal executive offices)                     (Zip Code)

       (Registrant's telephone number, including area code)    (913)676-8800

                                    Not Applicable
  (Former name, former address and former fiscal year,if changed since last
   report.)

       Indicate by check mark whether the registrant (1) has filed
  all reports required to be filed by Section 13 or 15(d) of the
  Securities Exchange Act of 1934 during the preceding 12 months
  (or for such shorter period that the registrant was required to
  file such reports), and (2) has been subject to such filing
  requirements for the past 90 days.  Yes   X  .  No ___.


       There were 1,487,520 shares of common stock, $1.00 par value per share,
  outstanding on May 4, 2001.

                                              Total pages in filing - 16 pages


                        PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

                 SEABOARD CORPORATION AND SUBSIDIARIES
                 Condensed Consolidated Balance Sheets
                 March 31, 2001 and December 31, 2000
                        (Thousands of dollars)


                                               (Unaudited)
                                                 March 31,     December 31,
                                                   2001            2000
                                Assets

Current assets:
  Cash and cash equivalents                    $   14,754     $   19,760
  Short-term investments                          115,426         91,375
  Receivables, net                                217,609        243,643
  Inventories                                     213,780        218,030
  Deferred income taxes                            14,388         14,132
  Prepaid expenses and other                       30,288         23,760
       Total current assets                       606,245        610,700
Investments in and advances to foreign affiliates  62,744         63,302
Net property, plant and equipment                 610,120        611,361
Other assets                                       23,996         27,485
       Total assets                            $1,303,105     $1,312,848

                 Liabilities and Stockholders' Equity

Current liabilities:
  Notes payable to banks                       $   77,136     $   80,480
  Current maturities of long-term debt             34,531         34,487
  Accounts payable                                 49,223         59,181
  Other current liabilities                       138,413        144,254
       Total current liabilities                  299,303        318,402
Long-term debt, less current maturities           311,494        312,418
Deferred income taxes                             111,315        107,833
Other liabilities                                  31,640         33,464
       Total non-current and deferred liabilities 454,449        453,715
Minority interest                                      73             46
Stockholders' equity:
  Common stock of $1 par value,
       Authorized 4,000,000 shares;
       issued 1,789,599 shares                      1,790          1,790
  Less 302,079 shares held in treasury               (302)          (302)
                                                    1,488          1,488
  Additional capital                               13,214         13,214
  Accumulated other comprehensive income            1,246           (106)
  Retained earnings                               533,332        526,089
       Total stockholders' equity                 549,280        540,685
Total liabilities and stockholders' equity     $1,303,105     $1,312,848


       See notes to condensed consolidated financial statements.



                 SEABOARD CORPORATION AND SUBSIDIARIES
             Condensed Consolidated Statements of Earnings
              Three months ended March 31, 2001 and 2000
            (Thousands of dollars except per share amounts)
                              (Unaudited)


                                               March 31,     March 31,
                                                  2001          2000

Net sales                                    $  435,260    $  369,807
Cost of sales and operating expenses            386,461       324,362
  Gross income                                   48,799        45,445
Selling, general and administrative expenses     30,763        27,410
  Operating income                               18,036        18,035
Other income (expense):
  Interest income                                 2,309         4,352
  Interest expense                               (7,927)       (9,286)
  Loss from foreign affiliates                     (623)         (589)
  Minority interest                                 (27)          266
  Miscellaneous                                     772         4,045
  Total other income (expense), net              (5,496)       (1,212)
Earnings from continuing operations
 before income taxes                             12,540        16,823
Income tax expense                               (4,925)       (6,964)
Earnings from continuing operations               7,615         9,859
Gain on disposal of discontinued operations,
 net of income taxes of $56,560                       -        91,172
Net earnings                                 $    7,615    $  101,031

Earnings per common share
 from continuing operations                  $     5.12    $     6.63
Earnings per common share
 from discontinued operations                         -         61.29
Earnings per common share                    $     5.12    $    67.92
Dividends declared per common share          $      .25    $      .25
Average number of shares outstanding          1,487,520     1,487,520


          See notes to condensed consolidated financial statements.



                 SEABOARD CORPORATION AND SUBSIDIARIES
            Condensed Consolidated Statements of Cash Flows
              Three months ended March 31, 2001 and 2000
                        (Thousands of dollars)
                              (Unaudited)


                                                    March 31,      March 31,
                                                       2001          2000

Cash flows from operating activities:
  Net earnings                                     $   7,615     $   101,031
  Adjustments to reconcile net earnings to
    cash from operating activities:
       Net gain on disposal of discontinued
       operations                                          -         (91,172)
       Depreciation and amortization                  13,640          11,891
       Loss from foreign affiliates                      623             589
       (Gain) loss from disposal of
        fixed assets                                   1,333            (448)
       Gain from recognition of deferred
        swap proceeds                                      -          (2,010)
       Deferred income taxes                           2,281           4,494
  Changes in current assets and liabilities
    (net of businesses acquired and disposed):
       Receivables, net of allowance                  26,034         (22,159)
       Inventories                                     4,250           8,119
       Prepaid expenses and other                     (6,528)         (2,072)
       Current liabilities exclusive of debt         (15,799)        (13,727)
  Other, net                                           2,464          (1,097)
            Net cash from operating activities        35,913          (6,561)

Cash flows from investing activities:
  Purchase of investments                           (133,360)       (788,879)
  Proceeds from the sale or maturity of investments  109,176         644,593
  Capital expenditures                               (14,858)        (28,349)
  Proceeds from sale of fixed assets                   1,017           2,700
  Investments in and advances to foreign affiliates      (65)         (7,495)
  Acquisition of business                                  -         (34,134)
  Proceeds from disposal of discontinued operations,
    net of cash expenditures                               -         356,107
            Net cash from investing activities       (38,090)        144,543

Cash flows from financing activities:
  Notes payable to bank, net                          (3,344)       (120,751)
  Principal payments of long-term debt                  (880)         (7,327)
  Dividends paid                                        (372)           (372)
  Bond construction fund                               1,767               -
            Net cash from financing activities        (2,829)       (128,450)
Net change in cash and cash equivalents               (5,006)          9,532
Cash and cash equivalents at beginning of year        19,760          11,039
Cash and cash equivalents at end of quarter        $  14,754     $    20,571


       See notes to condensed consolidated financial statements.



SEABOARD CORPORATION AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements


Note 1 - Accounting Policies and Basis of Presentation

The consolidated financial statements include the accounts of Seaboard
Corporation and its domestic and foreign subsidiaries (the "Company").
All  significant  intercompany balances  and  transactions  have  been
eliminated  in  consolidation.   The  Company's  investments  in  non-
controlled  affiliates are accounted for by the  equity  method.   The
unaudited  consolidated  financial  statements  should  be   read   in
conjunction with the consolidated financial statements of the  Company
for the year ended December 31, 2000 as filed in its Annual Report  on
Form 10-K.

The  accompanying unaudited consolidated financial statements  include
all  adjustments (consisting only of normal recurring accruals) which,
in the opinion of management, are necessary for a fair presentation of
financial position, results of operations and cash flows.  Results  of
operations  for  interim  periods are not  necessarily  indicative  of
results to be expected for a full year.

Effective  January 1, 2001, the Company adopted Statement of Financial
Accounting   Standards  (SFAS)  No.  133,  "Accounting   for   Certain
Derivative  Investments and Certain Hedging Activities,"  as  amended.
This  statement  requires that an entity recognize all derivatives  as
either  assets  or liabilities at their fair values.   Accounting  for
changes  in  the fair value of a derivative depends on its designation
and  effectiveness.  For derivatives that qualify as effective hedges,
the  change  in  fair  value has no net impact on earnings  until  the
hedged  transaction affects earnings.  For derivatives  that  are  not
designated as hedging instruments, or for the ineffective portion of a
hedging  instrument,  the  change in fair value  does  affect  current
period net earnings.

The  Company,  from time-to-time, holds and issues certain  derivative
instruments  to manage various types of market risks from its  day-to-
day  operations.  These primarily include the following: i)  commodity
futures  and option contracts to manage risks of increasing prices  of
raw  materials  and  firm  sales  commitments,  ii)  foreign  currency
exchange  agreements to manage the foreign currency exchange  risk  on
certain  transactions  denominated in  foreign  currencies,  and  iii)
interest  rate exchange agreements to manage the risk of  fluctuations
in   interest  rates.   While  management  believes  each   of   these
instruments manage various market risks, only certain instruments  are
designated and accounted for as hedges under SFAS 133 as a  result  of
the  extensive  record keeping requirements of the provision.   During
the  first  quarter  of 2001, the only instruments  accounted  for  as
hedges under SFAS 133 included certain commodity contracts and foreign
currency exchange agreements within the Commodity Trading and  Milling
Segment.   These were accounted for as fair value hedges and  did  not
have a material impact on net earnings.

Adoption  of this statement resulted in adjustments primarily  to  the
Company's   balance  sheet  as  derivative  instruments  and   related
agreements   and  deferred  amounts  were  recorded  as   assets   and
liabilities  with  corresponding adjustments  to  Other  Comprehensive
Income or earnings.  The adoption resulted in a cumulative-effect-type
adjustment  increasing  Accumulated  Other  Comprehensive  Income   by
$1,353,000,  net  of related income taxes, as deferred  proceeds  from
previously   terminated   swap  agreements  were   reclassified   from
liabilities.  During fiscal 2001, $200,000 of this adjustment, net  of
related  income taxes, is expected to be recognized in earnings.   The
adoption  did not have a material impact on the Company's earnings  or
cash flows.

For   the   three  months  ended  March  31,  2001  and  2000,   other
comprehensive income adjustments consisted of an immaterial unrealized
gain  on available-for-sale securities and foreign currency cumulative
translation adjustment, net of tax.  For the three months ended  March
31,  2001,  other  comprehensive income adjustments also  include  the
amortization  of  proceeds from previously terminated swap  agreements
discussed above.


Note 2 - Inventories

The  following  is  a  summary of inventories at March  31,  2001  and
December 31, 2000 (in thousands):

                                                March 31,   December 31,
                                                   2001         2000
At lower of LIFO cost or market:
  Live hogs and related materials              $  128,122   $  117,699
  Dressed pork and related materials               12,432       10,995
                                                  140,554      128,694
  LIFO allowance                                   (2,917)        (326)
       Total inventories at lower of LIFO cost
       or market                                  137,637      128,368

At lower of FIFO cost or market:
  Grain, flour and feed                            37,461       42,534
  Sugar produced and in process                    20,448       24,454
  Crops in production and related materials         4,276        4,978
  Other                                            13,958       17,696
       Total inventories at lower of FIFO cost
       or market                                   76,143       89,662
       Total inventories                       $  213,780   $  218,030


Note 3 - Contingencies

In  August  2000, as a result of accounting errors and  irregularities
discovered  in  the  Produce Division's books and records,  management
restated  the  Company's financial statements for each  of  the  prior
periods  effected and filed a Form 10-K/A on August 28,  2000.   In  a
letter dated December 27, 2000, the Securities and Exchange Commission
(SEC)   notified   the  Company  that  it  is  conducting   a   formal
investigation of this matter to determine whether there have been  any
violations  of  the federal securities laws and issued a  subpoena  to
acquire certain documents from the Company.  Management is cooperating
with  the SEC's requests and believes the outcome of the investigation
will not have any material impact on the Company.

The   Company   owns  certain  partially  completed   hog   production
facilities,  having a net carrying value of $12,326,000 at  March  31,
2001.   The  Company  continues to seek, but  has  not  yet  received,
necessary operating and related permits.  If the Company is unable  to
obtain  such  permits, the carrying value of such  property  could  be
impaired.

The  Company  is  a defendant in a pending arbitration proceeding  and
related  litigation in Puerto Rico brought by the owner of a chartered
barge  and tug which were damaged by fire after delivery of the cargo.
Damages  of $47.6 million are alleged.  The Company received a  ruling
in  the  arbitration  proceeding  in its  favor  which  dismisses  the
principal  theory of recovery.  The ruling has been upheld on  appeal,
although  it  may be appealed to a higher court.  The  arbitration  is
likely to continue based on other legal theories, although the Company
believes that it will have no responsibility for the loss.

The  Company is subject to various other legal proceedings related  to
the  normal  conduct of its business.  In the opinion  of  management,
none  of  these actions is expected to result in a judgment  having  a
materially adverse effect on the consolidated financial statements  of
the Company.


Note 4 - Segment Information

The  following  tables set forth specific financial information  about
each  segment  as  reviewed  by the Company's  management.   Operating
income  for  segment reporting is prepared on the same basis  as  that
used  for consolidated operating income.  Operating income is used  as
the  measure of evaluating segment performance because management does
not consider interest and income tax expense on a segment basis.

In December 2000 the Company exchanged its controlling interest in its
Wine segment and a cash investment for a non-controlling interest in a
larger wine operation to be accounted for using the equity method.  As
a  result,  the Company's segment disclosures do not reflect operating
results for the Wine segment in 2001.

As  a  result  of recent operating losses at the Company's  Sugar  and
Citrus   segment,   at  year-end  2000  the  Company   evaluated   the
recoverability of this segment's long-lived assets and  believes  that
the  value  of those assets is presently recoverable. Recent operating
losses  were  primarily  the result of sugar prices  below  historical
levels.   Sugar prices have improved during the first quarter of  2001
resulting in operating income for this segment.  However, should sugar
prices   return   to  levels  resulting  in  operating   losses,   the
recoverability of this segment's long-lived assets would again need to
be  evaluated which could result in a material charge to earnings  for
the impairment of these assets.

Within  the  Commodity  Trading  and  Milling  Division,  the  Company
evaluated  the recoverability of the long-lived assets of its  Zambian
milling  operations  at  year-end 2000 due  to  its  recent  operating
losses.   The Company believes the value of those assets is  presently
recoverable.   However, continued operating losses from this  business
could result in the carrying values not being recoverable, which could
result  in a material charge to earnings for the impairment  of  these
assets.    Total   long-lived  assets  at  these  operations   totaled
$6,970,000 at March 31, 2001.


Sales to External Customers:
                                     Three Months Ended March 31,
(Thousands of dollars)                    2001           2000
Pork                                 $  181,894     $  183,542
Marine                                   89,891         76,851
Commodity Trading and Milling           116,229         79,850
Sugar and Citrus                         20,377          9,759
Power                                    16,967          6,606
Wine                                          -          2,104
All Other                                 9,902         11,095
 Segment/Consolidated Totals         $  435,260     $  369,807


Operating Income
                                     Three Months Ended March 31,
(Thousands of dollars)                    2001           2000
Pork                                 $   11,826     $   22,510
Marine                                    4,653           (524)
Commodity Trading and Milling               324            921
Sugar and Citrus                          1,022         (2,668)
Power                                     3,293          1,387
Wine                                          -         (1,895)
All Other                                (1,833)          (789)
 Segment Totals                          19,285         18,942
Corporate Items                          (1,249)          (907)
 Consolidated Totals                 $   18,036     $   18,035


Total Assets
                                      March 31,     December 31,
(Thousands of dollars)                   2001           2000
Pork                                 $  519,126     $  510,836
Marine                                  122,855        121,895
Commodity Trading and Milling           181,685        197,751
Sugar and Citrus                        181,836        186,099
Power                                    85,418         88,514
All Other                                24,785         27,665
 Segment Totals                       1,115,705      1,132,760
Corporate items                         187,400        180,088
 Consolidated Totals                 $1,303,105     $1,312,848

Administrative services provided by the corporate office are primarily
allocated  to the individual segments based on the size and nature  of
their  operations.   Corporate assets include short-term  investments,
certain  investments  in  and advances to  foreign  affiliates,  fixed
assets, deferred tax amounts and other miscellaneous items.  Corporate
operating  losses  represent certain operating costs not  specifically
allocated to individual segments.


Note 5 - Subsequent Event

The Company had a non-controlling interest in a joint venture in Maine
primarily engaged in the production and processing of salmon and other
seafood products previously accounted for under the equity method.  On
May  2, 2001, this joint venture completed a merger with Fjord Seafood
ASA  (Fjord), a large salmon operation in Norway.  The merger  results
in  the Company exchanging its interest for 5,950,000 shares of common
stock of Fjord.  Based on the fair market value of Fjord stock on  May
2,  2001,  as  quoted  on the Oslo Stock Exchange,  the  Company  will
recognize  a  gain in the second quarter of 2001 of approximately  $18
million  ($11  million after taxes) related to this transaction.   The
Company's ownership interest in Fjord will be accounted for as a  non-
current available for sale equity security.


Item 2. Management's Discussion and Analysis of Financial Condition
        and Results of Operations



LIQUIDITY AND CAPITAL RESOURCES
                                March 31,          December 31,
                                  2001                 2000

Current ratio                    2.03:1               1.92:1
Working capital                  $306.9               $292.3


Cash  from  operating activities for the three months ended March  31,
2001,  increased  $42.5 million compared to the same period  one  year
earlier.  The increase in cash flows was primarily related to  changes
in  components of working capital.  Changes in components  of  working
capital are primarily related to the timing of normal transactions for
voyage  settlements,  trade  payables  and  receivables.   Within  the
Commodity  Trading  and Milling segment, strong sales  in  the  fourth
quarter  of  2000  and subsequent related collections  resulted  in  a
decrease  in receivable balances from year end to March 31, 2001.   In
addition,  during  the  first quarter of 2001, the  Company  collected
approximately  $7.0 million in notes receivable related  to  the  1998
sale of its baking and flour milling operations in Puerto Rico.

Cash   from   investing  activities  for  the   three   months   ended
March  31, 2001, decreased $182.6 million compared to the same  period
one  year earlier.  The decrease was primarily related to proceeds  in
the  first  quarter  of  2000 from the sale  of  discontinued  poultry
operations, partially offset by acquisitions, capital expenditures and
net purchases of investments in that period.

The  Company  invested $14.9 million in property, plant and  equipment
for  the three months ended March 31, 2001, of which $2.4 million  was
expended  in  the  Pork segment, $10.5 million in the Marine  segment,
$1.1  million  in  the Sugar and Citrus segment, and $0.9  million  in
other businesses of the Company.

The  Company invested $2.4 million primarily for expansion of existing
hog  production facilities, construction on a new feed  mill  and  for
improvements  to  the  pork processing plant.  The  Company  plans  to
invest $11.6 million over the next nine months for continued expansion
of  hog  production facilities, completion of the new  feed  mill  and
general  upgrades to the pork processing plant.  In  March  2001,  the
Company terminated previously announced plans to commence construction
in  2001  on  a  second  processing plant at a location  in  northeast
Kansas.  The Company will continue to explore alternatives to increase
processing capacity.

The Company invested $10.5 million in the Marine segment primarily for
the purchase of a previously chartered vessel and, to a lesser extent,
for  additional  equipment.  Over the next nine  months,  the  Company
anticipates spending $4.0 million for additional equipment.

The  Company  invested $1.1 million in the Sugar  and  Citrus  segment
primarily  for  improvements  to  existing  facilities  and  sugarcane
fields.   Over the next nine months, the Company anticipates  spending
$7.5 million for additional improvements.

Cash  from  financing activities for the three months ended March  31,
2001,  increased $125.6 million compared to the same period  one  year
earlier.    This  increase  is  primarily  the  result   of   repaying
approximately   $128.1  million  in  notes  payable   and   industrial
development revenue bonds in the first quarter of 2000, primarily with
proceeds from the Poultry Division sale.

In  the first quarter of 2001, the Company's one-year revolving credit
facilities  totaling $141.0 million maturing in the first  quarter  of
2001   were  extended  for  an  additional  year  and  the  short-term
uncommitted credit lines totaling $119.5 million were reduced to $89.5
million.   As  of  March  31,  2001, the  Company  had  $40.0  million
outstanding  under  one-year  revolving credit  facilities  and  $37.1
million outstanding under short-term uncommitted credit lines.

Management intends to continue seeking opportunities for expansion  in
the  industries in which it operates and believes that  the  Company's
liquidity,  capital resources and borrowing capabilities are  adequate
for its current and intended operations.



RESULTS OF OPERATIONS

Net sales for the three months ended March 31, 2001 increased by $65.5
million  compared to the three months ended March 31, 2000.  Operating
income was essentially unchanged compared to the same quarter one year
ago.

Pork Segment
                                     Three Months Ended March 31,
(Dollars in millions)                    2001           2000

Net sales                             $ 181.9          183.5
Operating income                      $  11.8           22.5

Net  sales  for the Pork segment decreased $1.6 million in  the  first
quarter of 2001 compared to the first quarter of 2000, as a result  of
a  decrease  in sales volume partially offset by higher  pork  prices.
During the first quarter of 2000 the plant ran extended shifts to take
advantage  of positive margins.  As discussed below, margins  remained
positive  during  the  first  quarter  of  2001  but  have  decreased,
prompting  a  reduction of extended shifts.  Management believes  pork
prices  have  increased primarily as a result of lower  meat  supplies
world wide.

Operating income for the Pork segment decreased $10.7 million  in  the
first  quarter  of 2001 compared to the first quarter  of  2000.   The
decrease  is primarily a result of higher costs, partially  offset  by
the  higher  sales prices discussed above.  The cost of Company-raised
hogs  increased as colder winter conditions increased feed and  energy
usage  while  feed  and  energy prices also increased.   The  cost  to
acquire  third-party hogs also increased but to a lesser  extent  than
Company-raised  hogs.   These cost increases  contributed  to  a  $2.6
million  LIFO  inventory  charge in the first  quarter  of  2001  with
similar  charges  anticipated during the remaining quarters  of  2001.
While  management  is  unable  to predict  future  market  prices,  it
currently  anticipates  that  overall  market  conditions  during  the
remainder of 2001 will continue to be favorable.

Marine Segment
                                     Three Months Ended March 31,
(Dollars in millions)                    2001           2000

Net sales                             $  89.9           76.9
Operating income                      $   4.7           (0.5)

Net  sales for the Marine segment increased $13.0 million in the first
quarter  of 2001 compared to the first quarter of 2000.  The  increase
resulted  from  an  increase in volume and, to  a  lesser  extent,  an
increase in cargo rates.  Management believes weak economic conditions
in  certain  South American markets depressed rates during  the  first
quarter of 2000.  Although economic uncertainties still exist, volumes
in  these markets improved in the first quarter of 2001 over the first
quarter of 2000.  Overall rates increased slightly as a result  of  an
increased  mix  of  higher-rate cargos, surcharges for  a  portion  of
higher  fuel  costs incurred and slight rate improvements  in  certain
markets.

Operating income from the Marine segment increased $5.2 million in the
first quarter of 2001 compared to the first quarter of 2000, primarily
as  a  result  of  the  increased volumes and rates  discussed  above.
Management  anticipates  that  these  conditions  will  not  fluctuate
significantly during the remainder of 2001.

Commodity Trading and Milling Segment
                                     Three Months Ended March 31,
(Dollars in millions)                    2001           2000
Net sales                             $ 116.2           79.9
Operating income                      $   0.3            0.9

Net  sales  for  the  Commodity Trading and Milling segment  increased
$36.3  million  in  the first quarter of 2001 compared  to  the  first
quarter  of  2000.   The increase is primarily a result  of  increased
wheat and soybean meal sales to third-parties in certain markets  and,
to a lesser extent, to certain foreign affiliates.

Operating income for this segment decreased $0.6 million in the  first
quarter of 2001 compared to the first quarter of 2000, primarily as  a
result  of  decreased income from operating certain mills  in  foreign
countries.   Despite  the  increase in commodity  sales  noted  above,
operating  income from these sales remained essentially unchanged  due
to  lower margins.  Due to the nature of this segment's operations and
its  exposure to foreign political situations, management is currently
unable to predict future sales and operating results.

The  Company evaluated the recoverability of the long-lived assets  of
its  Zambian  milling operations at year-end 2000 due  to  its  recent
operating  losses.  The Company believes the value of those assets  is
presently recoverable.  However, continued operating losses from  this
business  could  result in the carrying values not being  recoverable,
which could result in a material charge to earnings for the impairment
of  these assets.  Total long-lived assets at these operations totaled
$7.0 million at March 31, 2001.

Sugar and Citrus Segment
                                     Three Months Ended March 31,
(Dollars in millions)                    2001           2000

Net sales                             $  20.4            9.8
Operating income                      $   1.0           (2.7)

Net sales for the Sugar and Citrus segment increased $10.6 million  in
the  first quarter of 2001 compared to the first quarter of 2000.  The
increase  is  primarily a result of higher sales  volumes  and,  to  a
lesser   extent,  improved  prices.   Sales  volumes  have   increased
primarily  as  a result of increasing purchases of sugar  from  third-
parties for resale.  Operating income for this segment increased  $3.7
million  primarily  as  a result of the increased  sales  volumes  and
prices.  Management cannot predict future sugar prices.

As  a  result of recent operating losses, at year-end 2000 the Company
evaluated  the recoverability of this segment's long-lived assets  and
believes  that  the  value of those assets is  presently  recoverable.
Recent  operating  losses were primarily the result  of  sugar  prices
below  historical  levels.   Should  sugar  prices  return  to  levels
resulting  in  operating losses, the recoverability of this  segment's
long-lived assets would again need to be evaluated which could  result
in a material charge to earnings for the impairment of these assets.

Power Segment
                                     Three Months Ended March 31,
(Dollars in millions)                    2001           2000

Net sales                             $  17.0            6.6
Operating income                      $   3.3            1.4

Net  sales for the Power segment increased $10.4 million in the  first
quarter  of  2001  compared to the first quarter of  2000.   Operating
income increased $1.9 million in the first quarter of 2001 compared to
the first quarter of 2000.  These increases are primarily a result  of
a  new power barge beginning operation in October 2000.  Operation  of
the  new  barge is expected to continue to result in improved  results
for this segment during the remainder of 2001.

All Other
                                     Three Months Ended March 31,
(Dollars in millions)                     2001          2000

Net sales                             $    9.9          11.1
Operating income                      $   (1.8)         (0.8)

Net sales for all other businesses decreased $1.2 million in the first
quarter  of  2001  compared to the first quarter of  2000.   Operating
income decreased $1.0 million in the first quarter of 2001 compared to
the first quarter of 2000.  These decreases are primarily attributable
to decreased demand for product from the Company's pickles and peppers
operations in Honduras combined with lower yields in these operations.


Selling, General and Administrative Expenses

Selling,  general  and administrative (SG&A) expenses  increased  $3.4
million to $30.8 million for the first quarter of 2001 compared to the
first  quarter  of  2000.   The increase  is  primarily  a  result  of
increasing   service  and  support  functions  related  to   expanding
operations  in  the  Power, Sugar and Citrus,  Commodity  Trading  and
Milling,  and  Marine  segments.  As a percentage  of  revenues,  SG&A
decreased to 7.1% in the first quarter of 2001 from 7.4% in the  first
quarter of 2000, primarily due to the increased revenues in these same
segments.


Interest Income

Interest  income decreased $2.0 million in the first quarter  of  2001
compared  to  the  first  quarter of  2000.   The  decrease  primarily
reflects a decrease in average funds invested.  Average funds invested
were  higher during the first quarter of 2000 primarily from  proceeds
from the sale of the Poultry Division in January 2000.


Interest Expense

Interest expense decreased $1.4 million in the first quarter  of  2001
compared to the first quarter of 2000.  The decrease is primarily as a
result of a decrease in short-term borrowings, partially offset by  an
increase  in  long-term borrowings.  Short-term  borrowings  decreased
primarily  as a result of repaying short-term borrowings in the  first
quarter  of  2000,  primarily with proceeds from the Poultry  Division
sale,  while long-term borrowings increased primarily as a  result  of
debt assumed with certain acquisitions in 2000.


Loss from Foreign Affiliates

As  discussed in Note 4, in 2001 the Company will begin reporting  the
results  of its wine investment using the equity method.  The  related
results will be recorded on a three-month lag and are not included  in
this  quarter's  results.  As such, the Company anticipates  increased
losses from foreign affiliates in the remaining quarters of 2001.


Miscellaneous Income

Miscellaneous income decreased $3.3 million for the first  quarter  of
2001  compared  to the first quarter of 2000.  This decrease  resulted
primarily  from a $2.0 million gain during the first quarter  of  2000
from  the  recognition of unamortized proceeds from prior terminations
of  interest  rate agreements associated with debt repaid  during  the
quarter as discussed above.


Gain on Disposal of Discontinued Operations

The  Company completed the sale of its Poultry Division on January  3,
2000,  recognizing  an  after-tax gain  on  disposal  of  discontinued
operations of $91.2 million during 2000, subsequently adjusted in  the
fourth quarter of 2000 to $90.0 million.



Item 3. Quantitative and Qualitative Disclosures About Market Risk

The  Company is exposed to various types of market risks from its day-
to-day operations.  Primary market risk exposures result from changing
interest rates, commodity prices and foreign currency exchange  rates.
Changes in interest rates impact the cash required to service variable
rate debt.  From time to time, the Company uses interest rate swaps to
manage  risks  of  increasing interest rates.   Changes  in  commodity
prices  impact  the cost of necessary raw materials, finished  product
sales  and  firm  sales commitments.  The Company  uses  corn,  wheat,
soybeans and soybean meal futures and options to manage certain  risks
of  increasing  prices  of raw materials and firm  sales  commitments.
From  time  to time, the Company uses hog futures to manage  risks  of
increasing  prices of live hogs acquired for processing.   Changes  in
foreign  currency exchange rates impact the cash paid or  received  by
the  Company on foreign currency denominated receivables and payables.
The  Company manages certain of these risks through the use of foreign
currency  forward  exchange  agreements.  The  Company's  market  risk
exposure  related  to  these items has not  changed  materially  since
December 31, 2000, except with respect to transactions denominated  in
Argentine Pesos as discussed below.

The  majority  of  transactions  at the  Company's  Sugar  and  Citrus
operation in Argentina are denominated in Argentine Pesos.   Over  the
past  several years, the Argentine Peso has been pegged  to  the  U.S.
dollar  and  accordingly, there has been minimal exchange  rate  risk.
However,  deterioration of the economy in Argentina as well  as  local
political  instability  increases the  risk  that  there  could  be  a
currency  devaluation.  Management is closely monitoring the situation
but is currently unable to predict the probability or magnitude of any
devaluation.  However, a substantial devaluation of the Argentine Peso
could have a material adverse affect on the Company.


SEABOARD CORPORATION AND SUBSIDIARIES


                      PART II - OTHER INFORMATION


Item 1.   Legal Proceedings

On  April  6,  2001, the Sierra Club sent to the Company  a  Sixty-Day
Notice  of Intent to Sue under the Resource Conservation and  Recovery
Act   ("RCRA")   and  under  the  Emergency  Planning  and   Community
Right-to-Know Act ("EPCRA").  With respect to RCRA, it is alleged that
the  Company  is  engaging  in the dumping  of  solid  waste,  causing
contamination  of underground drinking water sources through  elevated
nitrates  in excess of the maximum contaminant allowed.  With  respect
to EPCRA, it is alleged that the Company failed to notify the National
Response Center and local officials of reportable releases of  ammonia
and  hydrogen  sulfide into the air.  Both allegations relate  to  the
Company's "Dorman" confined animal feeding operation.  RCRA and  EPCRA
authorize  civil penalties of $25,000 per each day of each  violation.
The  Company  is  in  the process of reviewing  the  allegations,  but
preliminarily believes they have no merit, and in the event a  lawsuit
is filed, will vigorously defend the suit.


Item 4. Submission of Matters to a Vote of Security Holders

The  annual  meeting of stockholders was held on  April  23,  2001  in
Newton,  Massachusetts.   Two  items  were  submitted  to  a  vote  of
stockholders as described in the Company's Proxy Statement dated March
9,  2001.  The table below briefly describes the proposals and results
of the stockholders' vote.

                                 Votes in    Votes
                                  Favor     Against   Abstain

1. To elect:
    H. Harry Bresky           1,405,046.75     0      32,828
    David A. Adamsen          1,435,549.75     0       2,325
    Douglas W. Baena          1,435,349.75     0       2,525
    Joe E. Rodrigues          1,433,288.75     0       4,586
    and Thomas J. Shields     1,435,539.75     0       2,335
    as directors.

2.  To ratify selection of
    KPMG LLP
    as independent auditors.  1,435,283.75   222       2,369


Item 6. Exhibits and Reports on Form 8-K

(a)  Exhibits - None

(b)  Reports  on  Form 8-K.  Seaboard Corporation has  not  filed  any
     reports on Form 8-K during the quarter ended March 31, 2001.


This  Form 10-Q contains forward-looking statements within the meaning
of  the  Private Securities Litigation Reform Act of 1995,  which  may
include statements concerning projection of revenues, income or  loss,
capital  expenditures,  capital structure or  other  financial  items,
statements regarding the plans and objectives of management for future
operations,  statements of future economic performance, statements  of
the  assumptions  underlying  or relating  to  any  of  the  foregoing
statements  and  other statements which are other than  statements  of
historical  fact.  These statements appear in a number  of  places  in
this Form 10-Q and include statements regarding the intent, belief  or
current expectations of the Company and its management with respect to
(i)  the  cost  and  timing  of  the completion  of  new  or  expanded
facilities,  (ii) the Company's financing plans, (iii)  the  price  of
feed stocks and other materials used by the Company, (iv) the cost  to
purchase  third-party hogs for processing at the Company's  hog  plant
and  the  sale price for pork products from such operations,  (v)  the
price for the Company's products and services, (vi) the effect of  the
Company's  sugar  business  and  foreign  milling  operations  on  the
consolidated  financial  statements of the  Company,  or  (vii)  other
trends  affecting  the  Company's financial condition  or  results  of
operations.   Readers  are  cautioned that  any  such  forward-looking
statements are not guarantees of future performance and involve  risks
and uncertainties, and that actual results may differ materially as  a
result of various factors.  The accompanying information contained  in
this Form 10-Q under the heading "Management's Discussion and Analysis
of Financial Condition and Results of Operations" identifies important
factors which could cause such differences.


PART II - OTHER INFORMATION



                              SIGNATURES


Pursuant  to the requirements of the Securities Exchange Act of  1934,
the  registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.




                           DATE:  May 7, 2001

                           Seaboard Corporation


                           by: /s/ Robert L. Steer
                               Robert L. Steer, Senior Vice President,
                               Treasurer, and Chief Financial Officer



                           by: /s/ John A. Virgo
                               John A. Virgo, Corporate Controller


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