<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>q102q04.txt
<DESCRIPTION>SEABOARD CORPORATION 2004 2ND QTR 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 July 3, 2004

                                  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)

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

                           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    .

     Indicate by a check mark whether the registrant is an
  accelerated filer (as defined in Rule 12b-2 of the Exchange Act.)
  Yes   X   .   No    .

       There were 1,255,053.90 shares of common stock, $1.00 par
  value per share, outstanding on July 26, 2004.

                                   Total pages in filing - 18 pages

<PAGE>

PART I - FINANCIAL INFORMATION
Item 1.  Financial Statements

                    SEABOARD CORPORATION AND SUBSIDIARIES
                    Condensed Consolidated Balance Sheets
                            (Thousands of dollars)
                                  (Unaudited)

                                                  July 3,   December 31,
                                                    2004        2003

                       Assets
Current assets:
   Cash and cash equivalents                     $   22,408  $   37,377
   Short-term investments                            38,586      58,022
   Receivables, net                                 218,452     190,013
   Inventories                                      293,477     276,033
   Deferred income taxes                             18,838      17,972
   Other current assets                              41,843      35,419
Total current assets                                633,604     614,836
Investments in and advances to foreign affiliates    42,096      46,680
Net property, plant and equipment                   622,456     643,968
Other assets                                         31,235      20,207
Total assets                                     $1,329,391  $1,325,691

           Liabilities and Stockholders' Equity
Current liabilities:
   Notes payable to banks                        $    1,160  $   75,564
   Current maturities of long-term debt              54,038      56,983
   Accounts payable                                  83,254      61,817
   Other current liabilities                        158,630     149,726
Total current liabilities                           297,082     344,090
Long-term debt, less current maturities             292,738     321,555
Deferred income taxes                               107,437      85,295
Other liabilities                                    47,983      46,720
Total non-current and deferred liabilities          448,158     453,570
Minority and other noncontrolling interests           1,997       7,466
Stockholders' equity:
   Common stock of $1 par value,
     Authorized 4,000,000 shares;
     issued and outstanding 1,255,054 shares          1,255       1,255
   Accumulated other comprehensive loss             (59,688)    (61,527)
   Retained earnings                                640,587     580,837
Total stockholders' equity                          582,154     520,565
Total liabilities and stockholders' equity       $1,329,391  $1,325,691

                See notes to condensed consolidated financial statements.

<PAGE>  1


                         SEABOARD CORPORATION AND SUBSIDIARIES
                     Condensed Consolidated Statements of Earnings
                    (Thousands of dollars except per share amounts)
                                     (Unaudited)

                                   Three Months Ended       Six Months Ended
                                    July 3, June 28,        July 3, June 28,
                                      2004     2003           2004     2003
Net sales:
   Products                       $  562,688 $  359,367  $1,040,755 $  703,965
   Services                          134,022    109,723     256,103    209,368
   Other                              15,597     16,793      31,124     34,417
Total net sales                      712,307    485,883   1,327,982    947,750
Cost of sales and operating expenses:
   Products                          511,147    337,983     943,608    663,696
   Services                          102,042     97,767     200,405    184,845
   Other                              11,978     13,116      23,257     26,843
Total cost of sales and operating
  expenses                           625,167    448,866   1,167,270    875,384
Gross income                          87,140     37,017     160,712     72,366
Selling, general and administrative
 expenses                             31,613     26,728      62,423     54,103
Operating income                      55,527     10,289      98,289     18,263
Other income (expense):
   Interest expense                   (6,679)    (6,728)    (14,418)   (13,549)
   Interest income                     1,810        845       3,565      1,587
   Loss from foreign affiliates          (94)    (2,587)       (231)    (5,878)
   Minority and other noncontrolling
     interests                          (312)       145        (394)      (108)
   Foreign currency gain (loss), net     157     (4,731)     (1,504)    (6,101)
   Miscellaneous, net                    533       (876)      2,873      1,332
Total other income (expense), net     (4,585)   (13,932)    (10,109)   (22,717)
Earnings (loss) before income taxes
  and cumulative effect of changes
  in accounting principles            50,942     (3,643)     88,180     (4,454)
Income tax benefit (expense)         (16,686)       727     (26,547)       605
Earnings (loss) before cumulative
  effect of changes in accounting
  principles                          34,256     (2,916)     61,633     (3,849)
Cumulative effect of changes in
  accounting for asset retirement
  obligations and drydock accruals,
  net of income tax expense of
  $550                                     -          -           -      3,648
Net earnings (loss)               $   34,256 $   (2,916) $   61,633 $     (201)

Net earnings (loss) per common share:
Earnings (loss) per share before
  cumulative effect of changes in
  accounting principles           $    27.29 $    (2.32) $    49.11 $    (3.06)
Cumulative effect of changes in
  accounting for asset retirement
  obligations and drydock accruals         -          -           -       2.90
Net earnings (loss) per common
  share                           $    27.29 $    (2.32) $    49.11 $    (0.16)
Dividends declared per common
  share                           $     0.75 $     0.75  $     1.50 $     1.50
Average number of shares
  outstanding                      1,255,054  1,255,054   1,255,054  1,255,054

             See notes to condensed consolidated financial statements.

<PAGE>  2

                           SEABOARD CORPORATION AND SUBSIDIARIES
                      Condensed Consolidated Statements of Cash Flows
                                   (Thousands of dollars)
                                        (Unaudited)

                                                      Six Months Ended
                                                     July 3,    June 28,
                                                      2004        2003
Cash flows from operating activities:
   Net earnings (loss)                            $  61,633   $    (201)
   Adjustments to reconcile net earnings (loss)
     to cash from operating activities:
       Depreciation and amortization                 32,619      32,170
       Loss from foreign affiliates                     231       5,878
       Foreign currency exchange gains                 (221)     (4,602)
       Cumulative effect in accounting changes, net       -      (3,648)
       Deferred income taxes                         20,672       1,294
   Changes in current assets and liabilities:
        Receivables, net of allowance               (41,408)     42,284
        Inventories                                 (11,433)     11,442
        Other current assets                         (7,257)      5,694
        Current liabilities exclusive of debt        28,177      (8,521)
   Other, net                                           514      (1,559)
Net cash from operating activities                   83,527      80,231
Cash flows from investing activities:
   Purchase of short-term investments               (46,257)    (17,881)
   Proceeds from the sale or maturity of short-term
     investments                                     65,899      20,359
   Investments in and advances to foreign
     affiliates, net                                  1,342        (461)
   Capital expenditures                             (12,425)    (18,120)
   Other, net                                         2,249       2,471
Net cash from investing activities                   10,808     (13,632)
Cash flows from financing activities:
   Notes payable to banks, net                      (74,404)    (36,240)
   Principal payments of long-term debt             (30,443)    (29,316)
   Repurchase of minority interest in a controlled
     subsidiary                                      (5,000)          -
   Dividends paid                                    (1,883)     (1,883)
   Bond construction fund                             1,200           -
   Other, net                                          (137)       (965)
Net cash from financing activities                 (110,667)    (68,404)
Effect of exchange rate change on cash                1,363       2,355
Net change in cash and cash equivalents             (14,969)        550
Cash and cash equivalents at beginning of year       37,377      23,242
Cash and cash equivalents at end of period        $  22,408   $  23,792

          See notes to condensed consolidated financial statements.

<PAGE>  3

SEABOARD CORPORATION AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements

Note 1 - Accounting Policies and Basis of Presentation

The  condensed consolidated financial statements include the  accounts
of  Seaboard  Corporation  and its domestic and  foreign  subsidiaries
("Seaboard").  All significant intercompany balances and  transactions
have been eliminated in consolidation.  Seaboard'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 Seaboard for
the  year  ended  December 31, 2003 as filed in its Annual  Report  on
Form   10-K.    Seaboard's  first  three  quarterly  periods   include
approximately 13 weekly periods ending on the Saturday closest to  the
end of March, June and September.  Seaboard's year-end is December 31.

The accompanying unaudited condensed 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.

Interest Rate Exchange Agreements

Seaboard's interest rate exchange agreements do not qualify as  hedges
for  accounting  purposes.   During the three  and  six  months  ended
July  3,  2004  Seaboard  recorded gains of $2,899,000  and  $156,000,
respectively,  related  to  these agreements  compared  to  losses  of
$6,945,000 and $7,694,000 during the same periods of 2003.  The  gains
and  losses  are  included  in miscellaneous,  net  on  the  Condensed
Consolidated Statements of Earnings and reflect changes in fair market
value,  net of interest paid or received.  During the 2004  three  and
six  month  periods,  Seaboard made net  payments  of  $1,055,000  and
$3,267,000,  respectively, compared to payments made of  $958,000  and
$2,943,000  during  the  same  periods  of  2003  resulting  from  the
difference  between the fixed rate paid and variable rate received  on
these agreements.

Supplemental Non-cash Disclosures

The  fluctuation  of the Argentine peso has affected the  U.S.  dollar
value of the peso-denominated assets and liabilities of the Sugar  and
Citrus  segment.   During  the six months ended  July  3,  2004,  this
segment  recorded non-cash gains of $221,000 caused by the revaluation
of  certain  dollar denominated net liabilities compared to  gains  of
$4,602,000  during the six months ended June 28, 2003.  The  following
table  shows  the non-cash impact of the change in exchange  rates  on
various  balance sheet categories for the peso denominated assets  and
liabilities.
                                                    Six Months Ended
                                                   July 3,   June 28,
Increase (thousands of dollars)                      2004      2003

Working capital                                   $ 1,722   $ 7,972
Fixed assets                                          387     8,377
Other long-term net assets or liabilities              10       405

Accounting Changes and New Accounting Standards

Effective  January  1, 2003, Seaboard adopted Statement  of  Financial
Accounting  Standard  No.  143  (SFAS  143),  "Accounting  for   Asset
Retirement  Obligations," which required Seaboard to  record  a  long-
lived  asset  and  related liability for asset  retirement  obligation
costs  associated with the closure of the hog lagoons  it  is  legally
obligated  to  close.   Accordingly,  on  January  1,  2003,  Seaboard
recorded  the cumulative effect of the change in accounting  principle
with  a  charge to earnings of $2,195,000 ($1,339,000 net of  tax,  or
$1.07 per common share).  The following table shows the changes in the
asset retirement obligation during each year.

                           Three Months Ended            Six Months Ended
Thousands of dollars   July 3, 2004  June 28, 2003  July 3, 2004  June 28, 2003

Beginning balance         $6,333        $5,572         $6,086        $5,416
Accretion expense            116           106            229           200
Liability  for additional
 lagoons placed in service     -           231            134           293
Ending balance            $6,449        $5,909         $6,449        $5,909

<PAGE>  4

Through  December  31,  2002, costs expected  to  be  incurred  during
regularly  scheduled drydocking of vessels were accrued ratably  prior
to  the drydock date.  Effective January 1, 2003, Seaboard changed its
method  of accounting for these costs from the accrual method  to  the
direct-expense  method.   Under  the new  accounting  method,  drydock
maintenance costs are recognized as expense when maintenance  services
are   performed.   Seaboard  believes  the  newly  adopted  accounting
principle is preferable in these circumstances because the maintenance
expense  is not recorded until the maintenance services are  performed
and,  accordingly,  the  direct-expense method eliminates  significant
estimates  and  judgments inherent under the  accrual  method.   As  a
result,  on January 1, 2003, the balance of the accrued liability  for
drydock  maintenance as of December 31, 2002 for its Commodity Trading
and Milling, Marine, and Power segments was reversed, resulting in  an
increase  in  earnings of $6,393,000 ($4,987,000 net  of  related  tax
expense or $3.97 per common share) as a cumulative effect of a  change
in accounting principle.

As  of  December  31,  2003,  Seaboard  adopted  Financial  Accounting
Standards Board Interpretation No. 46, revised December 2003 (FIN 46),
"Consolidation of Variable Interest Entities".  FIN 46 applies  to  an
entity  if  its total equity at risk is not sufficient to  permit  the
entity  to  finance  its  activities without  additional  subordinated
support or if the equity investors lack certain characteristics  of  a
controlling   financial   interest.    If   an   entity   has    these
characteristics,  FIN  46  requires a test  to  identify  the  primary
beneficiary  based on expected losses and expected returns  associated
with  the variable interest.  The primary beneficiary is then required
to  consolidate  the  entity.   Based  on  its  evaluations,  Seaboard
consolidated    certain   limited   liability    companies    as    of
December  31,  2003,  which  own certain of  the  facilities  used  in
connection   with  Seaboard's  vertically  integrated  hog  production
because Seaboard was determined to be the primary beneficiary.  If the
consolidation  requirements would have been applied  retroactively  to
January 1, 2003, operating income, net earnings, and net earnings  per
common share during 2003 would have decreased by $64,000, $39,000  and
$0.03, respectively, for the second quarter and $131,000, $80,000  and
$0.06, respectively, for the six month period.

Note 2 - Repurchase of Minority Interest

In  connection with the December 2001 sale of a 10% minority  interest
in  one  of the two power barges in the Dominican Republic, the  buyer
was  given  a three-year option to sell the interest back to  Seaboard
for  the  book  value  at  the time of sale,  pending  collections  of
outstanding  receivables.   During January 2004,  the  buyer  provided
notice  to  exercise  the  option valued at  $5,709,000.   An  initial
payment  of $5,000,000 was paid during the second quarter of  2004  to
reacquire  this  interest  with  the remaining  balance  payable  upon
collection of the remaining outstanding receivables.

In  addition, Seaboard has historically paid commissions to a  related
entity  of  the above party relative to the performance of  the  other
power  barge.   During the second quarter of 2004 Seaboard  agreed  to
terminate   that  relationship  by  making  a  one-time   payment   of
$2,000,000, included in selling, general and administrative expenses.

Note 3 - Comprehensive Income (Loss)

Components of total comprehensive income (loss), net of related taxes,
are summarized as follows:

                                         Three Months Ended   Six Months Ended
                                          July 3,   June 28,  July 3,  June 28,
(Thousands of dollars)                     2004       2003      2004     2003

Net earnings (loss)                       $34,256  $(2,916)   $61,633   $ (201)
Other comprehensive income (loss)
 net of applicable taxes:
  Foreign currency translation adjustment    (317)   2,354      1,927    9,145
  Unrealized gains (losses) on investments    (16)      70         74       38
  Unrealized gains (losses) on cash flow
    hedges                                    (10)      61        (62)     (75)
  Amortization of deferred gain on interest
    rate swaps                                (50)     (50)      (100)    (100)
Total comprehensive income (loss)         $33,863  $  (481)   $63,472   $8,807

<PAGE>  5

The  components of and changes in accumulated other comprehensive loss
for the six months ended July 3, 2004 are as follows:

                                        Balance                  Balance
                                      December 31,  Period        July 3,
(Thousands of dollars)                    2003      Change          2004

Foreign currency translation adjustment $(56,490)   $1,927      $(54,563)
Unrealized gain on investments                14        74            88
Unrecognized pension cost                 (5,772)        -        (5,772)
Net unrealized loss on cash flow hedges      (30)      (62)          (92)
Deferred gain on interest rate swaps         751      (100)          651

Accumulated other comprehensive loss    $(61,527)   $1,839      $(59,688)

The  unrecognized  pension cost is calculated  and  adjusted  annually
during the fourth quarter.  With the exception of the foreign currency
translation  loss to which a 35% federal tax rate is  applied,  income
taxes  for  components  of accumulated other comprehensive  loss  were
recorded using a 39% effective tax rate.

Note 4 - Inventories

The  following  is  a  summary of inventories  at  July  3,  2004  and
December 31, 2003:

                                               July 3,         December 31,
(Thousands of dollars)                          2004              2003

At lower of LIFO cost or market:
      Live hogs & materials                   $152,360          $142,396
      Dressed pork & materials                  18,793            22,220
                                               171,153           164,616
      LIFO allowance                            (9,758)           (7,608)
              Total inventories at lower
                of LIFO cost or market         161,395           157,008
At lower of FIFO cost or market:
      Grain, flour and feed                     96,135            87,831
      Sugar produced & in process               14,900            14,807
      Other                                     21,047            16,387
              Total inventories at lower
                of FIFO cost or market         132,082           119,025
               Total inventories              $293,477          $276,033


Note 5 - Employee Benefits

Seaboard maintains a defined benefit pension plan (the Plan)  for  its
domestic  salaried  and  clerical employees  and  also  sponsors  non-
qualified,   unfunded  supplemental  executive  plans,  and   unfunded
supplemental  retirement agreements with certain executive  employees.
As  a  result  of  recently  passed  pension  relief  legislation  and
finalization  of  Plan  data, in order to  meet  the  minimum  funding
standards  to avoid the Pension Benefit Guaranty Corporation  variable
rate  premiums established by the Employee Retirement Income  Security
Act  of  1974, Seaboard revised its original schedule of contributions
for  2004  from $7,000,000 to $5,763,000.  Payments of $1,922,000  and
$562,000 were made on April 15, 2004 and July 15, 2004, respectively.

The net periodic benefit cost of these plans was as follows:

                                        Three months ended  Six months ended
                                         July 3,  June 28,  July 3,  June 28,
(Thousands of dollars)                    2004      2003     2004      2003

Components of net periodic benefit cost:
 Service cost                          $  742     $  720    $1,614    $1,547
 Interest cost                            881        864     1,855     1,884
 Expected return on plan assets          (775)      (569)   (1,567)   (1,259)
 Amortization and other                   182        232       395       502
 Net periodic benefit cost             $1,030     $1,247    $2,297    $2,674

<PAGE>  6

Note 6 - Contingencies

From  time  to  time bills have been introduced in the  United  States
Senate  and  House  of  Representatives which  include  provisions  to
prohibit  meat  packers, such as Seaboard, from owning or  controlling
livestock  intended  for  slaughter.   If  passed,  such  bills  could
prohibit  Seaboard  from owning or controlling hogs,  and  thus  would
require  divestiture of our operations, possibly at prices  which  are
below  the  carrying  value of such assets on the  balance  sheet,  or
otherwise restructure its ownership and operation.    Such bills could
also be construed as prohibiting or restricting Seaboard from engaging
in  various  contractual arrangements with third party hog  producers,
such  as  traditional contract finishing arrangements.  To date,  none
have been passed into law nor does Seaboard expect any to be passed in
2004.   However, Seaboard cannot assure such legislation will  not  be
adopted  in  the future.    Seaboard, along with industry  groups  and
other  similarly  situated companies, continues  to  vigorously  lobby
against enactment of any such legislation.

Seaboard reached an agreement in 2002 to settle litigation brought  by
the  Sierra  Club.   Under  the terms of the settlement,  Seaboard  is
conducting an environmental investigation to determine the  source  of
elevated  nitrates at three farms and potentially will be required  to
take remedial actions at the farms if conditions so warrant.

Seaboard is subject to regulatory actions and an investigation by  the
United  States  Environmental  Protection  Agency  and  the  State  of
Oklahoma.   One  such  action  involves five  properties  utilized  in
Seaboard's  hog  production operations which were purchased  from  PIC
International Group, Inc. (PIC).  Seaboard has undertaken an extensive
investigation, and has had significant discussions with  the  EPA  and
the  State  of  Oklahoma,  proposing to take a  number  of  corrective
actions  with respect to the farms, and one additional farm, in  order
to   attempt  to  settle  the  action.    In  connection  with   these
discussions,  EPA  and  the State of Oklahoma  each  stated  that  any
settlement  must  include  a  civil fine of  $1,200,000  for  EPA  and
$500,000 for the State of Oklahoma.   Seaboard believes that  the  EPA
has  no authority to impose a civil fine and so advised the EPA  as  a
part  of  a  settlement proposal.  The EPA advised  Seaboard  that  it
rejected   its   most  recent  settlement  proposal   and   settlement
discussions  have terminated.  The EPA could bring an  action  against
Seaboard,  although Seaboard believes it has meritorious  defenses  to
any such action, or the EPA could determine to take no further action.
Settlement discussions are continuing with the State of Oklahoma,  and
Seaboard intends to proceed with its proposed corrective actions  with
respect to the farms.

PIC is indemnifying Seaboard with respect to the action pursuant to an
indemnification  agreement  which has a  $5  million  limit.   If  the
settlement  being discussed with the State of Oklahoma is  agreed  to,
the  estimated  cumulative costs which will  be  expended  will  total
approximately $6.2 million, not including the additional  legal  costs
required  to negotiate the settlement or the $500,000 penalty demanded
by  the  State  of  Oklahoma.  If the measures taken pursuant  to  the
settlement are not effective, other measures with additional costs may
be  required.  PIC has advised Seaboard that it is not responsible for
the   costs  in  excess  of  $5  million.   Seaboard  disputes   PIC's
determination  of  the  costs to be included in  the  calculation  and
believes  that  the costs to be considered are less than  $5  million,
such  that PIC is responsible for all such costs and penalties, except
for  approximately $180,000 of estimated costs that would be  incurred
over  5  years  subsequent to the settlement for certain  testing  and
sampling.  Seaboard has agreed to conduct such testing and sampling as
a  part of the sampling it conducts in the normal course of operations
and  believes  that  the incremental costs incurred  to  conduct  such
testing  and  sampling  will  be less than  $180,000.   Seaboard  also
believes  that  a  more  general  indemnity  agreement  would  require
indemnification of a liability in excess of $5 million (excluding  the
estimated  $180,000  cost  for  testing and  sampling),  although  PIC
disputes  this.   With respect to other actions and the investigation,
neither  is  expected to have a material adverse effect on  Seaboard's
consolidated financial statements.

Seaboard is subject to various other legal proceedings related to  the
normal  conduct  of  its  business,  including  various  environmental
related  actions.  In the opinion of management, none of these actions
is   expected  to  have  a  material  adverse  effect  on   Seaboard's
consolidated financial statements.

Contingent Obligations

Certain of the non-consolidated affiliates and third party contractors
who  perform  services  for Seaboard have bank debt  supporting  their
underlying  operations.   From  time to time,  Seaboard  will  provide
guarantees   of  that  debt  allowing  a  lower  borrowing   rate   or
facilitating  third  party financing in order  to  further  Seaboard's
business  objectives.   Seaboard does not issue  guarantees  of  third
parties for compensation.  The following table sets forth the terms of
guarantees as of July 3, 2004.

<PAGE>  7

Guarantee beneficiary                     Maximum exposure       Maturity

Foreign non-consolidated affiliate grain     $1,000,000       Annual renewal
  processor - Uganda

Foreign non-consolidated affiliate food      $  400,000        August 2004
  product distributor - Ecuador

Various hog contract growers                 $1,585,000       Annual renewal

Seaboard  guaranteed  a  bank borrowing for a  subsidiary  of  a  non-
consolidated foreign affiliate grain processor in Kenya, Unga Holdings
Limited   (Unga),   to  facilitate  bank  financing   used   for   the
rehabilitation  and expansion of a milling facility in  Uganda.   This
guarantee was a part of the original purchase agreement with Unga when
Seaboard first invested in this company in 2000.  The guarantee can be
drawn  upon in the event of non-payment of a bank borrowing by  Unga's
subsidiary.   While  the  guarantee  may  be  cancelled  by   Seaboard
annually, the bank has the right to draw on the guarantee in the event
it  is  advised  that the guarantee will be cancelled.  The  guarantee
renews  annually  until the debt expires in 2007.  During  the  second
quarter of 2004, Seaboard renewed the guarantee for an additional year
but  reduced  it from $1,300,000 to $1,000,000.  Unga has  provided  a
reciprocal guarantee to Seaboard.  As of July 3, 2004, this  affiliate
had $977,000 of borrowings outstanding related to this guarantee.

The  non-consolidated  affiliate food product distributor  in  Ecuador
purchases certain products from a U.S. domiciled vendor.  Seaboard has
guaranteed the payments for these purchases in order to secure  normal
credit terms for this affiliate.

Seaboard  has  guaranteed  a  portion of the  bank  debt  for  certain
farmers,  which  debt  proceeds were used to construct  facilities  to
raise  hogs for Seaboard's Pork division.  The guarantees enabled  the
farmers  to  obtain favorable financing terms.  These bank  guarantees
renew annually until the underlying debt is fully repaid in 2013-2014.
The maximum exposure to Seaboard from these guarantees is $1,585,000.

Seaboard  has  not accrued a liability for any of the third  party  or
affiliate guarantees as management considered the likelihood  of  loss
to be remote.

As of July 3, 2004, Seaboard had outstanding $10,853,000 of letters of
credit  with various banks that reduced Seaboard's borrowing  capacity
under  its committed credit facilities.  The largest letter of  credit
of $8,700,000 is for workers compensation insurance.  Also included is
a  letter  of  credit  for $422,000 to support purchases  for  a  non-
controlled affiliate mill expansion project.  While this affiliate has
sufficient liquidity to pay for the improvements, the mill is  located
in Haiti and the letter of credit was posted in lieu of advance vendor
payments for the purchases.

Note 7 - Segment Information

Seaboard  has  an equity investment in a Bulgarian wine business  (the
Business)  that  is currently negotiating with its primary  lender  to
obtain a working capital line of credit to support inventory purchases
for  the  fall 2004 vintage.   Its current bank covenants for existing
debt  restrict  the  Business  from  obtaining  unapproved  additional
financings.  Without the additional line of credit, the Business  will
not  be  able  to  purchase adequate quantities of grapes  to  support
consistent  production for the next vintage which could result  in  an
additional charge against the Business' earnings for impaired  assets.
As  of  July  3, 2004, Seaboard's investments in and advances  to  the
Business  totaled $14,608,000.  Seaboard's share of  losses  from  the
Business,  included  in  All Other below,  included  a  provision  for
inventory  write-downs totaling $800,000 during the second quarter  of
2004.

During the fourth quarter of 2003, Seaboard sold its equity investment
in  Fjord,  a  non-consolidated affiliate included in  the  All  Other
segment.   Seaboard's  share of Fjord's losses recognized  during  the
three  and  six  months  ended June 28, 2003  totaled  $1,837,000  and
$2,836,000, respectively.

The  following  tables set forth specific financial information  about
each  segment as reviewed by Seaboard's management.  Operating  income
for  segment reporting is prepared on the same basis as that used  for
consolidated operating income.  Operating income, along with income or
losses  from foreign affiliates for the Commodity Trading and  Milling
Division,  is used as the measure when evaluating segment  performance
because  management does not consider interest and income tax  expense
on a segment basis.

<PAGE>  8

Sales to External Customers:
                                 Three Months Ended       Six Months Ended
                                  July 3,  June 28,     July 3,      June 28,
(Thousands of dollars)             2004      2003        2004          2003

Pork                             $263,407  $191,187  $  475,129    $  345,113
Commodity Trading and Milling     293,375   149,366     550,051       327,141
Marine                            118,231   104,038     229,149       196,324
Sugar and Citrus                   15,132    17,823      28,851        30,595
Power                              15,597    16,793      31,124        34,417
All Other                           6,565     6,676      13,678        14,160
   Segment/Consolidated Totals   $712,307  $485,883  $1,327,982    $  947,750


Operating Income:
                                 Three Months Ended       Six Months Ended
                                  July 3,  June 28,     July 3,      June 28,
(Thousands of dollars)             2004      2003        2004          2003

Pork                             $ 38,020  $   (259) $   59,354    $   (1,704)
Commodity Trading and Milling      (2,253)    1,163       6,460         4,557
Marine                             16,632     2,387      24,049         1,436
Sugar and Citrus                    2,561     4,876       6,119         9,338
Power                                (298)    2,476       1,227         4,941
All Other                             870        23       1,395           810
   Segment Totals                  55,532    10,666      98,604        19,378
Corporate Items                        (5)     (377)       (315)       (1,115)
   Consolidated Totals           $ 55,527  $ 10,289  $   98,289    $   18,263


Loss from Foreign Affiliates:
                                 Three Months Ended       Six Months Ended
                                  July 3,  June 28,     July 3,      June 28,
(Thousands of dollars)             2004      2003        2004          2003

Commodity Trading and Milling    $  1,921  $     41  $    2,588    $   (1,659)
All Other                          (2,015)   (2,628)     (2,819)       (4,219)
   Segment/Consolidated Totals   $    (94) $ (2,587) $     (231)   $   (5,878)


Total Assets:
                                                        July 3,   December 31,
(Thousands of dollars)                                   2004         2003

Pork                                                 $  672,006    $  670,288
Commodity Trading and Milling                           264,487       243,065
Marine                                                  113,812       114,375
Sugar and Citrus                                         79,194        75,674
Power                                                    76,159        76,920
All Other                                                15,789        13,953
   Segment Totals                                     1,221,447     1,194,275
Corporate Items                                         107,944       131,416
   Consolidated Totals                               $1,329,391    $1,325,691

<PAGE>  9

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.


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

LIQUIDITY AND CAPITAL RESOURCES

Summary of Sources and Uses of Cash

Cash   and   short-term  investments  decreased  $34.4  million   from
December  31,  2003  primarily reflecting the  use  of  $83.5  million
generated  from operating activities for scheduled payments  of  $30.4
million  on  long-term debt, repayments of $74.4 million of subsidiary
short-term  borrowings, and payments made for capital expenditures  of
$12.4  million.   Cash from operating activities for  the  six  months
ended July 3, 2004, increased $3.3 million compared to the same period
one  year  earlier, primarily reflecting increased earnings offset  by
the increased working capital needs of the Pork, Commodity Trading and
Milling and Power segments.  Receivables in the Pork segment increased
reflecting  strong  sales while inventory levels increased  reflecting
the  recently  populated  new  hog  production  facilities.   For  the
Commodity Trading and Milling segment, the overall increase in trading
activity  caused  increases  in accounts receivable  and  inventories.
Working capital needs also increased for the Power segment as a result
of continuing slow collections of accounts receivable.

Capital Expenditures

Seaboard  invested  $12.4  million in property,  plant  and  equipment
during  2004, of which $4.4 million was expended in the Pork  segment,
$2.7  million  in  the Marine segment, $2.5 million in  the  Commodity
Trading  and  Milling segment, $2.5 million  in the Sugar  and  Citrus
segment  and  $0.3 million in the remaining businesses.   The  capital
expenditures for 2004 are primarily of a normal recurring  nature  and
include  replacements of machinery and equipment, and general facility
modernizations and upgrades.  While there are no material  commitments
for  capital expenditures, during the remainder of 2004 management has
budgeted  additional capital expenditures of $7.1 million in the  Pork
segment,  $3.0  million in the Commodity Trading and Milling  segment,
$5.6  million  in the Marine segment, $3.0 million in  the  Sugar  and
Citrus  segment and $0.3 million of all other businesses.   Management
anticipates  financing  these  capital  expenditures  from  internally
generated  cash,  the  use  of  available  short-term  investments  or
existing short-term borrowing capacity.

Financing Activities and Debt

During  2004, Seaboard entered into two new, one-year committed credit
lines totaling $45.0 million and extended for one year a $20.0 million
committed credit facility.  In addition, Seaboard combined, increased,
and  extended its committed subsidiary credit facilities from a  total
of  $80.0  million to $95.0 million expiring on April 30, 2005.   This
facility is denominated in U.S. dollars.  As of July 3, 2004, Seaboard
had  committed lines of credit totaling $185.0 million and uncommitted
lines  totaling  $32.0  million.  As of  July  3,  2004  Seaboard  had
$1.2  million  of borrowings outstanding under its uncommitted  credit
lines.   Outstanding standby letters of credit totaling $10.9  million
reduced  Seaboard's  borrowing capacity  under  its  committed  credit
lines.

In  addition  to  funding Seaboard's planned capital  expenditures  as
discussed  above, Seaboard's remaining 2004 scheduled  long-term  debt
maturities  total $24.8 million.  Management believes that  Seaboard's
current  combination of internally generated cash, liquidity,  capital
resources  and borrowing capabilities will be adequate to  make  these
scheduled debt payments and support existing operations during  fiscal
2004.    Management   does,  however,  periodically   review   various
alternatives for future financing to provide additional liquidity  for
future  operating  plans.  As management intends to  continue  seeking
opportunities  for  expansion  in the  industries  in  which  Seaboard
operates, management may have to pursue financing alternatives at that
time.

During  2004,  the  10% minority interest owner of one  of  the  power
barges  located in the Dominican Republic exercised a put  option  for
the  equity  interest.   See  Note  2 to  the  Condensed  Consolidated
Financial Statements for further discussion.

<PAGE>  10

See  Note 6 to the Condensed Consolidated Financial Statements  for  a
summary  of  Seaboard's contingent obligations,  including  guarantees
issued to support certain activities of non-consolidated affiliates or
third parties who provide services for Seaboard.

RESULTS OF OPERATIONS

Net sales for the three and six months ended July 3, 2004 increased by
$226.4  and $380.2 million, respectively, compared to the same periods
of 2003.  The increase in net sales was primarily the result of higher
sales  volumes and market prices for pork products, increased  trading
volumes  and  commodity prices, and, to a lesser extent, an  increased
level  of marine cargo service with improved rates.  Operating  income
increased by $45.2 and $80.0 million for the 2004 three and six  month
periods compared to same periods of 2003.  The increase in sales  also
contributed to higher operating income.

Pork Segment
                          Three  Months Ended     Six Months Ended
                           July 3,   June 28,     July 3,  June 28,
(Dollars in millions)        2004      2003        2004      2003

Net sales                  $ 263.4   $ 191.2      $ 475.1   $ 345.1
Operating income (loss)    $  38.0   $  (0.3)     $  59.4   $  (1.7)

Net  sales for the Pork segment increased $72.2 and $130.0 million for
the three and six months of 2004 compared to the same periods of 2003,
primarily  as  a result of higher market prices for pork products  and
higher  sales volumes.  The excess domestic meat supplies  experienced
in early 2003 resulted in lower sales prices through the first quarter
of  2003.  Prices generally improved throughout the remainder of  2003
and  further improved through 2004 as a result of a strong demand  for
pork   products.    Sales  volumes  increased  as  Seaboard   operated
additional weekend processing shifts during 2004 to take advantage  of
the  favorable market conditions, and had an additional three business
days for the 2004 year-to-date period compared to 2003.

Operating   income   for  the  Pork  segment   increased   $38.3   and
$61.1 million for the second quarter and year-to-date periods of  2004
compared with the same periods of 2003 as a result of the higher sales
prices and volumes discussed above, partially offset by an increase in
the  cost of third party hogs and higher feed costs from increases  in
commodity  prices for corn and soybean meal.  In addition, during  the
second  quarter  of 2003, $1.6 million was charged against  operations
for  development  costs  of  potential hog production  sites  Seaboard
decided  not  to  pursue.    Management is unable  to  predict  future
market prices for pork products, feed costs and third party hog costs,
or whether overall market conditions will continue to be as favorable,
and  therefore,  management cannot predict whether this  segment  will
continue to be as profitable during the remainder of 2004.

Commodity Trading and Milling Segment

                          Three  Months Ended     Six Months Ended
                           July 3,   June 28,     July 3,  June 28,
(Dollars in millions)        2004      2003        2004      2003

Net sales                  $ 293.4   $ 149.4      $ 550.1   $ 327.1
Operating income           $  (2.3)  $   1.2      $   6.5   $   4.6
Income (loss) from foreign
  affiliates               $   1.9   $     -      $   2.6   $  (1.7)

Net  sales  for  the  Commodity Trading and Milling segment  increased
$144.0 and $223.0 million for the three and six month periods of  2004
compared to the same periods of 2003.  This increase is primarily  the
result  of  increased trading volumes to third parties and affiliates,
primarily  for wheat, soybean meal and corn, and world-wide  increased
commodity and freight prices.

<PAGE>  11

Operating  income  for  this segment decreased $3.5  million  for  the
second  quarter  of  2004 compared to prior year  and  increased  $1.9
million  for  the  six  month period.  Both 2004 periods  reflect  the
increased  sales volumes in the trading business discussed above,  but
also  reflect  the  negative impact of mark to market  accounting  for
commodity  futures  and options contracts.  While management  believes
its  commodity  futures and options are economic hedges  of  its  firm
purchase and sales contracts, we do not perform the extensive  record-
keeping  required to account for commodity transactions as hedges  for
accounting purposes.  As a result, operating income for the three  and
six  month periods of 2004 includes losses of $11.8 and $10.5 million,
respectively,  compared  to gains of $0.4 and  $0.1  million  for  the
comparable 2003 periods for these mark-to-market adjustments.   It  is
anticipated  that  during the second half of  2004,  as  products  are
delivered  to customers, most of the negative impact of  the  mark  to
market  accounting  noted  above will  reverse,  resulting  in  higher
operating  income at that time.  In addition, charter hire rates  were
significantly  higher during 2004 compared to 2003 but were  primarily
offset by increased freight rates charged.  Seaboard had entered  into
some  longer  term  charter contracts in 2003,  allowing  it  to  take
advantage of higher freight chartering opportunities during the second
quarter   of  2004.   However,  Seaboard  does  not  anticipate   such
opportunities  to  repeat  in the last  half  of  2004.   Due  to  the
uncertain political and economic conditions in the countries in  which
Seaboard  operates, management is unable to predict future  sales  and
operating  results,  but  anticipates  positive  operating  income  to
continue in 2004.

Income from foreign affiliates for the three and six months ended July
3,  2004  improved  $1.9  and  $4.3 million,  respectively,  from  the
comparable  2003  periods  primarily  reflecting  improved   operating
results  from  most  African  milling operations.   Based  on  current
political and economic situations in the countries in which the  flour
and  feed mills operate, management cannot predict whether the foreign
affiliates will remain profitable for the remainder of 2004.

Marine Segment
                          Three  Months Ended     Six Months Ended
                           July 3,   June 28,     July 3,  June 28,
(Dollars in millions)        2004      2003        2004      2003

Net sales                  $ 118.2   $ 104.0      $ 229.1   $ 196.3
Operating income           $  16.6   $   2.4      $  24.0   $   1.4

Net sales for the Marine segment increased $14.2 and $32.8 million for
the  three and six month periods of 2004 compared to the same  periods
of  2003  reflecting  higher cargo volumes and, to  a  lesser  extent,
increased  average  cargo rates.  The 2003 periods were  significantly
negatively impacted by the general strike in Venezuela which began  in
2002   and  continued  into  February  of  2003,  resulting   in   the
discontinuance of all port calls to that country.  While the political
and  economic instability remains in Venezuela and that market has not
yet  fully recovered, cargo volumes have continued to increase  during
2004  compared to 2003.  In addition, cargo volumes also increased  in
most  other markets.  Average cargo rates for 2004 improved over  2003
reflecting  improved  market conditions and improved  cargo  mixes  in
certain  markets.  Partially offsetting these increases  for  the  six
month period, 2003 periods included revenue from chartering of certain
company-owned vessels to carry military cargo to the Middle East.

Operating   income  for  the  Marine  segment  increased   $14.2   and
$22.6 million during the 2004 three and six month periods compared  to
the  same periods in 2003, primarily reflecting the increased  volumes
and  rates discussed above.  Management cannot predict whether  or  to
what  extent  economic conditions will change for the  Venezuelan  and
related  markets,  and therefore cannot predict whether  this  segment
will  continue  to  operate  at the same comparative  improved  volume
levels during the remainder of 2004 as it experienced during the first
six months of the year.

The  U.S.  Maritime  Transportation  Security  Act  and  corresponding
international  regulations  under The  International  Ship  and  Port-
facility Security Code were effective July 1, 2004.  These regulations
require  comprehensive security assessments and plans for vessels  and
facilities in the U.S. and throughout the world.  Management  believes
Seaboard  is in compliance and to date has not experienced  any  trade
disruptions,  although  it can not predict if  any  disruptions  could
occur in the future if foreign ports do not fully comply.

<PAGE>  12

Sugar and Citrus Segment
                          Three  Months Ended     Six Months Ended
                           July 3,   June 28,     July 3,  June 28,
(Dollars in millions)        2004      2003        2004      2003

Net sales                  $  15.1   $  17.8      $  28.9   $  30.6
Operating income           $   2.6   $   4.9      $   6.1   $   9.3

Net  sales for the Sugar and Citrus segment decreased in the three and
six  month  periods  of  2004 compared to the  same  periods  of  2003
reflecting  lower  average sales prices and lower volumes  sold.   The
lower  prices  reflect the abundant 2003 harvest  in  Argentina  which
resulted  in  large sugar supplies.  The lower sales  volume  reflects
less  resale sugar as a result of lower quantities of sugar  purchased
from  third  parties.   While management cannot predict  future  sales
prices, management does not expect sales prices to increase above  the
2003 prices for the remainder of 2004.

Operating income decreased $2.3 and $3.2 million during the three  and
six month periods of 2004 compared to the prior year periods primarily
due  to  the higher inventoried costs of the recent sugar harvest  and
production.   During  2003, the peso price of  sugar  increased  at  a
higher rate than the related peso costs, a trend that has now reversed
as  expenses are increasing.  Management expects operating income  for
2004 will remain positive although lower than comparable 2003 periods.

Power Segment
                          Three  Months Ended     Six Months Ended
                           July 3,   June 28,     July 3,  June 28,
(Dollars in millions)        2004      2003        2004      2003

Net sales                  $  15.6   $  16.8      $  31.1   $  34.4
Operating income (loss)    $  (0.3)  $   2.5      $   1.2   $   4.9

The  economic environment of the Dominican Republic remained  unstable
throughout  the  first half of 2004.  Even though multilateral  credit
agencies  have provided some funding to the government,  the  economic
problems still exist.  The Power segment was able to collect  a  small
portion  of past due amounts from certain distribution companies,  but
significant  balances are still outstanding from other generating  and
distribution     companies.    As   of  July  3,  2004, Seaboard's net
receivables  from customers with significant past due balances totaled
$20.3  million, including  $10.7 million classified in other long-term
assets  on  the  Condensed  Consolidated  Balance Sheet.  Seaboard  is
continuing  to  contract  directly   with  large  power   users  which
reduces  the exposure  to  changes in  spot  market   rates,  currency
fluctuations and   collection  risks.  However,   Seaboard   continues
to  have   a significant  exposure   to   partially   government-owned
distribution companies.  As  a  result of the economic instability  in
this country, during  2004 the Dominican Republic  peso  continued  to
weaken  against the U.S.  dollar,  causing  foreign exchange losses of
$0.7 million and $2.6  million for the three and  six  months  of 2004
related to the peso-denominated  net  assets  compared  to  losses  of
$4.9 and $6.7 million for the same 2003 periods.  The exchange  losses
are included in other income (expense) on  the Condensed  Consolidated
Statements of Earnings and are not a component of operating income.

Net  sales  for the Power segment decreased $1.2 and $3.3 million  for
the  three and six month periods of 2004 compared to the same  periods
of  2003  due  to  lower production partially offset by  higher  sales
prices  during  the 2004 periods.  Periodically during 2004,  Seaboard
has   curtailed   production  due  to  management's   concerns   about
collectibility  of  the  revenues.   Management  may  impose   further
curtailments if liquidity conditions warrant.

Operating income decreased $2.8 and $3.7 million for the three and six
months  of  2004  compared to the same periods of 2003  as  commission
expenses increased by $2.0 and $2.5 million for each respective period
and   bad   debt   expenses  increased  by  $0.7  and  $1.5   million,
respectively.   As  discussed in Note 2 to the Condensed  Consolidated
Financial Statements, during the second quarter Seaboard made  a  one-
time  commission  payment  of  $2  million  to  terminate  a  business
relationship.   Pending improvement to the economic  problems  in  the
country,  management cannot predict whether this segment  will  remain
profitable for the remainder of 2004.

<PAGE>  13

All Other
                          Three  Months Ended     Six Months Ended
                           July 3,   June 28,     July 3,  June 28,
(Dollars in millions)        2004      2003        2004      2003

Net sales                  $   6.6   $   6.7      $  13.7   $  14.2
Operating income           $   0.9   $     -      $   1.4   $   0.8
Income (loss) from foreign
  affiliates               $  (2.0)  $  (2.6)     $  (2.8)  $  (4.2)

Net  sales for All Other remained consistent with 2003 while operating
income increased slightly reflecting improved operations primarily for
the  pepper processing business.  The loss from foreign affiliates  in
2004  represents  Seaboard's share of losses from  its  equity  method
investment  in  a Bulgarian wine business.  This business  recorded  a
provision  for  inventory write-downs of which Seaboard  recorded  its
share,  $0.8 million, during the second quarter of 2004.   See Note  7
to   the  Condensed  Consolidated  Financial  Statements  for  further
discussion of this business.

The  2003 foreign affiliate losses also included losses for Seaboard's
share of Fjord Seafood ASA (Fjord) results which totaled $1.8 and $2.8
million  for  three and six month periods, respectively.   The  equity
investment in Fjord was sold during the fourth quarter of 2003.

Selling, General and Administrative Expenses

Selling, general and administrative (SG&A) expenses for the three  and
six  month periods of 2004 increased by $4.9 and $8.3 million over the
same  periods of 2003 primarily due to increased commissions  and  bad
debt  expense in the Power segment and, to a lesser extent,  increased
selling costs in the Commodity Trading and Milling and Marine segments
related  to  the  growth  of these businesses.   As  a  percentage  of
revenues,  SG&A  decreased to 4.4% and 4.7% for the 2004  quarter  and
year-to-date periods, respectively, compared to 5.5% and 5.7% for  the
same  periods  of  2003 as a result of increased sales  in  the  Pork,
Commodity Trading and Milling, and Marine segments.

Interest Expense

Interest  expense  for the quarter and year to date  periods  of  2004
remained  fairly  consistent with the prior year.  During  the  second
quarter  of 2004, Seaboard repaid nearly all of the subsidiary  short-
term borrowings with cash from operations.

Interest Income

Interest income increased $1.0 and $2.0 million for the three and  six
month  periods of 2004 compared to the same periods of 2003 reflecting
higher  level  of  average  funds invested during  2004  and  interest
proceeds from past due receivables, primarily in the Power segment.

Foreign Currency Gains (Losses)

Seaboard  realized net foreign currency gains of $0.2  million  during
the  second quarter of 2004 compared to losses of $4.7 million in  the
prior  year  and  losses of $1.5 and $6.1 million for  the  six  month
periods  of  2004 and 2003, respectively.  Losses from the devaluation
of  the Dominican Republic peso totaled $0.7 and $2.6 million for  the
three  and  six  months  ended  July 3,  2004  compared  to  $4.9  and
$6.7  million  during the same periods in 2003. Seaboard  operates  in
many  developing  countries throughout the world.  The  political  and
economic  conditions  of  these markets cause volatility  in  currency
exchange rates and expose Seaboard to the risk of exchange loss.

Miscellaneous, Net

Miscellaneous,  net for the three and six months ended  July  3,  2004
includes  realized  gains  (losses) of ($0.6)  and  $0.9  million  and
unrealized  losses  of $2.3 and $0.7 million, respectively,  from  the
mark  to  market  of  commodity futures  and  options  contracts  that
management  doesn't view as direct economic hedges of its  operations.
In  addition,  miscellaneous, net for the six  months  ended  in  2004
includes  a  gain  of  $0.5 million from the settlement  of  antitrust
litigation  for feed additives used by Seaboard.  The 2003  three  and
six  month periods also include gains totaling $4.7 and $6.6  million,
respectively, from antitrust litigation for feed additives.   Mark  to
market  gains  on  interest  rate swap agreements  totaling  $2.9  and
$0.2  million  for  the 2004 three and six month  periods  compare  to
losses of $6.9 and $7.7 million for same periods of 2003.  These  swap
agreements  do  not  qualify  as hedges for  accounting  purposes  and
accordingly, changes in the market value are recorded to  earnings  as
interest rates change.

Income Tax Expense

The  effective tax rate increased to 30.1% for 2004 compared to  21.5%
for  2003  primarily as a result of increased domestic taxable  income
and lower amounts of permanently deferred foreign earnings.

<PAGE>  14

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

Seaboard is exposed to various types of market risks from its  day-to-
day  operations.  Primary market risk exposures result  from  changing
commodity prices, foreign currency exchange rates and interest  rates.
Changes  in  commodity  prices  impact  the  cost  of  necessary   raw
materials,   finished  product  sales  and  firm  sales   commitments.
Seaboard  uses  various grain and meal futures  and  options  purchase
contracts  to  manage  certain  risks  of  increasing  prices  of  raw
materials and firm sales commitments.  Short sales contracts are  then
used  to  offset  any  open  purchase  derivatives  when  the  related
commodity   inventory  is  purchased  in  advance  of  the  derivative
maturity, effectively canceling the initial futures or option purchase
contract.  From time to time, hog futures are used to manage risks  of
increasing  prices  of  live hogs acquired  for  processing.   Because
changes  in  foreign currency exchange rates impact the cash  paid  or
received  on  foreign currency denominated receivables  and  payables,
Seaboard  manages certain of these risks through the  use  of  foreign
currency  forward exchange agreements.  Changes in the  exchange  rate
for  the  Argentine  peso  affect the valuation  of  foreign  currency
denominated  net  assets of Seaboard's Argentine  subsidiary  and  net
earnings  for  the  impact of the change on that  subsidiary's  dollar
denominated  net  liabilities.  Changes in interest rates  impact  the
cash  required  to  service variable rate debt.  From  time  to  time,
Seaboard  uses  interest  rate swaps to  manage  risks  of  increasing
interest  rates.   Seaboard's market risk exposure  related  to  these
items has not changed materially since December 31, 2003.

Item 4.  Controls and Procedures

Seaboard's management has evaluated, under the direction of our  chief
executive   and   chief  financial  officers,  the  effectiveness   of
Seaboard's  disclosure controls and procedures as  of  July  3,  2004.
Based  upon  and  as of the date of that evaluation, Seaboard's  chief
executive  and  chief  financial officers  concluded  that  Seaboard's
disclosure  controls  and  procedures were effective  to  ensure  that
information  required  to be disclosed in the  reports  it  files  and
submits  under  the  Securities Exchange  Act  of  1934  is  recorded,
processed, summarized and reported as and when required.  It should be
noted  that any system of disclosure controls and procedures,  however
well  designed  and  operated, can provide only  reasonable,  and  not
absolute,  assurance that the objectives of the system  are  met.   In
addition,  the  design  of  any  system  of  disclosure  controls  and
procedures  is based in part upon assumptions about the likelihood  of
future events.  Because of these and other inherent limitations of any
such  system,  there can be no assurance that any design  will  always
succeed  in  achieving  its stated goals under  all  potential  future
conditions, regardless of how remote.

There has been no change in Seaboard's internal control over financial
reporting that occurred during the fiscal quarter ended July  3,  2004
that  has  materially affected, or is reasonably likely to  materially
affect, Seaboard's internal control over financial reporting.


PART II - OTHER INFORMATION

Item 1.  Legal Proceedings

Environmental  Protection Agency (EPA) and State  of  Oklahoma  Claims
Concerning Farms in Major and Kingfisher County, Oklahoma

Seaboard  Farms,  Inc.  (Seaboard Farms), is  subject  to  an  ongoing
Unilateral  Administrative  Order  (the  "RCRA  Order")  pursuant   to
Section  7003  of  the  Resource Conservation  and  Recovery  Act,  as
amended, 42 U.S.C. section 6973 ("RCRA"), filed by the EPA on June 29,
2001 against  Seaboard Farms, Shawnee Funding, Limited Partnership and
PIC International Group, Inc. ("PIC")  (collectively,   "Respondents")
related  to   five swine farms located in Major County and  Kingfisher
County, Oklahoma purchased from PIC.  These same farms are the subject
of  a  Notice of Violation letter received from the State of Oklahoma,
alleging that Seaboard Farms has violated various provisions of  state
law  and the operating permits based on the same conditions which gave
rise to the RCRA Order.

Seaboard  Farms  disputes the RCRA Order and the State  of  Oklahoma's
contentions on legal and factual grounds, and advised the EPA that  it
won't  comply  with  the  RCRA  Order, as  written.   Notwithstanding,
Seaboard  Farms  has undertaken an extensive investigation  under  the
RCRA  Order, and has had significant discussions with the EPA and  the
State  of  Oklahoma, proposing to take a number of corrective  actions
with respect to the farms in order to attempt to settle the RCRA Order
and  the Oklahoma Notice of Violation. As a part of those discussions,
the  EPA  and the State of Oklahoma, advised Seaboard Farms  that  one
additional  farm  in  Kingfisher  County  must  be  included  in   any
settlement,  although neither agency has filed any formal claims  with
respect to that farm.    The EPA recently advised Seaboard Farms  that
any such settlement must include a civil fine of $1,200,000.  Seaboard
Farms  believes that the EPA has no authority to impose a  civil  fine
and  so  advised the EPA as a part of a settlement proposal.  The  EPA
advised   Seaboard   Farms   that   it   rejected   its  most   recent

<PAGE>  15

settlement proposal and settlement discussions have terminated.   The
EPA could bring an action against Seaboard Farms to enforce  the  RCRA
Order, although Seaboard Farms believes it has meritorious defenses to
any such action, or the EPA could determine to take no further action.
The  State  of  Oklahoma  recently advised  Seaboard  Farms  that  any
settlement  with  it  must  include  a  civil  fine  of  approximately
$500,000.   Settlement discussions are continuing with  the  State  of
Oklahoma,  and  Seaboard Farms intends to proceed  with  its  proposed
corrective actions with respect to the farms.

The  farms  at  issue  were  previously  owned  by  PIC  and  PIC   is
indemnifying Seaboard Farms with respect to the RCRA Order  (reserving
its  right  to  contest  the obligation to  do  so),  pursuant  to  an
indemnification  agreement  which has a  $5  million  limit.   If  the
settlement  being discussed with the State of Oklahoma is  agreed  to,
the  estimated cumulative costs which will be expended pursuant to the
settlement  will total approximately $6.2 million, not  including  the
additional  legal costs required to negotiate the settlement  and  not
including the approximately $500,000 penalty suggested by the State of
Oklahoma.   If the measures taken pursuant to the settlement  are  not
effective or if certain additional issues arise at the farms after the
settlement, other measures with additional costs may be required.  PIC
has advised Seaboard Farms that it is not responsible for the costs in
excess of $5 million.  Seaboard Farms disputes PIC's determination  of
the  costs to be included in the calculation.  Seaboard Farms believes
that  the  costs to be considered are less than $5 million, such  that
PIC  is  responsible  for  all such costs and  penalties,  except  for
approximately $180,000 of estimated costs that would be incurred  over
5 years subsequent to the settlement for certain testing and sampling.
Seaboard  Farms has agreed to conduct such testing and sampling  as  a
part  of  the sampling it conducts in the normal course of  operations
and  believes  that  the incremental costs incurred  to  conduct  such
testing and sampling will be less than $180,000.  Seaboard Farms  also
believes  that  a  more  general  indemnity  agreement  would  require
indemnification  of liability in excess of $5 million  (excluding  the
estimated  $180,000  cost  for  testing and  sampling),  although  PIC
disputes this.

Potential Additional EPA Claims

As   disclosed  in  previous  filings,  EPA  has  been  conducting   a
broad-reaching investigation of Seaboard Farms, seeking information as
to   compliance  with  the  Clean  Water  Act  ("CWA"),  Comprehensive
Environmental  Response, Compensation & Liability Act ("CERCLA"),  and
the  Clean Air Act ("CAA").  In a letter dated May 24, 2004, EPA  made
certain  demands to resolve alleged violations of the CWA, CERCLA  and
the  CAA.   Seaboard  Farms  has rejected certain  portions  of  EPA's
demands  on  the  basis that they are beyond EPA's  authority  and  is
seeking  clarification of other demands.  Seaboard Farms has  proposed
to  conduct  certain  studies to resolve the  CAA  allegations,  which
studies are estimated to cost approximately $30,000.

Other

On  January  26,  2004, the U.S. Department of Justice  sent  Seaboard
Marine,  Ltd.  a  letter  stating that it was  investigating  possible
violations of 49  U.S.C. sections  5104-5124  and  49 C.F.R.  sections
171-173  relating to  the  transportation,  storage  and  discharge of
hazardous materials.  Seaboard Marine is in the process of  finalizing
a plea agreement with the Department of Justice pleading guilty to the
violations.  The  plea  agreement  requires  Seaboard  Marine to pay a
fine,  restitution and other costs totaling approximately $300,000, to
implement a compliance  plan,  and  to  conduct training of employees.

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

The  annual meeting of stockholders, held on April 26, 2004,  included
three  items submitted to a vote of stockholders.  Item 4 of the  Form
10-Q for the first quarter ended April 3, 2004 which was filed on  May
7,  2004  discloses  the  results  of the  shareholder's  vote,  which
disclosure is incorporated herein by reference.

<PAGE>  16

Item 6.  Exhibits and Reports on Form 8-K

(a)  Exhibits

     31.1 Certification  of  the Chief Executive Officer  Pursuant  to
          Exchange  Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant
          to Section 302 of the Sarbanes-Oxley Act of 2002

     31.2 Certification  of  the Chief Financial Officer  Pursuant  to
          Exchange  Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant
          to Section 302 of the Sarbanes-Oxley Act of 2002

     32.1 Certification of the Chief Executive Officer Pursuant to  18
          U.S.C.  Section 1350, as Adopted Pursuant to Section 906  of
          the Sarbanes-Oxley Act of 2002

     32.2 Certification of the Chief Financial Officer Pursuant to  18
          U.S.C.  Section 1350, as Adopted Pursuant to Section 906  of
          the Sarbanes-Oxley Act of 2002

(b)  Reports on Form 8-K.

      i.  On May 7, 2004, Seaboard Corporation filed a report on Form 8-K
          with respect to Items 7 and 12 to report Seaboard's issuance of a
          press release announcing earnings of Seaboard Corporation for the
          first quarter ended April 3, 2004.

This Form 10-Q contains forward-looking statements with respect to the
financial condition, results of operations, plans, objectives,  future
performance  and business of Seaboard Corporation and its subsidiaries
(Seaboard).   Forward-looking statements generally may  be  identified
as:  statements  that  are not historical in  nature;  and  statements
preceded  by,  followed  by  or  that include  the  words  "believes,"
"expects,"    "may,"   "will,"   "should,"   "could,"   "anticipates,"
"estimates,"  "intends,"  or similar expressions.   In  more  specific
terms,   forward-looking  statements,  include,  without   limitation:
statements concerning projection of revenues, income or loss,  capital
expenditures,  capital structure or other financial  items,  including
the   impact  of  mark  to  market  accounting  on  operating  income;
statements regarding the plans and objectives of management for future
operations;  statements  of  future economic  performance;  statements
regarding  the intent, belief or current expectations of Seaboard  and
its  management  with  respect to: (i) the  cost  and  timing  of  the
completion  of new or expanded facilities, (ii) Seaboard's ability  to
obtain  adequate  financing and liquidity, (iii)  the  price  of  feed
stocks  and other materials used by Seaboard, (iv) the sale price  for
pork  products from such operations, (v) the price for other  products
and  services,  (vi)   the  charter hire rates  and  fuel  prices  for
vessels,  (vii) the demand for power, related spot market  prices  and
collectibility  of receivables in the Dominican Republic,  (viii)  the
effect  of  the  devaluation of the Argentine and  Dominican  Republic
pesos,  (ix)  the  potential effect of the proposed  meat  packer  ban
legislation  on  the Pork Division, (x) the effect of  the  Venezuelan
economy  on  the  Marine  Division,  (xi)  the  potential  effect   of
Seaboard's investment in a wine business on the consolidated financial
statements,  (xii)  the  potential  impact  of  various  environmental
actions pending or threatened against Seaboard, or (xiii) other trends
affecting Seaboard's financial condition or results of operations, and
statements  of the assumptions underlying or relating to  any  of  the
foregoing statements.

Forward-looking statements are not guarantees of future performance or
results.   They involve risks, uncertainties and assumptions.   Actual
results  may differ materially from those contemplated by the forward-
looking  statements  due  to a variety of  factors.   The  information
contained in this report, including without limitation the information
under  the headings "Management's Discussion and Analysis of Financial
Condition  and  Results of Operations," identifies  important  factors
which could cause such differences.

<PAGE>  17



                              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:  August 10, 2004

                           Seaboard Corporation


                           by: /s/ Robert L. Steer
                               Robert L. Steer, Senior Vice President,
                               Treasurer and Chief Financial Officer
                               (principal financial officer)



                           by: /s/ John A. Virgo
                               John A. Virgo, Vice President,
                               Corporate Controller
                               and Chief Accounting Officer
                               (principal accounting officer)

<PAGE>  18





</TEXT>
</DOCUMENT>
