<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>q10-2q.txt
<DESCRIPTION>SEABOARD CORPORATION 2005 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 2, 2005

                                  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 25, 2005.


                                   Total pages in filing - 22 pages

<PAGE>


PART I - FINANCIAL INFORMATION
Item 1.  Financial Statements

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

                                                    July 2,     December 31,
                                                     2005          2004

                                      Assets

Current assets:
   Cash and cash equivalents                      $   46,559   $   14,620
   Short-term investments                            238,562      119,259
   Receivables, net                                  241,684      246,129
   Inventories                                       264,491      301,049
   Deferred income taxes                              15,382       14,341
   Other current assets                               46,506       48,040
Total current assets                                 853,184      743,438
Investments in and advances to foreign affiliates     36,004       38,001
Net property, plant and equipment                    605,132      603,382
Other assets                                          42,968       51,873
Total assets                                      $1,537,288   $1,436,694

                 Liabilities and Stockholders' Equity

Current liabilities:
   Notes payable to banks                         $    1,385   $    1,789
   Current maturities of long-term debt               60,932       60,756
   Accounts payable                                   90,053       83,506
   Other current liabilities                         153,089      162,855
Total current liabilities                            305,459      308,906
Long-term debt, less current maturities              232,205      262,544
Deferred income taxes                                125,105      125,559
Other liabilities                                     47,698       44,865
Total non-current and deferred liabilities           405,008      432,968
Minority and other noncontrolling interests            2,225        2,138
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              (51,205)     (53,741)
   Retained earnings                                 874,546      745,168
Total stockholders' equity                           824,596      692,682
Total liabilities and stockholders' equity        $1,537,288   $1,436,694

          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 2,     July 3,     July 2,     July 3,
                                     2005        2004        2005        2004
Net sales:
   Products                     $  547,689  $  562,688  $1,090,952  $1,040,755
   Services                        168,475     134,022     323,756     256,103
   Other                            20,798      15,597      35,581      31,124
Total net sales                    736,962     712,307   1,450,289   1,327,982
Cost of sales and operating
 expenses:
   Products                        475,454     511,147     929,861     943,608
   Services                        130,697     102,042     248,072     200,405
   Other                            16,311      11,978      29,295      23,257
Total cost of sales and operating
 expenses                          622,462     625,167   1,207,228   1,167,270
Gross income                       114,500      87,140     243,061     160,712
Selling, general and
 administrative expenses            32,352      31,613      63,833      62,423
Operating income                    82,148      55,527     179,228      98,289
Other income (expense):
   Interest expense                 (5,611)     (6,679)    (11,604)    (14,418)
   Interest income                   2,752       1,810       6,256       3,565
   Loss from foreign affiliates     (1,223)        (94)     (1,744)       (231)
   Minority and other
    noncontrolling interests           (40)       (312)       (472)       (394)
   Foreign currency gain (loss),
    net                               (623)        157          59      (1,504)
   Loss from the sale of a portion
    of operations                   (1,773)          -      (1,773)          -
   Miscellaneous, net               (2,701)        533         306       2,873
Total other income (expense), net   (9,219)     (4,585)     (8,972)    (10,109)
Earnings before income taxes        72,929      50,942     170,256      88,180
Income tax expense                 (10,345)    (16,686)    (38,995)    (26,547)
Net earnings                    $   62,584  $   34,256  $  131,261  $   61,633

Earnings per common share       $    49.87  $    27.29  $   104.59  $    49.11
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 2,     July 3,
                                                         2005        2004

Cash flows from operating activities:
   Net earnings                                      $ 131,261   $  61,633
   Adjustments to reconcile net earnings to cash
     from operating activities:
       Depreciation and amortization                    30,943      32,619
       Loss from foreign affiliates                      1,744         231
       Foreign currency exchange gains                     (29)       (221)
       Loss from the sale of a portion of operations     1,773           -
       Deferred income taxes                            (2,101)     20,672
   Changes in current assets and liabilities,
     net of portion of operations sold:
        Receivables, net of allowance                    7,525     (41,408)
        Inventories                                     16,420     (11,433)
        Other current assets                            (2,447)     (7,257)
        Current liabilities exclusive of debt              186      28,177
   Other, net                                            2,165         514
Net cash from operating activities                     187,440      83,527
Cash flows from investing activities:
   Purchase of short-term investments                 (381,475)    (46,257)
   Proceeds from the sale or maturity of short-term
    investments                                        262,172      65,899
   Investments in and advances to foreign affiliates,
    net                                                  1,590       1,342
   Proceeds from the sale of a portion of operations    23,633           -
   Capital expenditures                                (33,082)    (12,425)
   Other, net                                            4,346       2,249
Net cash from investing activities                    (122,816)     10,808
Cash flows from financing activities:
   Notes payable to banks, net                            (404)    (74,404)
   Principal payments of long-term debt                (30,084)    (30,443)
   Repurchase of minority interest in a controlled
    subsidiary                                               -      (5,000)
   Dividends paid                                       (1,883)     (1,883)
   Other, net                                             (436)      1,063
Net cash from financing activities                     (32,807)   (110,667)
Effect of exchange rate change on cash                     122       1,363
Net change in cash and cash equivalents                 31,939     (14,969)
Cash and cash equivalents at beginning of year          14,620      37,377
Cash and cash equivalents at end of period           $  46,559   $  22,408

            See notes to condensed consolidated financial statements.

<PAGE> 3

SEABOARD CORPORATION AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)

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, 2004 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.

Derivative Instruments

As  of  January  1,  2005, Seaboard discontinued  accounting  for  its
foreign  currency exchange agreements as hedges for all new agreements
entered  into by the commodity trading business.  In addition,  as  of
January  1,  2005, Seaboard de-designated all then outstanding  hedges
with  a  value  of $5,558,000, effectively fixing the asset  resulting
from the mark-to-market gain on the firm sales commitment recorded  in
other current assets on the Consolidated Balance Sheets as of December
31,  2004,  until  such  time  as the firm sales  commitments  mature.
Beginning  January 1, 2005, the mark-to-market changes in the  foreign
exchange  agreements  were no longer offset  with  the  mark-to-market
changes of the underlying firm sales commitment.  While $1,249,000 and
$4,191,000 of the related sales were consummated during the three  and
six  months ended July 2, 2005, respectively, $1,317,000 of  the  firm
sales  commitments were also sold as part of the sale of a portion  of
the  third  party  trading operations as discussed  in  Note  2.   The
remaining net asset value as of July 2, 2005 related to those retained
open  firm  sales  commitments totaled $50,000.   Although  management
believes all of these instruments effectively manage market risks, the
growth  of Seaboard's commodity trading business increased the ongoing
costs to maintain the extensive record-keeping requirements to qualify
these instruments as hedges for accounting purposes.

Seaboard's interest rate exchange agreements do not qualify as  hedges
for  accounting purposes.  During the three and six months ended  July
2,  2005  Seaboard  recorded  losses  of  $4,365,000  and  $1,387,000,
respectively,  related  to  these  agreements  compared  to  gains  of
$2,899,000  and $156,000 during the same periods of 2004.   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 2005  three  and
six  month  periods,  Seaboard  made  net  payments  of  $733,000  and
$2,422,000  respectively, compared to payments made of $1,055,000  and
$3,267,000  during  the  same  periods  of  2004  resulting  from  the
difference  between the fixed rate paid and variable rate received  on
these agreements.

The   nature  of  Seaboard's  market  risk  exposure  related  to  its
derivative    instruments   has   not   changed    materially    since
December 31, 2004 although the amount of commodity futures and  option
contracts  and foreign exchange contracts decreased considerably  with
the  sale  of  a  portion  of the third party  trading  operations  as
discussed in Note 2.

Asset Retirement Obligations

Seaboard  has  recorded 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.  The following  table
shows  the changes in the asset retirement obligation during the three
and six month periods of each year.

                            Three Months Ended            Six Months Ended
Thousands of dollars    July 2, 2005  July 3, 2004   July 2, 2005  July 3, 2004

Beginning balance           $6,382        $6,333         $6,266        $6,086
Accretion expense              116           116            232           229
Liability for additional
 lagoons placed in service       -             -              -           134
Ending balance              $6,498        $6,449         $6,498        $6,449

<PAGE> 4

New Accounting Standards

On  December  21,  2004,  the FASB issued FASB Staff  Position  109-2,
"Accounting   and   Disclosure  Guidance  for  the  Foreign   Earnings
Repatriation Provision within the American Jobs Creation Act of  2004"
(FSP  109-2).   FSP  109-2, which was effective upon issuance,  allows
companies  time beyond the financial reporting period of enactment  to
evaluate the effect of the earnings repatriation provision on its plan
for  reinvestment or repatriation of foreign earnings for purposes  of
applying   SFAS  109.   Additionally,  FSP  109-2  provides   guidance
regarding   the   required   disclosures   surrounding   a   company's
reinvestment  or repatriation of foreign earnings.   See  Note  4  for
further discussion.

Note  2  -  Acquisitions,  Dispositions  and  Repurchase  of  Minority
            Interest

Effective May 9, 2005 Seaboard's Commodity Trading and Milling segment
agreed  to  sell some components of its third party commodity  trading
operations,  consisting primarily of certain forward sales  contracts,
certain  grain  inventory and all related contracts  to  support  such
sales  contracts,  including commodity futures  and  options,  foreign
exchange  agreements,  purchase contracts and charter  agreements  for
$23,633,000, subject to final adjustments.  This transaction closed on
May  27, 2005.  As a result of the sale, Seaboard intends to focus  on
the  supply  of raw materials to its core milling operations  and  the
transaction  of  third  party commodity trades  in  support  of  these
operations.   In addition, Seaboard intends to continue  competing  in
many  of  the markets and routes associated with the sale transaction,
although at a much reduced level.

The counterparty to this transaction is a South African multi-national
shipping  company, Grindrod Limited.  Since  Seaboard   does  not  use
hedge  accounting  for its commodity and foreign  exchange  derivative
instruments,  these  derivative  instruments  were  marked  to  market
through  the effective date of the sale while the change in  value  of
the  related commodity forward purchase and sale agreements were  not.
As  a result, derivative gains relating to derivative instruments sold
totaling  $2,161,000 were included in operating income  prior  to  the
sale  of  a portion of the operations resulting in a loss on the  sale
transaction totaling $1,773,000, subject to final adjustments.

Seaboard's  revenues from the portion of the operations sold  for  the
three  and  six  months  ended  July  2,  2005  totaled  approximately
$162,787,000  and $317,291,000, respectively, compared to $168,465,000
and  $311,952,000  for the three and six months ended  July  3,  2004,
respectively.   Since  Seaboard has conducted  its  commodity  trading
business  with  third  parties,  its  consolidated  subsidiaries,  and
foreign  affiliates on an interrelated basis and intends  to  continue
trading  with third parties in certain markets, operating income  from
the  business sold cannot be clearly distinguished from the  remaining
operations of Seaboard's Commodity Trading and Milling segment without
making numerous subjective assumptions primarily with respect to mark-
to-market  accounting.  For the three and six  months  ended  July  2,
2005,  this  transaction did not have a material effect on net  sales,
net  earnings or earnings per common share as transactions in  process
at  the  date  of  sale  were completed by and the  responsibility  of
Seaboard after the date of sale.  Net sales for the Commodity  Trading
and  Milling  segment  for  the second  half  of  2005  will  decrease
significantly as a result of this transaction; however, the extent  of
the  decrease  beyond 2005 will depend on the ability  to  effectively
compete in the markets.

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.

<PAGE> 5

Subsequent to the end of the second quarter, on July 5, 2005, Seaboard
completed the acquisition effective July 3, 2005 of Daily's,  a  bacon
processor located in the western United States, for approximately  $45
million  in  cash,  subject to final adjustments  related  to  working
capital,  a  4.74% equity interest in Seaboard Foods  LLC  (previously
Seaboard   Farms,  Inc.)  with  a  preliminary  estimated   value   of
approximately $45 million and a put option estimated to  have  a  fair
value  of  approximately  $6.7  million,  as  discussed  below.    The
acquisition  includes Daily's two bacon processing plants  located  in
Salt  Lake City, Utah and Missoula, Montana.  Daily's produces premium
sliced  and  pre-cooked  bacon  primarily  for  food  service.    This
acquisition  continues  Seaboard's expansion of  its  integrated  pork
model  into value-added products and is expected to enhance Seaboard's
ability  to  venture into other processed pork products.  The  Sellers
have  an  option to put their 4.74% equity interest back  to  Seaboard
after two years for the greater of $40 million or a formula determined
value,  as defined, as of the put date.  The minimum put option  value
of  $40  million expires after five years.  Likewise, Seaboard  has  a
call  provision after five years of operations whereby Seaboard  could
reacquire the 4.74% equity interest for the greater of $45 million  or
a formula determined value.

The  percentage ownership interest issued to the Sellers was based  on
an  earnings  multiple of the business which approximates fair  value.
Seaboard  is  in  the process of finalizing its estimates  of  working
capital  acquired  and obtaining third-party valuations  of  the  real
estate  and  certain  intangible  assets  acquired;  accordingly   the
purchase  price  allocation may be revised when final  information  is
received  from  the  appraisers.  The following table  summarizes  the
preliminary allocation of the purchase price to the fair values of the
assets  acquired and liabilities assumed at the effective  acquisition
date of July 3, 2005.

(Thousands of dollars)                                    July 3, 2005

Net working capital                                        $ 6,700,000
Net property, plant and equipment                           27,800,000
Intangible assets                                           30,800,000
Goodwill                                                    31,400,000
  Estimated Purchase Price                                 $96,700,000

The intangible assets acquired include approximately $24.0 million  of
trade  names  and  registered trademarks  which  are  not  subject  to
amortization.    The  remaining  intangible  asset  balance   consists
primarily  of  contractual  and  direct  customer  relationships,  and
covenants not to compete and will be amortized over five to six years.

Note 3 - Inventories

The  following  is  a  summary of inventories  at  July  2,  2005  and
December 31, 2004:



                                                          July 2,  December 31,
(Thousands of dollars)                                     2005        2004
At lower of LIFO cost or market:
   Live hogs & materials                                $142,266     $141,126
   Dressed pork & materials                               16,541       20,334
                                                         158,807      161,460
   LIFO allowance                                          1,597          461
      Total inventories at lower of LIFO cost or market  160,404      161,921
At lower of FIFO cost or market:
   Grain, flour and feed                                  58,944       98,699
   Sugar produced & in process                            18,875       20,006
   Other                                                  26,268       20,423
      Total inventories at lower of FIFO cost or market  104,087      139,128
       Total inventories                                $264,491     $301,049

<PAGE> 6

Note 4 - Income Taxes

During the fourth quarter of 2004, President Bush signed into law H.R.
4520, the American Jobs Creation Act ("Act"). The Act is a significant
and  complicated  reform  of  U.S.  income  tax  law.   Management  is
currently  reviewing the new law to determine the impact on  Seaboard.
The  Act  contains  several provisions which  will  be  favorable  for
Seaboard.   Of  particular  note,  the  Act  repealed  the  prior  law
treatment of shipping income as a component of subpart F income.  This
change allows Seaboard to avoid current U.S. taxation on its post-2004
shipping  income  and  has a material impact on  Seaboard's  2005  and
future effective tax rate and cash tax payments.  Originally there was
ambiguity  with  the  application of Treasury  Department  Regulations
resulting  in Seaboard accruing $7,490,000 of tax expense on  shipping
income  in the first quarter of 2005.  Ambiguity with this portion  of
the  Act  was  favorably  resolved  by  a  Notice  from  the  Treasury
Department subsequent to July 2, 2005.  Accordingly, Seaboard reversed
the previously accrued $7,490,000 as a reduction of income tax expense
in the second quarter of 2005.

The  Act  would also allow Seaboard a one-time election to  repatriate
permanently invested foreign earnings at a 5.25% effective U.S. income
tax  rate  rather  than the statutory 35% rate,  if  certain  domestic
reinvestment requirements are met.  Management is currently evaluating
this  provision of the Act and expects to complete its  evaluation  in
the fourth quarter of 2005.  Factors in Seaboard's decision to utilize
this  provision  include  its ability to economically  borrow  at  the
foreign  subsidiary  level to allow for the payment  of  a  qualifying
dividend,  the  recent disposition of a portion  of  the  third  party
commodity trading operations discussed in Note 2 above, and Seaboard's
planned  domestic  and international cash needs.   Because  Seaboard's
borrowing  capacity at this level is unknown, the range  of  potential
dividend   amounts  and  corresponding  taxes  cannot  be   reasonably
estimated  at  this time.  As of July 2, 2005, no provision  has  been
made  in  the accounts for Federal income taxes which would be payable
if  the  undistributed earnings of certain foreign  subsidiaries  were
distributed  to  Seaboard Corporation since management  has  currently
determined that the earnings are permanently invested in these foreign
operations.  Should such accumulated earnings be distributed, ignoring
the  one-time  election to repatriate foreign earnings  at  a  reduced
rate,  the  resulting  Federal  income taxes  applicable  to  earnings
through July 2, 2005 assuming a 35% federal income tax rate would have
amounted to approximately $85,000,000.

Seaboard  is  regularly  audited by federal,  state  and  foreign  tax
authorities,  which may result in adjustments.  Among current  audits,
the  IRS  is examining Seaboard's federal income tax returns for  2000
through 2002 and is evaluating certain of Seaboard's tax positions for
the  years  under  examination.   Management  believes  that  its  tax
positions  comply with applicable tax law and that it  has  adequately
provided  for  any  reasonably foreseeable  outcome  of  the  matters.
Accordingly,  Seaboard  does  not  anticipate  any  material  negative
earnings  impact  from  their  ultimate resolution.   If  a  favorable
outcome  is reached, Seaboard will record the earnings impact  at  the
time of resolution.

Note 5 - Employee Benefits

Seaboard maintains a defined benefit pension plan (the Plan)  for  its
domestic salaried and clerical employees.  While Seaboard's policy has
historically been to provide funding to the Plan 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  made  a  special
contribution  equal  to the maximum deductible amount  in  the  fourth
quarter  of  2004  resulting in an over-funding of  the  Plan.   As  a
result,  management does not expect to make any contributions  to  the
Plan during 2005.  Additionally, Seaboard also sponsors non-qualified,
unfunded  supplemental  executive  plans,  and  unfunded  supplemental
retirement  agreements  with certain executive employees.   Management
currently  has  no  plans  to provide funding for  these  supplemental
plans.

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

                                Three months ended        Six months ended
(Thousands of dollars)     July 2, 2005 July 3, 2004  July 2, 2005  July3, 2004

Components of net periodic
 benefit cost:
  Service cost               $   952      $  742        $ 1,858       $ 1,614
  Interest cost                1,097         881          2,204         1,855
  Expected return on plan
   assets                     (1,129)       (775)        (2,264)       (1,567)
  Amortization and other         293         182            590           395
  Net periodic benefit cost  $ 1,213      $1,030        $ 2,388       $ 2,297

<PAGE> 7

Note 6 - Commitments and Contingencies

Seaboard reached an agreement in 2002 to settle litigation brought  by
the  Sierra  Club.   Under  the  terms  of  the  settlement,  Seaboard
conducted   an   investigation  at  three   farms.    Based   on   the
investigation,  it has been determined that two farms do  not  require
any  corrective action.  The investigation is ongoing at the remaining
farm,  and  Seaboard  will potentially be required  to  take  remedial
actions at the farm if conditions so warrant.  The costs of conducting
the monitoring and the investigation are not material.

Seaboard is subject to regulatory actions and an investigation by  the
United  States Environmental Protection Agency (EPA) 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 undertake continued monitoring and
take a number of corrective actions with respect to the farms, and one
additional  farm,  in order to attempt to settle  the  action.    EPA,
Seaboard   and  PIC  have  also  engaged  in  settlement  negotiations
regarding  civil penalty.  Originally, EPA stated that any  settlement
must include a civil fine of $1,200,000, but EPA has since reduced the
amount  of  its  demand  for a civil penalty to  $345,000.    Seaboard
believes  that  the EPA has no authority to impose a civil  fine,  but
settlement discussions are continuing.  If the matter is not  settled,
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.

A  tentative  verbal settlement has been reached  with  the  State  of
Oklahoma to resolve the State's notice of violation regarding the same
farms  and  allegations of violations of State law based on  the  same
facts  as  those  alleged by EPA.  The settlement with  the  State  of
Oklahoma  would  require   Seaboard  to pay a  fine of $100,000 and to
undertake agreed upon supplemental environmental projects at a cost of
$80,000.   The  settlement  is subject  to  the  final  terms  of  the
settlement being agreed to and the approval of the Oklahoma  Board  of
Agriculture.  Irrespective  of  the settlement,  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.  To date,  the
$5  million  limit has not been exceeded.  If the tentative settlement
with  the  State  of  Oklahoma is agreed to, the estimated  cumulative
costs  which  will be expended will total approximately $6.9  million,
not  including  the additional legal costs required to  negotiate  the
settlement or the penalties demanded by EPA and tentatively agreed  to
with  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  to
determine  whether the $5 million limit will be exceeded 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
liability  in  excess of $5 million (excluding the estimated  $180,000
cost for testing and sampling), although PIC disputes this.

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 result in a judgment having a materially adverse effect
on the consolidated financial statements.

From  time  to  time bills have been introduced in the  United  States
Senate  and  House  of  Representatives which included  provisions  to
prohibit  meat  packers, such as Seaboard, from owning or  controlling
livestock  intended for slaughter.  Such bills could  have  prohibited
Seaboard from owning or controlling hogs, and thus would have required
divestiture  of  our operations, or otherwise a restructuring  of  the
ownership  and  operation.  In April of 2005, such a  bill  was  again
introduced in the Senate, although Seaboard does not expect  any  such
action to be passed in 2005.

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 2, 2005.

<PAGE> 8

Guarantee beneficiary                     Maximum exposure       Maturity

Foreign non-consolidated affiliate grain     $  712,000       Annual renewal
  processor - Uganda

Foreign non-consolidated affiliate food      $  400,000        August 2005
  product distributor - Ecuador

Various hog contract growers                 $1,529,000       Annual renewal

Seaboard  guaranteed a bank borrowing for a subsidiary  of  a  foreign
affiliate  grain processor in Kenya, Unga Holdings Limited  (Unga),  a
nonconsolidated milling affiliate, 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.  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.  Unga  Holdings  has  provided  a
reciprocal  guarantee to Seaboard.  As of July 2,  2005,  $688,000  of
borrowings was 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 segment.  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 $1,529,000.

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 2, 2005, Seaboard had outstanding $52,900,000 of letters of
credit  (LCs)  with  various banks that reduced  Seaboard's  borrowing
capacity under its committed credit facility.  Included in this amount
are  LCs totaling $42,688,000 which support the Industrial Development
Revenue Bonds included as long-term debt and $9,458,000 of LCs related
to insurances coverages.

Note  7  -  Stockholders' Equity and Accumulated  Other  Comprehensive
            Income (Loss)

In  conjunction  with  a  2002 transaction (the  Transaction)  between
Seaboard  and  its  parent company, Seaboard  Flour  LLC  (the  Parent
Company),  whereby  Seaboard effectively  repurchased  shares  of  its
common  stock  owned by the Parent Company in return for repayment  of
all  indebtedness owed by the Parent Company to Seaboard,  the  Parent
Company also transferred to Seaboard rights to receive possible future
cash  payments from a subsidiary of the Parent Company and the benefit
of other assets owned by that subsidiary.   Seaboard also received tax
net  operating losses ("NOLs") which may allow Seaboard to reduce  the
amount  of future income taxes it otherwise would pay.  To the  extent
Seaboard  receives  cash payments in the future as  a  result  of  the
transferred  rights  or reduces its federal income  taxes  payable  by
utilizing  the  NOLs, Seaboard will issue to the  Parent  Company  new
shares  of common stock with a value equal to the cash received and/or
the  NOL utilized.  For these purposes, the value of the common  stock
issued  will  be  equal to the ten day rolling average closing  price,
determined  as  of  the twentieth day prior to the  issue  date.   The
maximum  number of shares of common stock which may be issued  to  the
Parent  Company  under the Transaction is capped  at  232,414.85,  the
number  of  shares  which were originally purchased  from  the  Parent
Company.   As  of  July 2, 2005, Seaboard had not  received  any  cash
payments from the subsidiary of its Parent Company and had not filed a
tax  return  utilizing any NOLs.  The right to receive  such  payments
expires  September  17,  2007.  If on September  17,  2007  there  are
remaining  NOLs  that have not been used, then Seaboard  is  to  issue
shares based on the present value of such NOLs projected to be used in
the future.

<PAGE> 9

As  noted  above, Seaboard has available NOLs from the Parent  Company
totaling  $23,764,000.  These NOLs may be utilized in Seaboard's  2004
tax  return  pending  finalization of the audits of  Seaboard's  prior
years'  income tax returns currently being conducted by  the  Internal
Revenue  Service  as  discussed in Note 4.   If  these  NOLs  are  not
utilized  in  the 2004 tax return, they will be carried  forward.   If
these  NOLs  are  utilized in the 2004 tax return (anticipated  to  be
filed  September 15, 2005) or in subsequent tax returns, generating  a
tax  benefit of $8,317,000, Seaboard will issue additional  shares  of
its common stock to the Parent Company for the tax benefit received in
accordance with the terms of the Transaction, as described above.

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

                                         Three Months Ended    Six Months Ended
                                          July 2,  July 3,    July 2,  July 3,
(Thousands of dollars)                      2005     2004       2005     2004

Net earnings                              $62,584  $34,256   $131,261  $61,633
Other comprehensive income (loss)
 net of applicable taxes:
  Foreign currency translation adjustment     711     (317)     2,434    1,927
  Unrealized gains (losses) on investments   (127)     (16)        47       74
  Unrealized gains (losses) on cash flow
   hedges                                       -      (10)       155      (62)
  Amortization of deferred gain on interest
   rate swaps                                 (50)     (50)      (100)    (100)

Total comprehensive income                $63,118  $33,863   $133,797  $63,472

The  components of and changes in accumulated other comprehensive loss
for the three months ended July 2, 2005 are as follows:

                                          Balance                 Balance
                                        December 31,   Period     July 2,
(Thousands of dollars)                     2004        Change      2005

Foreign currency translation adjustment  $(53,986)     $2,434    $(51,552)
Unrealized gain on investments                257          47         304
Unrecognized pension cost                    (375)          -        (375)
Net unrealized loss on cash flow hedges      (188)        155         (33)
Deferred gain on interest rate swaps          551        (100)        451

Accumulated other comprehensive loss     $(53,741)     $2,536    $(51,205)

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.

<PAGE> 10

Note 8 - Segment Information

As a result of sustained losses from an investment in a Bulgarian wine
business (the Business) and recognition in 2004 of a decline in  value
considered  other  than temporary, Seaboard's common stock  investment
and  subordinated debt in the Business were reduced to  zero.   During
2005,  Seaboard  began applying losses from the Business  against  its
remaining  investment  in preferred stock,  based  on  the  change  in
Seaboard's claim on the Business' book value.   As a result,  Seaboard
increased its share of losses to 100%.  In February 2005, the Board of
Directors  of  the  Business, and the majority of the  owners  of  the
Business, including Seaboard, agreed to pursue the sale of the  entire
Business or all of its assets.  Based on current negotiations to  sell
a substantial portion of the Business and all related wine labels, and
other  information on the fair value for the sale of all other  assets
of  this  Business, management believes if negotiations are successful
the  remaining  carrying  value  of its  investment  at  the  time  of
disposition  will be recoverable from sales proceeds.   Seaboard  does
anticipate  incurring additional operating losses until  the  sale  of
this  Business  is  completed.   However,  if  the  Business  is   not
successful in selling a substantial portion of the Business during the
third  quarter of 2005, the Business will not be able to  fulfill  the
terms  of  its debt covenants or make principal payments to it  banks;
resulting  in,  barring  any  additional  support  from  the  existing
shareholders,  including  Seaboard,  probable  bankruptcy.    If   the
business is forced into bankruptcy, this would eliminate the value  of
the  Business  to  Seaboard and thus result  in  a  decline  in  value
considered other than temporary in its investment in the Business as a
charge  to  losses  from foreign affiliates in the All  Other  segment
during  the third quarter of 2005.  As of July 2, 2005, the  remaining
carrying  value  of  Seaboard's investments in and  advances  to  this
business  total  $4,536,000, including $3,293,000 of foreign  currency
translation  gains recorded in other comprehensive  income  from  this
business which will be recognized in earnings upon completion  of  the
sale.  The investment and losses from the Business are included in the
All Other segment.

Effective  May  9,  2005,  Seaboard's Commodity  Trading  and  Milling
segment  sold certain of its third party commodity trading  operations
as discussed in Note 2.

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
segment,  is  used  as  the measure of evaluating segment  performance
because  management does not consider interest and income tax  expense
on a segment basis.

Sales to External Customers:
                                  Three Months Ended         Six Months Ended
                                  July 2,     July 3,       July 2,     July 3,
(Thousands of dollars)             2005        2004          2005        2004

Pork                            $255,031    $263,407    $  497,467  $  475,129
Commodity Trading and Milling    272,764     293,375       558,912     550,051
Marine                           161,246     118,231       309,581     229,149
Sugar and Citrus                  18,303      15,132        32,610      28,851
Power                             20,798      15,597        35,581      31,124
All Other                          8,820       6,565        16,138      13,678
   Segment/Consolidated Totals  $736,962    $712,307    $1,450,289  $1,327,982

<PAGE> 11


Operating Income:
                                  Three Months Ended         Six Months Ended
                                  July 2,     July 3,       July 2,     July 3,
(Thousands of dollars)             2005        2004          2005        2004

Pork                            $ 46,856    $ 38,020    $   96,497   $  59,354
Commodity Trading and Milling      7,072      (2,253)       26,892       6,460
Marine                            22,375      16,632        44,860      24,049
Sugar and Citrus                   2,140       2,561         5,112       6,119
Power                              3,412        (298)        4,407       1,227
All Other                          1,208         870         1,766       1,395
   Segment Totals                 83,063      55,532       179,534      98,604
Corporate Items                     (915)         (5)         (306)       (315)
   Consolidated Totals          $ 82,148    $ 55,527    $  179,228   $  98,289


Income (Loss) from Foreign Affiliates:

                                  Three Months Ended         Six Months Ended
                                  July 2,     July 3,       July 2,     July 3,
(Thousands of dollars)             2005        2004          2005        2004

Commodity Trading and Milling   $  1,366    $  1,921    $    3,478   $   2,588
Sugar and Citrus                      15         175           213         176
All Other                         (2,604)     (2,190)       (5,435)     (2,995)
   Segment/Consolidated Totals  $ (1,223)   $    (94)   $   (1,744)  $    (231)


Investments in and Advances to Foreign Affiliates:

                                                        July 2,    December 31,
(Thousands of dollars)                                   2005         2004

Commodity Trading and Milling                         $   29,238    $   26,762
Sugar and Citrus                                           2,230         2,050
All Other                                                  4,536         9,189
   Segment/Consolidated Totals                        $   36,004    $   38,001


Total Assets:
                                                        July 2,    December 31,
(Thousands of dollars)                                   2005         2004

Pork                                                  $  637,804    $  655,551
Commodity Trading and Milling                            250,785       278,324
Marine                                                   207,789       138,238
Sugar and Citrus                                         103,225        90,035
Power                                                     91,097        77,978
All Other                                                 12,397        13,924
   Segment Totals                                      1,303,097     1,254,050
Corporate Items                                          234,191       182,644
   Consolidated Totals                                $1,537,288    $1,436,694

<PAGE> 12

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  loss  represents certain operating items  not  specifically
allocated to individual segments.


<PAGE> 13

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  increased  $151.2  million   from
December  31,  2004 reflecting the cash generated from operations  and
proceeds  of $23.6 million from the sale of a portion of the commodity
trading  operations  as noted below.  Cash from  operating  activities
totaled  $187.4 million during the first half of 2005, of which  $33.1
million  was used for capital expenditures and $30.1 million was  used
to  pay  scheduled  maturities  on long-term  debt.   Cash  from  2005
operating  activities  increased  over  the  2004  six  month   period
primarily  reflecting the increased earnings of  the  Pork,  Commodity
Trading   and  Milling,  and  Marine  segments  without  corresponding
increases  in working capital needs as experienced in the prior  year.
In addition, ongoing inventory levels have decreased for the Commodity
Trading  and Milling segment with the sale of some components  of  the
commodity trading operations as noted below.

Acquisitions, Capital Expenditures and Other Investing Activities

As  discussed  in  Note  2  to  the Condensed  Consolidated  Financial
Statements,  effective  May 9, 2005 Seaboard's Commodity  Trading  and
Milling  segment  sold  some components of its third  party  commodity
trading  operations  for $23.6 million, subject to final  adjustments.
Transactions in process at the date of sale were completed by and  the
responsibility of Seaboard after the date of sale and thus the effects
on  the  second  quarter of 2005 were minimal with  the  exception  of
decreased  inventory levels as of July 2, 2005 compared to  historical
levels.   Although Seaboard intends to continue competing in  many  of
the  markets  of the sold operations, the volume of business  will  be
less and thus the overall working capital requirements will be less in
the future periods than periods prior to the sale.

During   the  six  months  ended  July  2,  2005,  Seaboard   invested
$33.1  million in property, plant and equipment, of which $4.2 million
was  expended  in the Pork segment, $9.0 milling was expended  in  the
Commodity  Trading and Milling segment, $12.6 million  in  the  Marine
segment,  and $6.3 million in the Sugar and Citrus segment.   For  the
Commodity  Trading  and Milling segment, $7.1  million  was  spent  to
purchase a used bulk vessel.  For the Marine segment, $4.1 million was
spent  to  purchase  a crane and a previously chartered  containerized
cargo  vessel,  with  the  remaining expenditures  primarily  used  to
purchase  cargo carrying equipment.  In the Sugar and Citrus  segment,
the  capital  expenditures  were primarily used  for  mill  expansion,
plantation  development and harvesting equipment.  All  other  capital
expenditures  are  of a normal recurring nature and primarily  include
replacements   of  machinery  and  equipment,  and  general   facility
modernizations and upgrades.  For the remainder of 2005 management has
budgeted  additional  capital  expenditures  totaling  $28.6  million,
including  $7.6  million for the Pork segment, $5.6  million  for  the
Commodity  Trading  and Milling segment, $8.8 million  in  the  Marine
segment,  and  $5.4  million in the Sugar and Citrus  segment.   These
budgeted  expenditures are primarily of a normal recurring nature  and
include  replacements of equipment and general facility  upgrades  and
improvements  with the exception of $2.8 million to make  improvements
to the vessel recently purchased for the Commodity Trading and Milling
segment.   Management  anticipates funding these capital  expenditures
from  internally  generated  cash, the  use  of  available  short-term
investments or existing borrowing capacity.

During  the  fourth quarter of 2004, Seaboard placed $0.7  million  in
escrow for a potential investment in an electricity generating company
in   the   Dominican   Republic.   Initially,  Seaboard's   investment
commitment  was for a total of $3.4 million, or a 12.9% investment  in
this  company,  but  during  the  second  quarter  of  2005,  Seaboard
increased  its commitment to approximately $5.5 million  for  a  total
investment of less than 20% in this company.  The remaining portion of
the  investment  will  be  made  as  soon  as  the  local  government,
regulatory and banking approvals are received.

As  discussed  in  Note  2  to  the Condensed  Consolidated  Financial
Statements,  subsequent  to  July  2,  2005,  Seaboard  completed  the
acquisition  of a bacon processing company (Daily's) in  exchange  for
$45.0 million in cash, subject to final adjustments related to working
capital,  and  an  equity  interest in Seaboard  Foods  LLC  (formerly
Seaboard Farms, Inc.).  The cash payment was funded with proceeds from
the sale of short-term investments.

Financing Activities and Debt

During  the  second quarter of 2005, Seaboard allowed a $20.0  million
committed  line  of  credit  to expire and also  cancelled  its  $95.0
million  subsidiary credit facility, leaving its $200.0 million  five-
year   committed  credit  facility,  and  uncommitted  lines  totaling
$29.6  million as of July 2, 2005.  The borrowings outstanding  as  of
July   2,   2005  of  $1.4  million  were  under  uncommitted   lines.
Outstanding  standby letters of credit totaling $52.9 million  reduced
Seaboard's  borrowing  capacity  under  its  committed  credit   line,
primarily   representing  $42.7  million  for  Seaboard's  outstanding
Industrial  Development  Revenue Bonds and  $9.5  million  related  to
insurance coverages.

<PAGE> 14

In  addition  to  funding Seaboard's planned capital  expenditures  as
discussed  above, Seaboard's remaining 2005 scheduled  long-term  debt
maturities  total $30.8 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
2005.   While management does periodically review various alternatives
for  future  financings  to provide additional  liquidity  for  future
operating  plans,  and intends to continue seeking  opportunities  for
expansion  in  the  industries in which Seaboard operates,  management
currently has no plans to pursue other financing alternatives at  this
time.

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 month periods of 2005  increased  by
$24.7  million  and  $122.3 million over the  same  periods  in  2004,
primarily  reflecting improved average rates and  volumes  for  marine
cargo  service.   Sales for the six months ended  July  2,  2005  also
reflect   improved  international  markets  for  the   Pork   segment.
Operating income for the three and six month periods of 2005 increased
$26.6  million and $80.9 million compared to the same periods of 2004.
These  increases  are primarily the result of the improved  rates  and
volumes   in  the  Marine  segment,  lower  feed  costs  and  improved
international  markets in the Pork segment and the significant  losses
recorded  in  2004  from the mark-to-market of commodity  futures  and
options in the Commodity Trading and Milling segment.

Seaboard's  operations primarily involve commodity  based  industries,
which  typically have cyclical upswings and downswings.  For the  past
several  quarters, Seaboard has experienced the positive effects  from
favorable  pricing conditions in the Pork and Marine  segments,  while
other segments have not experienced material negative conditions.   If
there  is  a  cyclical downswing in the Pork or Marine  industries  or
other  industries in which Seaboard operates, Seaboard's results  from
operations will be adversely affected.

Pork Segment
                          Three  Months Ended     Six Months Ended
                           July 2,   July 3,      July 2,  July 3,
(Dollars in millions)       2005      2004         2005     2004

Net sales                  $255.0    $263.4       $497.5   $475.1
Operating income           $ 46.9    $ 38.0       $ 96.5   $ 59.4

Net  sales for the Pork segment decreased $8.4 million for the quarter
while  increasing $22.4 million for the first six months  of  2005  as
compared  to  2004.  For the quarter, the decrease was  primarily  the
result   of  lower  domestic  prices  partially  offset  by   improved
international  volumes and, to a lesser degree, improved  product  mix
for  the  international markets. For the six months, the  increase  is
primarily  the  result of improved volumes and  product  mix  for  the
international  markets.  The demand for pork products remained  strong
in  the international markets, while domestic markets are beginning to
weaken.  Management expects the second half prices overall for 2005 to
be lower than the second half prices of 2004.

Operating income for the Pork segment increased $8.9 million and $37.1
million  for  the  three and six month periods of 2005,  respectively,
compared  to the same periods of 2004.  For the quarter, the  increase
was  primarily  related to lower feed costs and costs of  third  party
hogs,  partially offset by the lower net sales discussed  above.   For
the  six  months, the increase is primarily a result of  the  improved
international markets for the six month period as discussed above  and
lower feed costs.  In addition, Seaboard processed a higher percentage
of  Seaboard-raised hogs which cost less than third party hogs.  These
improvements  were partially offset by an increase in  cost  of  third
party hogs for the six months.

During the past several quarters, market prices for pork products were
high relative to historic norms.  Historically high market prices have
not been sustained over long periods of time.  Although management  is
unable  to predict future market prices for pork products, feed  costs
and  third  party  hogs, there are indications that the pork  industry
may be at the beginning stages of a cyclical downturn in prices  which
could negatively impact operating results for the remainder of 2005.

As  discussed  in  Note  2  to  the Condensed  Consolidated  Financial
Statements,  on  July 5, 2005 Seaboard completed  the  acquisition  of
Daily's,   a  processor  of  premium  sliced  and  pre-cooked   bacon.
Accordingly, sales and operating income for the last half of 2005 will
include the operations of Daily's.

<PAGE> 15

Commodity Trading and Milling Segment

                              Three  Months Ended     Six Months Ended
                               July 2,   July 3,      July 2,  July 3,
(Dollars in millions)            2005      2004        2005      2004

Net sales                      $272.8    $293.4       $558.9   $550.1
Operating income (loss)        $  7.1    $ (2.3)      $ 26.9   $  6.5
Income from foreign affiliates $  1.4    $  1.9       $  3.5   $  2.6

As  discussed  in  Note  2  to  the Condensed  Consolidated  Financial
Statements,  effective May 9, 2005, Seaboard sold some  components  of
its  third  party commodity trading operations.  Included in operating
income  for  the 2005 three and six month periods are $2.2 million  of
derivative gains related to derivative instruments sold as a result of
mark  to market accounting discussed below.  Seaboard's revenues  from
the  portion of the operations sold for the three and six months ended
July  2, 2005 totaled approximately $162.8 million and $317.3 million,
respectively,  compared to $168.5 million and $312.0 million  for  the
three  and  six  months  ended July 3, 2004,  respectively.   Seaboard
intends  to  continue  competing in many of  the  markets  and  routes
associated  with  the sale transaction, although  at  a  much  reduced
level.   Since  Seaboard has conducted its commodity trading  business
with   third  parties,  its  consolidated  subsidiaries,  and  foreign
affiliates on an interrelated basis and intends to continue trading to
third  parties in certain markets, operating income from the  business
sold cannot be clearly distinguished from the remaining operations  of
Seaboard's  Commodity  Trading  and  Milling  segment  without  making
numerous  subjective  assumptions primarily with respect  to  mark-to-
market  accounting.  For the three and six months ended July 2,  2005,
this  transaction  did not have a material effect on  net  sales,  net
earnings  or earnings per common share as transactions in  process  at
the  date of sale were completed by and the responsibility of Seaboard
after  the  date of sale.  Net sales for this segment for  the  second
half  of  2005  will  decrease  significantly  as  a  result  of  this
transaction;  however,  the extent of the decrease  beyond  2005  will
depend on the ability to effectively compete in the markets.

Net  sales  for  the  Commodity Trading and Milling segment  decreased
$20.6  million and increased $8.8 million for the three and six  month
periods  of 2005, respectively, compared to the same periods of  2004.
The  decrease  for  the  quarter primarily  is  the  result  of  lower
commodity  prices  compared  to  2004 partially  offset  by  increased
trading  volumes to third parties, primarily for corn and wheat.   The
increase  for  the  six months is primarily the  result  of  increased
trading  volumes  to  third parties, primarily  for  wheat  and  corn.
During  the first half of 2004, world-wide commodity prices  increased
significantly before declining in the latter half of the year.

Operating  income  for this segment increased $9.4 million  and  $20.4
million  for  the  three and six month periods of 2005,  respectively,
compared  to  the  same  periods  of 2004,  primarily  reflecting  the
significant  impact of marking to market the derivative  contracts  as
discussed below.  Additionally, both periods reflect improved  margins
on  sales  to certain affiliates, and improved operations for  certain
milling locations.  These improvements were partially offset by higher
selling,  general  and administrative costs in  2005  primarily  as  a
result  of  higher bad debt expenses and the growth  of  the  business
prior  to the sale of certain third party trading activities.  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,
excluding  the  potential effects of derivative gains  or  losses,  to
continue in 2005.

Had  Seaboard  applied hedge accounting to its derivative instruments,
operating income would have been higher by $4.9 million and  lower  by
$4.9  million  for  the  three and six months of  2005,  respectively,
whereas  operating income for the three and six months of  2004  would
have  been  higher  by $11.8 million and $10.5 million,  respectively.
While management believes its foreign exchange contracts and commodity
futures and options are economic hedges of its firm purchase and sales
contracts,  Seaboard  does  not perform the  extensive  record-keeping
required  to  account  for  either type of derivative  as  hedges  for
accounting purposes.  Accordingly, while the changes in value  of  the
derivative instruments were marked to market, the changes in value  of
the firm purchase or sales contracts were not.  As a result, operating
income  for  the  three  and  six months of  2005  includes  commodity
derivative  losses  of  $3.5  million  and  gains  of  $3.0   million,
respectively, compared to gains of $11.8 million and $10.5 million for
the same 2004 periods related to these mark-to-market adjustments.  In
addition,  operating  income for the three  and  six  months  of  2005
includes foreign exchange contract losses of $1.4 million and gains of
$1.9   million,  respectively.   During  2004,  the  foreign  exchange
contracts  were  accounted  for  as hedges.   Seaboard's  market  risk
exposure  related to its derivative instruments has been reduced  with
the  sale  of the third party commodity trading business as  discussed
below.

<PAGE> 16

Income  from foreign affiliates for the three and six months  of  2005
decreased $0.5 million and increased $0.9 million, respectively,  from
the  same  2004  periods.   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 2005.

Marine Segment

                          Three  Months Ended     Six Months Ended
                           July 2,   July 3,      July 2,  July 3,
(Dollars in millions)       2005      2004         2005     2004

Net sales                  $161.2    $118.2       $309.6   $229.1
Operating income           $ 22.4    $ 16.6       $ 44.9   $ 24.0

Net  sales  for the Marine segment increased $43.0 million  and  $80.5
million  for  the  three and six month periods of 2005,  respectively,
compared to the same periods of 2004, reflecting higher average  cargo
rates  and higher cargo volumes in most markets.  Average cargo  rates
for 2005 increased over those for 2004 reflecting the continuation  of
improved  market conditions since the second half of 2004  and  better
cargo  mixes  in  certain markets.  Management cannot predict  whether
rates will continue to increase or be in an amount sufficient to cover
increasing charter hire and fuel related expenses.

Operating  income  for the Marine segment increased $5.8  million  and
$20.9  million  for  the three and six months of  2005,  respectively,
compared  to  the  same  periods  of 2004,  primarily  reflecting  the
increased  rates  and  volumes discussed above,  partially  offset  by
higher  charter  hire  expenses and fuel costs.   Although  management
cannot  predict  changes in future cargo rates,  fuel  related  costs,
charter hire expenses or to what extent changes in economic conditions
will  impact  cargo  volumes, it does expect this  segment  to  remain
profitable for the remainder of 2005.

Sugar and Citrus Segment

                              Three  Months Ended     Six Months Ended
                                July 2,   July 3,     July 2,  July 3,
(Dollars in millions)            2005      2004        2005     2004

Net sales                       $ 18.3    $15.1       $ 32.6   $ 28.9
Operating income                $  2.1    $ 2.6       $  5.1   $  6.1
Income from foreign affiliates  $  0.0    $ 0.2       $  0.2   $  0.2

Net  sales for the Sugar and Citrus segment increased $3.2 million and
$3.7  million,  respectively, for the three and  six  months  of  2005
compared  to  the  same periods of 2004 primarily from  higher  citrus
trading  volumes.   Operating income decreased $0.5 million  and  $1.0
million,  respectively, for the three and six month  periods  of  2005
compared  to  the  prior year primarily from higher  sugar  production
costs.   Management expects operating income will remain positive  for
2005.

Power Segment

                          Three  Months Ended     Six Months Ended
                           July 2,   July 3,      July 2,  July 3,
(Dollars in millions)       2005      2004         2005     2004

Net sales                  $ 20.8    $ 15.6       $ 35.6   $ 31.1
Operating income (loss)    $  3.4    $ (0.3)      $  4.4   $  1.2

Net  sales  for  the  Power segment increased $5.2  million  and  $4.5
million  for  the  three and six month periods of 2005,  respectively,
compared to the same periods of 2004 primarily reflecting higher sales
prices.   Sales  prices  have  increased during  2005  reflecting  the
increased  cost  of fuel.  While Seaboard has entered into  short-term
and  long-term  sales  contracts for most of its production  capacity,
management continues to curtail production to avoid selling  power  on
the  spot  market  to  certain customers  about  whom  management  has
collectibility concerns.   Management will continue to impose  further
curtailments to avoid sales to these certain spot market customers.

Operating income increased $3.7 million and $3.2 million for the three
and  six  month periods of 2005 compared to the same periods  of  2004
primarily reflecting lower commission and bad debt expenses, partially
offset  by higher fuel costs and the impact of the strengthening  peso
on  local  expenses.    During 2004, Seaboard  terminated  a  business
relationship with a one-time commission payment of $2.0 million during
the  second quarter of 2004.  Management expects the economic problems
in  the  Dominican Republic to remain relatively stable for  the  near
term.    Based  on  this  stability,  management  expects  to   remain
profitable for the remainder of 2005.

<PAGE> 17

All Other

                           Three  Months Ended     Six Months Ended
                            July 2,   July 3,      July 2,  July 3,
(Dollars in millions)        2005      2004         2005     2004

Net sales                   $  8.8    $ 6.6        $ 16.1   $ 13.7
Operating income            $  1.2    $ 0.9        $  1.8   $  1.4
Loss from foreign affiliate $ (2.6)   $(2.2)       $ (5.4)  $ (3.0)

The  loss  from foreign affiliate reflects Seaboard's share of  losses
from  its  equity method investment in a Bulgarian wine business.   In
2005  Seaboard recorded 100% of the losses from this business compared
to  37%  in  2004.   In 2004, this business recorded a  provision  for
inventory  write-downs  of  which Seaboard recorded  its  share,  $0.8
million  during  the  second  quarter  of  2004.   Management  expects
additional  losses for this business for the remainder of  2005.   See
Note  8 to the Condensed Consolidated Financial Statements for further
discussion of this business and plans to sell the business.

Selling, General and Administrative Expenses

Selling,  general  and  administrative (SG&A)  expenses  increased  by
$0.7  million and $1.4 million during the three and six months of 2005
compared to the same periods of 2004 primarily due to increases in the
Marine and Commodity Trading and Milling segments reflecting increased
selling costs related to the volume growth of these businesses.  Lower
commission  expenses  and  bad  debt expense  for  the  Power  segment
partially  offset these increases.  As a percentage of revenues,  SG&A
was  4.4%  in  the  2005  three and six month  periods,  respectively,
compared to 4.4% and 4.7%, respectively, for the same periods of 2004.

Interest Expense

Interest  expense decreased $1.1 million and $2.8 million in the  2005
three  and  six  month  periods, respectively, compared  to  the  same
periods of 2004 primarily reflecting the lower average level of short-
term  and  long-term borrowings outstanding during 2005.   During  the
second  quarter of 2004, Seaboard repaid a significant portion of  its
short-term notes payable to banks with operating cash flows and  there
has been no need for additional borrowings.

Interest Income

Interest  income increased $0.9 million and $2.7 million in the  three
and  six  month periods of 2005, respectively, compared  to  the  same
periods of 2004, primarily reflecting interest received on outstanding
customer  receivable  balances in the Power segment,  and  the  higher
level of average funds invested during 2005.

Loss from the Sale of a Portion of Operations

As  discussed  in  Note  2  to  the Condensed  Consolidated  Financial
Statements, Seaboard sold some components of its third party commodity
trading  operations in May 2005.  Because Seaboard does not use  hedge
accounting for its commodity and foreign exchange agreements, gains of
$2.2   million  from  the  mark  to  market  of  the  sold  derivative
instruments  were recorded in cost of sales prior to the date  of  the
sale  while  the change in value of the related firm sales  commitment
was  not,  resulting  in  a  loss on the sale  from  this  transaction
totaling $1.8 million, subject to final adjustments.

Miscellaneous, Net

Miscellaneous, net for the three and six months of 2005 includes  $4.4
million  and  $1.4 million, respectively, of losses from the  mark  to
market  of  interest rate swap agreements compared to losses  of  $2.9
million  and gains of $0.2 million, respectively for the same  periods
in  2004.   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.  Miscellaneous, net for
the  2004 second quarter includes losses of $2.9 million from the mark
to  market  of commodity futures and options contracts that management
doesn't view as direct economic hedges of its operations.

Income Tax Expense

The  effective  tax  rate  decreased  during  2005  compared  to  2004
primarily  as a result of changes to the treatment of shipping  income
by  the  U.S.  taxing authorities as further discussed in  Note  4  of
Condensed Consolidated Financial Statements.  In addition, see Note  4
to the Condensed Consolidated Financial Statements for a discussion of
the  reversal of $7.5 million of tax expense in the second quarter  of
2005  and  the  Internal Revenue Service's examination  of  Seaboard's
federal income tax returns for 2000 through 2002.

<PAGE> 18

Other Financial Information

On  December 21, 2004, the Financial Accounting Standards Board (FASB)
issued  FASB Staff Position 109-2, "Accounting and Disclosure Guidance
for  the  Foreign Earnings Repatriation Provision within the  American
Jobs Creation Act of 2004" (FSP109-2).  FSP 109-2, which was effective
upon  issuance,  allows companies time beyond the financial  reporting
period   of   enactment  to  evaluate  the  effect  of  the   earnings
repatriation provision on its plan for reinvestment or repatriation of
foreign  earnings  for  purposes of applying  Statement  of  Financial
Accounting Standards (SFAS) No. 109.  Additionally, FSP 109-2 provides
guidance  regarding the required disclosures surrounding  a  company's
reinvestment or repatriation of foreign earnings.  Seaboard  continues
to  evaluate  this  provision of the Act to determine  the  amount  of
foreign  earnings to repatriate and expects to complete its evaluation
by the fourth quarter of 2005.

In  November 2004, FASB issued SFAS No. 151, "Inventory Costs".   This
statement  amends  Accounting Research Board No.  43  to  clarify  the
accounting  for  abnormal amounts of idle facility  expense,  freight,
handling  costs,  and  wasted  material  (spoilage).    SFAS  No.  151
requires  that  those  items be recognized as current  period  charges
regardless  of  whether they meet the criterion of "so abnormal".   In
addition,  SFAS  No. 151 requires that allocation of fixed  production
overheads  to the costs of conversion be based on the normal  capacity
of  the  production facilities.  Any costs outside  the  normal  range
would  be considered a period expense instead of an inventoried  cost.
For Seaboard, this standard is effective for the fiscal year beginning
January 1, 2006.  The adoption of SFAS No. 151 is not expected to have
a material impact on Seaboard's financial position or net earnings.


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 may  then
be  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  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.  The nature of Seaboard's market risk exposure related
to  these  items has not changed materially since December  31,  2004,
although  the  amount  of commodity futures and option  contracts  and
foreign exchange contracts decreased considerably with the sale  of  a
portion of the third party trading operations as discussed in  Note  2
to the Condensed Consolidated Financial Statements.

At  July  2,  2005,  Seaboard had net trading  contracts  to  purchase
4,893,000  bushels of grain (fair value of negative $273,000)  and  to
sell  13,000  tons of meal (fair value of $6,000).   At  December  31,
2004, Seaboard had net trading contracts to purchase 7,626,000 bushels
of  grain  (fair value of negative $304,000) and 81,000 tons  of  meal
(fair value of negative $1,492,000).

At  July  2,  2005,  Seaboard  had  net  agreements  to  exchange  the
equivalent  of  $33,129,000  of  South  African  rand  at  an  average
contractual exchange rate of 6.66 ZAR to one U.S. dollar.  At December
31,  2004,  Seaboard had net agreements to exchange the equivalent  of
$98,476,000  of South African rand at an average contractual  exchange
rate of 6.14 ZAR to one U.S. dollar.

<PAGE> 19

Item 4.  Controls and Procedures

Evaluation   of  Disclosure  Controls  and  Procedures  -   Seaboard's
management  evaluated, under the direction of our chief executive  and
chief  financial officers, the effectiveness of Seaboard's  disclosure
controls and procedures as defined in Exchange Act 15(d) - 15(e) as of
July  2,  2005.   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.

Change  in  Internal Controls - There has been no change in Seaboard's
internal  control  over financial reporting that occurred  during  the
fiscal quarter ended July 2, 2005 that has materially affected, or  is
reasonably  likely to materially affect, Seaboard's  internal  control
over financial reporting.


PART II - OTHER INFORMATION

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

The  annual meeting of stockholders, held on April 25, 2005,  included
three  items submitted to a vote of stockholders.  Item 4 of the  Form
10-Q for the first quarter ended April 2, 2005, which was filed on May
4,  2005  discloses  the  results  of the  shareholder's  vote,  which
disclosure is incorporated herein by reference.

Item 6.  Exhibits

4.1  Amendment  No.  1  to Seaboard Corporation Credit Agreement  dated
     December 3, 2004 ($200,000,000 revolving credit facility expiring
     on December 2, 2009).

10.1 Employment Agreement between Seaboard Corporation and Steven  J.
     Bresky dated July 1, 2005.

10.2 Employment Agreement between Seaboard Corporation and Robert  L.
     Steer dated July 1, 2005.

10.3 Employment Agreement between Seaboard Farms, Inc. and Rodney  K.
     Brenneman dated July 1, 2005.

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

<PAGE> 20


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;  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) Seaboard's  ability  to  obtain
adequate  financing and liquidity, (ii) the price of feed  stocks  and
other  materials  used  by Seaboard, (iii) the sale  price  or  market
conditions for pork products from such operations, (iv) the  price  or
market conditions for other products and services, (v) the ability  of
Seaboard's  Commodity  Trading  and Milling  segment  to  successfully
continue  competing  in  the markets and routes  associated  with  the
assets sold to Grindrod Limited, (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 fluctuation in  exchange  rates  for  the
Dominican  Republic  pesos, (ix) the potential  effect  of  Seaboard's
investment   in   a  wine  business  on  the  consolidated   financial
statements, (x) the potential impact of various environmental  actions
pending  or threatened against Seaboard, (xi) the potential impact  of
the  American  Jobs Creation Act, (xii) the potential  impact  of  the
current IRS audit, (xiii) statements concerning profitability  of  any
of  Seaboard's  segments  or (xiv) 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> 21



                              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 11, 2005

                           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> 22


</TEXT>
</DOCUMENT>
